14. From the figure below, if the market price is $20, what is the amount of the firm's profit? S20 Price and cost MC ATC AVC 20 MR 15 14 11 750 1.100 1,350 1,800 a. $5,400 $6,750 C. $8,100 d. $16,200 Quantity

14. From the figure below, if the market price is $20, what is the amount of the firm's profit? S20 Price and cost MC ATC AVC 20 MR 15 14 11 750 1.100 1,350 1,800 a. $5,400 $6,750 C. $8,100 d. $16,200 Quantity

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter13: Firms In Competitive Markets

Section: Chapter Questions

Problem 6PA: A firm in a competitive market receives 500 in total revenue and has marginal revenue of 10. What is...

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Question

14. From the figure below, if the market price is $20, what is the amount of the firm's
profit?
S20
Price
and
cost
MC
ATC
AVC
20
MR
15
14
11
750 1.100 1,350
1,800
a. $5,400
$6,750
C. $8,100
d. $16,200
Quantity

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