Q3O QiTotal revenueO Q2all quantities beyond Q1Total costWhere on the graph does the firm earn zeroeconomic profit?QQ2Q.QuantityO only Q2only Q1O both Q1 and Q3O only Q3Where on the graph is profit negative?O all quantities between Q1 and Q3O only quantities more than Q3O only quantities less than Q1quantities less than Q1 or more than Q3

Question
Asked Aug 7, 2019
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Q3
O Qi
Total revenue
O Q2
all quantities beyond Q1
Total cost
Where on the graph does the firm earn zero
economic profit?
Q
Q2
Q.
Quantity
O only Q2
only Q1
O both Q1 and Q3
O only Q3
Where on the graph is profit negative?
O all quantities between Q1 and Q3
O only quantities more than Q3
O only quantities less than Q1
quantities less than Q1 or more than Q3
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Q3 O Qi Total revenue O Q2 all quantities beyond Q1 Total cost Where on the graph does the firm earn zero economic profit? Q Q2 Q. Quantity O only Q2 only Q1 O both Q1 and Q3 O only Q3 Where on the graph is profit negative? O all quantities between Q1 and Q3 O only quantities more than Q3 O only quantities less than Q1 quantities less than Q1 or more than Q3

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Expert Answer

Step 1

Since, the first question is not complete. So, I am solving second and third part.

Step 2

Zero-economic profit: Zero economic profit is also known as a normal profit. It refers to the condition where a firm’s total revenue is equal to its total cost. However, the point where “TR = TC” is also known as the break-even point.

Step 3

The zero-economic profit condition is, TR = TC. Thus, according to graph total revenue is equal to the tota...

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