The graph shows the average total cost (ATC) curve, the marginal cost (MC) curve, the average variable cost (AVC) curve, and the marginal revenue (MR) curve (which is also the market price) for a perfectly competitive firm that produces stuffed animals. Answer the three accompanying questions, assuming that the firm is profit-maximizing and does not shut down in the short run. MC ATC $320 $300- AVC $200 MR-P SI50 What is the firm's total revenue? 205 260 336 365 Quantity 78000 What is the firm's total cost? 126100 What is the firm's proft? (Enter a negative number for a loss.) 48100 Price
The graph shows the average total cost (ATC) curve, the marginal cost (MC) curve, the average variable cost (AVC) curve, and the marginal revenue (MR) curve (which is also the market price) for a perfectly competitive firm that produces stuffed animals. Answer the three accompanying questions, assuming that the firm is profit-maximizing and does not shut down in the short run. MC ATC $320 $300- AVC $200 MR-P SI50 What is the firm's total revenue? 205 260 336 365 Quantity 78000 What is the firm's total cost? 126100 What is the firm's proft? (Enter a negative number for a loss.) 48100 Price
Economics (MindTap Course List)
13th Edition
ISBN:9781337617383
Author:Roger A. Arnold
Publisher:Roger A. Arnold
Chapter22: Perfect Competition
Section: Chapter Questions
Problem 6WNG
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