The graph shows the costs of Quick Copy, one of the many copy shops near campus. If the market price of copying is 10¢ a page, calculate Quick Copy's a. Profit-maximizing output b. Economic profit Quick Copy's profit-maximizing output is pages an hour. Quick Copy's economic profit is $ an hour.

The graph shows the costs of Quick Copy, one of the many copy shops near campus. If the market price of copying is 10¢ a page, calculate Quick Copy's a. Profit-maximizing output b. Economic profit Quick Copy's profit-maximizing output is pages an hour. Quick Copy's economic profit is $ an hour.

Principles of Economics (MindTap Course List)

8th Edition

ISBN:9781305585126

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter14: Firms In Competitive Markets

Section: Chapter Questions

Problem 9PA

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Question

The graph shows the costs of Quick Copy, one of the many copy shops near campus.
If the market price of copying is 10¢ a page, calculate Quick Copy's
a. Profit-maximizing output
b. Economic profit
Quick Copy's profit-maximizing output is
pages an hour.
Quick Copy's economic profit is $
an hour.
>>> Answer to 2 decimal places.
>>> Remember that the price given on the y-axis is in cents.

Cost (cents per page)
14-
MC
12-
ATC
10-
8-
6-
2-
20
40
60
80
100
Quantity (pages per hour)
4.

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