Please explain in details... Otherwise skit it... Price (dollars)120-ATCMC/100-80-60-40-20-MR0+102030405060Quantity This firm is earningeconomic profit.the industry.Product variety

Economic profit would be the difference between the total cost and total revenue Total revenue= p*q…

Answered: This firm is earning economic profit.…

Business

Economics

This firm is earning economic profit. the industry. Product variety

Managerial Economics: A Problem Solving Approach

5th Edition

ISBN:9781337106665

Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor

Publisher:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor

Chapter9: Market Structure And Long-run Equilibrium

Section: Chapter Questions

Problem 5MC

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Please explain in details... Otherwise skit it...

Price (dollars)
120-
ATC
MC/
100-
80-
60-
40-
20-
MR
0+
10
20
30
40
50
60
Quantity

This firm is earning
economic profit.
the industry.
Product variety

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