MICROECONOMICS (LL)W/ACCESS >IC<
20th Edition
ISBN: 9781308103341
Author: McConnell
Publisher: MCG/CREATE
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Question
Chapter 12, Problem 3P
Sub Part (a):
To determine
Average total cost .
Sub Part (b):
To determine
Decreasing cost industry.
Sub part (c):
To determine
Number of firms.
Sub part (d):
To determine
Number of firms.
Sub part (e):
To determine
Determination of number of firms.
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Linda sells 100 bottles of homemade ketchup for $10 each. The cost of the ingredients, the bottles, and the labels was $700. In addition, it took her 20 hours to make the ketchup and to do so she took time off from a job that paid her $20 per hour. Linda’s accounting profit is while her economic profit is. LO9.1 a. $700; $400 b. $300; $100 c. $300; negative $100 d. $1,000; negative $1,100
Which of statement is true about economic profit in the long run.(LO2,3).
a) both the monopolistic and perfect competitor make one.
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