Answer the question in the picture: FIRM III121345O1234AFC512FIRM IV164st132.4178.55.66AVC23.40021114.518AFC AVC AC14164.25 18AC201414 31None of these firms15MC1417.5 241720.4 33MC22.5 1421.67 2022.25 2423.40 28 If the market price is equal to 14, which firm(s) is/are enjoying profits?FIRM IAFC AVC ACMC15318THE127.5 512.5 75813143.75 10.251716Q13st5FIRM IIQ123453AFC157.55UT313AVC38.5AC18163.75 15.25 1924MC1412.33 17.3 202417.80 20.8 28

In a perfectly competitive market, firms produce identical goods which implies that consumers can…

0 FIRM III Q 1 2 3 4 5 Q 1 2 3 14 AFC AVC AC FIRM IV 15 12 2 6 4 13 2.4 N 17 8 11 18 3.4 14 8.5 14 5.66 16 4.25 18 14.5 17.5 24 AFC AVC AC MC 14 20 14 None of these firms 15 MC 14 17 31 20.4 33 22.5 14 21.67 20 8 22.25 24 23.40 28

0 FIRM III Q 1 2 3 4 5 Q 1 2 3 14 AFC AVC AC FIRM IV 15 12 2 6 4 13 2.4 N 17 8 11 18 3.4 14 8.5 14 5.66 16 4.25 18 14.5 17.5 24 AFC AVC AC MC 14 20 14 None of these firms 15 MC 14 17 31 20.4 33 22.5 14 21.67 20 8 22.25 24 23.40 28

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

Answer the question in the picture:

FIRM III
1
2
13
4
5
O
1
2
3
4
AFC
5
12
FIRM IV
16
4
st
13
2.4
17
8.5
5.66
AVC
2
3.4
00
2
11
14.5
18
AFC AVC AC
14
16
4.25 18
AC
20
14
14 31
None of these firms
15
MC
14
17.5 24
17
20.4 33
MC
22.5 14
21.67 20
22.25 24
23.40 28

If the market price is equal to 14, which firm(s) is/are enjoying profits?
FIRM I
AFC AVC AC
MC
15
3
18
THE
12
7.5 5
12.5 7
5
8
13
14
3.75 10.25
17
16
Q
1
3
st
5
FIRM II
Q
1
2
3
4
5
3
AFC
15
7.5
5
UT
3
13
AVC
3
8.5
AC
18
16
3.75 15.25 19
24
MC
14
12.33 17.3 20
24
17.80 20.8 28

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