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1) Assume we are in an industry that is perfectly competitive. Fill in the blanks in the chart below. What is the profit maximizing quantity? Q 0 P TR TC FC VC AVC AFC ATC 3 0 3 0 - - 1 3 3.2 0.2 0.2 3.0 3.2 234567 6 5.6 2.6 1.3 1.5 9 3.75 1.3 12 8.6 1.4 0.8 15 11.25 8.25 0.6 18 16.9 2.3 0.5 2.8 21 26.2 23.2 3.3 0.4 3.7 22223 32387 2.3 2.2 2.3 - MC MR

1) Assume we are in an industry that is perfectly competitive. Fill in the blanks in the chart below. What is the profit maximizing quantity? Q 0 P TR TC FC VC AVC AFC ATC 3 0 3 0 - - 1 3 3.2 0.2 0.2 3.0 3.2 234567 6 5.6 2.6 1.3 1.5 9 3.75 1.3 12 8.6 1.4 0.8 15 11.25 8.25 0.6 18 16.9 2.3 0.5 2.8 21 26.2 23.2 3.3 0.4 3.7 22223 32387 2.3 2.2 2.3 - MC MR

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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1) Assume we are in an industry that is perfectly competitive. Fill in the blanks in the chart below. What is the profit maximizing quantity? Q 0 P TR TC FC VC AVC AFC ATC 3 0 3 0 - - 1 3 3.2 0.2 0.2 3.0 3.2 234567 6 5.6 2.6 1.3 1.5 9 3.75 1.3 12 8.6 1.4 0.8 15 11.25 8.25 0.6 18 16.9 2.3 0.5 2.8 21 26.2 23.2 3.3 0.4 3.7 22223 32387 2.3 2.2 2.3 - MC MR
Transcribed Image Text:1) Assume we are in an industry that is perfectly competitive. Fill in the blanks in the chart below. What is the profit maximizing quantity? Q 0 P TR TC FC VC AVC AFC ATC 3 0 3 0 - - 1 3 3.2 0.2 0.2 3.0 3.2 234567 6 5.6 2.6 1.3 1.5 9 3.75 1.3 12 8.6 1.4 0.8 15 11.25 8.25 0.6 18 16.9 2.3 0.5 2.8 21 26.2 23.2 3.3 0.4 3.7 22223 32387 2.3 2.2 2.3 - MC MR
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