1 Complete the Table Note: TFC = 5. Q TC MC ATC 0 1 2 CTA CON 3 4 5 29 38 6 X 2 6 X 5 5 2 Maximize Profit Presume the table on the left is for a price taker firm when the market price is $8. What is the: Profit maximizing quantity: Profit: $ 3 Optimizing When a consumer is optimizing, what is the mathematical expression that will be true for any two goods? Translate that math into English.

1 Complete the Table Note: TFC = 5. Q TC MC ATC 0 1 2 CTA CON 3 4 5 29 38 6 X 2 6 X 5 5 2 Maximize Profit Presume the table on the left is for a price taker firm when the market price is $8. What is the: Profit maximizing quantity: Profit: $ 3 Optimizing When a consumer is optimizing, what is the mathematical expression that will be true for any two goods? Translate that math into English.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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