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1. The charged is determined by the market quilibrium. For a perfectly competitive firm, it is lepicted as a horizontal line on the firm level graph, and Iso equals demand and marginal revenue (D=MR). minimum ATC profit-maximizing output losses profits ATC at profit-maximizing output price . The is one of the pieces of information needed calculate profits/losses for the firm. It can be found once quantity produced is chosen by a firm. Graphically, is the point on the average total cost curve once this hoice is made. It also helps determine two vertices of he profit/loss rectangle. O minimum ATC ATC at the profit-maximizing output profit price O profit-maximizing output b. The chosen by a firm will be determined by the intersection of the firm-level demand curve and the marginal cost curve (which is their firm level supply curve). minimum ATC losses price ATC at the profit-maximizing output profits profit-maximizing output d. can be calculated as (P - ATC). Q. It can be represented graphically as a rectangle, where Q and the vertical axis establish the long sides and P-ATC establishes the short sides. If ATC at the profit- maximizing quantity is greater than price, this is what you call the calculation. The quantity at minimum ATC Profit-maximizing output Price Profits Minimum ATC

1. The charged is determined by the market quilibrium. For a perfectly competitive firm, it is lepicted as a horizontal line on the firm level graph, and Iso equals demand and marginal revenue (D=MR). minimum ATC profit-maximizing output losses profits ATC at profit-maximizing output price . The is one of the pieces of information needed calculate profits/losses for the firm. It can be found once quantity produced is chosen by a firm. Graphically, is the point on the average total cost curve once this hoice is made. It also helps determine two vertices of he profit/loss rectangle. O minimum ATC ATC at the profit-maximizing output profit price O profit-maximizing output b. The chosen by a firm will be determined by the intersection of the firm-level demand curve and the marginal cost curve (which is their firm level supply curve). minimum ATC losses price ATC at the profit-maximizing output profits profit-maximizing output d. can be calculated as (P - ATC). Q. It can be represented graphically as a rectangle, where Q and the vertical axis establish the long sides and P-ATC establishes the short sides. If ATC at the profit- maximizing quantity is greater than price, this is what you call the calculation. The quantity at minimum ATC Profit-maximizing output Price Profits Minimum ATC

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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a. The charged is determined by the market equilibrium. For a perfectly competitive firm, it is depicted as a horizontal line on the firm level graph, and also equals demand and marginal revenue (D=MR). minimum ATC profit-maximizing output losses profits ATC at profit-maximizing output price c. The is one of the pieces of information needed to calculate profits/losses for the firm. It can be found once quantity produced is chosen by a firm. Graphically, it is the point on the average total cost curve once this choice is made. It also helps determine two vertices of the profit/loss rectangle. minimum ATC ATC at the profit-maximizing output profit price profit-maximizing output quantity at minimum ATC b. The chosen by a firm will be determined by the intersection of the firm-level demand curve and the marginal cost curve (which is their firm level supply curve). minimum ATC losses price ATC at the profit-maximizing output profits profit-maximizing output d. can be calculated as (P - ATC) . Q. It can be represented graphically as a rectangle, where Q and the vertical axis establish the long sides and P-ATC establishes the short sides. If ATC at the profit- maximizing quantity is greater than price, this is what you call the calculation. The quantity at minimum ATC Profit-maximizing output Price Profits Minimum ATC Losses
Transcribed Image Text:a. The charged is determined by the market equilibrium. For a perfectly competitive firm, it is depicted as a horizontal line on the firm level graph, and also equals demand and marginal revenue (D=MR). minimum ATC profit-maximizing output losses profits ATC at profit-maximizing output price c. The is one of the pieces of information needed to calculate profits/losses for the firm. It can be found once quantity produced is chosen by a firm. Graphically, it is the point on the average total cost curve once this choice is made. It also helps determine two vertices of the profit/loss rectangle. minimum ATC ATC at the profit-maximizing output profit price profit-maximizing output quantity at minimum ATC b. The chosen by a firm will be determined by the intersection of the firm-level demand curve and the marginal cost curve (which is their firm level supply curve). minimum ATC losses price ATC at the profit-maximizing output profits profit-maximizing output d. can be calculated as (P - ATC) . Q. It can be represented graphically as a rectangle, where Q and the vertical axis establish the long sides and P-ATC establishes the short sides. If ATC at the profit- maximizing quantity is greater than price, this is what you call the calculation. The quantity at minimum ATC Profit-maximizing output Price Profits Minimum ATC Losses
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