profit maximization in the cost curve diagram. I need to answer the questions and insert a a rectangle that shows a profit or loss given the market price of $50 Homework 103. Profit maximization in the cost-curve diagramThe following graph plots daily cost curves for a firm operating in the competitive market for instant pots.Hint: Once you have positioned the rectangle on the graph, select a point to observe its coordinates.PRICE (Dollars per instant pot)100882 8822 R90803020100+ATC50AVC10 154530 36 4020 25QUANTITY (Thousands of instant pots per day)H50O SearchJProfit or LossO18O>8 In the short run, given a market price equal to $50 per instant pot, the firm should produce a daily quantity ofOn the preceding graph, use the blue rectangle (circle symbols) to fill in the area that represents profit or loss of the firm given the market price of$50 and the quantity of production from youranswer.Note: In the following question, enter a posiThe rectangular area represents a short-runinstant pots.lossprofit ber regardless of whether the firm earns a profit or incurs a loss.of $thousand per day for the firm.

A perfectly competitive firm is a price taker, which means it takes the price set by the market…

3. Profit maximization in the cost-curve diagram The following graph plots daily cost curves for a firm operating in the competitive market for instant pots. Hint: Once you have positioned the rectangle on the graph, select a point to observe its coordinates. ? 100

3. Profit maximization in the cost-curve diagram The following graph plots daily cost curves for a firm operating in the competitive market for instant pots. Hint: Once you have positioned the rectangle on the graph, select a point to observe its coordinates. ? 100

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter7: Production, Costs, And Industry Structure

Section: Chapter Questions

Problem 41P: Compute the average total cost, average variable cost, and marginal cost of producing 50 and 72...

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