50 45 Profit or Loss 40 35 ATC 15 AVC 10 MC 5 4 10 12 14 16 18 20 QUANTITY (Thousands of sweaters) In the short run, at a market price of $15 per sweater, this firm will choose to produce v sweaters per day. On the preceding graph, use the blue rectangle (circle symbols) to shade the area representing the firm's profit or loss if the market price is $15 and the firm chooses to produce the quantity you already selected. Note: In the following question, you should enter a positive number in the numeric entry field. PRICE (Dollars per sweater)

50 45 Profit or Loss 40 35 ATC 15 AVC 10 MC 5 4 10 12 14 16 18 20 QUANTITY (Thousands of sweaters) In the short run, at a market price of $15 per sweater, this firm will choose to produce v sweaters per day. On the preceding graph, use the blue rectangle (circle symbols) to shade the area representing the firm's profit or loss if the market price is $15 and the firm chooses to produce the quantity you already selected. Note: In the following question, you should enter a positive number in the numeric entry field. PRICE (Dollars per sweater)

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

please also do the graph and the choices for the first blank is 2000, 7500, 8000, 10000

and the choices for the second blank is profit or economic loss

thank you!!!

Suppose that the market for black sweaters is a perfectly competitive market. The following graph shows the daily cost curves of a firm operating in
this market.
(?
50
45
Profit or Loss
40
ATC
AVC
10
MC
5
2
4
10
12
14
16
18
20
QUANTITY (Thousands of sweaters)
In the short run, at a market price of $15 per sweater, this firm will choose to produce
v sweaters per day.
On the preceding graph, use the blue rectangle (circle symbols) to shade the area representing the firm's profit or loss if the market price is $15 and
the firm chooses to produce the quantity you already selected.
Note: In the following question, you should enter a positive number in the numeric entry field.
The area of this rectangle indicates that the firm's
would be s
per day.
PRICE (Dollars per sweater)

Definition Definition Amount earned or lost on the sale of one or more items is referred to as the profit or loss on that item

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