A bike repair shop charges the competitive market price of $9 per bike repaired (P=$9). The firm's cost is given by C(Q) =Q³/3. Which of the following is NOT TRUE? O The revenue at the optimal quantity is 27. O None of the above. O The total cost at the optimal quantity is 9. O The maximized profit is 18. O The quantity that maximizes profit is q=3.

A bike repair shop charges the competitive market price of $9 per bike repaired (P=$9). The firm's cost is given by C(Q) =Q³/3. Which of the following is NOT TRUE? O The revenue at the optimal quantity is 27. O None of the above. O The total cost at the optimal quantity is 9. O The maximized profit is 18. O The quantity that maximizes profit is q=3.

Microeconomics: Private and Public Choice (MindTap Course List)

16th Edition

ISBN:9781305506893

Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson

Publisher:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson

Chapter11: Price-searcher Markets With High Entry Barriers

Section: Chapter Questions

Problem 14CQ

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