Answer the following 7 questions using the figure: 210 175 140 105 70 A Firm SMC ATC 210 175 Industry S DEX 140 105 70- 55 35 35 55 9 0 0 300 600 900 1200 1500 Q 216,000 432,000 The graph on the left shows the short-run cost curves for a firm in a perfectly competitive market. The graph on the right shows the current market conditions in this industry. The firm's only variable input is labour and the wage rate is $7.50. 1) Marginal Revenue for the FIRM from selling the 900th unit of output is $ 2) In order to maximize profit, the firm should produce 3) Total Revenue at the profit-maximizing level of output is $ 4) Total Cost at the profit-maximizing level of output is $ 5) The maximum profit the firm can earn is $ 6) The number of firms in this market is units.

Answer the following 7 questions using the figure: 210 175 140 105 70 A Firm SMC ATC 210 175 Industry S DEX 140 105 70- 55 35 35 55 9 0 0 300 600 900 1200 1500 Q 216,000 432,000 The graph on the left shows the short-run cost curves for a firm in a perfectly competitive market. The graph on the right shows the current market conditions in this industry. The firm's only variable input is labour and the wage rate is $7.50. 1) Marginal Revenue for the FIRM from selling the 900th unit of output is $ 2) In order to maximize profit, the firm should produce 3) Total Revenue at the profit-maximizing level of output is $ 4) Total Cost at the profit-maximizing level of output is $ 5) The maximum profit the firm can earn is $ 6) The number of firms in this market is units.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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