b) Refer to Figure 1. The time period in Figure I c) Refer to Figure 1. Find the firm's ATC when profit is maximized Atc = d) Refer to Figure 1. Find the firm's AVC when profit is maximized e) Refer to Figure 1. Find the value of Average Fixed Cost (AFC) when 17 units are produc f) Refer to Figure 1. Find Total Fixed Cost (TFC) 3) Refer to Figure 1. Find the profit maximizing quantity of the perfectly competitive f a) Refer to Figure 1. Find the firm's maximum profit (or loss)
b) Refer to Figure 1. The time period in Figure I c) Refer to Figure 1. Find the firm's ATC when profit is maximized Atc = d) Refer to Figure 1. Find the firm's AVC when profit is maximized e) Refer to Figure 1. Find the value of Average Fixed Cost (AFC) when 17 units are produc f) Refer to Figure 1. Find Total Fixed Cost (TFC) 3) Refer to Figure 1. Find the profit maximizing quantity of the perfectly competitive f a) Refer to Figure 1. Find the firm's maximum profit (or loss)
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Answer all parts... Only will consider
Transcribed Image Text:MC
ATC
AVC
23
22
16
MR
12
11
14
17 19
Quantity (unita)
Figure 1
1)In Figure 1, the horizontal line represents the demand curve of the firm.
a) Refer to Figure 1. The firm in Figure 1 corresponds to a perfectly competitive firm. How
can you tell?
b) Refer to Figure 1. The time period in Figure I corresponds to short run. How can you tell?
to
17
c) Refer to Figure 1. Find the firm's ATC when profit is maximized Atc=
d) Refer to Figure 1. Find the firm's AVC when profit is maximized
e) Refer to Figure 1. Find the value of Average Fixed Cost (AFC) when 17 units are produced
f) Refer to Figure 1. Find Total Fixed Cost (TFC)
g) Refer to Figure 1. Find the profit maximizing quantity of the perfectly competitive firm
h) Refer to Figure 1. Find the firm's maximum profit (or loss)
d oop
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