Below are the short-run data of a representative firm in a perfectly competitive industry. The market price is $2.0, and you know that the firm is maximizing profits. What is the profit of the firm (rounded to one digit after the decimal point)? MC AVC ATC 1 1.0 1.0 1.50 1.2 1.1 1.35 3 1.4 1.2 1.37 4 1.6 1.3 1.43 5. 1.8 14 1.50 6. 2.0 1.5 1,58 7 2.2 16 1.67 8. 2.4 1.7 1.76 9 2.6 1.8 1.86 10 2.8 1.9 1.95 Example on how to interpret the numbers: The MC of the second unit (Q=2) is 1.2 O $0.4 O $2.0 O $5.0 O $0.5 O $2.5 o o o o o
Below are the short-run data of a representative firm in a perfectly competitive industry. The market price is $2.0, and you know that the firm is maximizing profits. What is the profit of the firm (rounded to one digit after the decimal point)? MC AVC ATC 1 1.0 1.0 1.50 1.2 1.1 1.35 3 1.4 1.2 1.37 4 1.6 1.3 1.43 5. 1.8 14 1.50 6. 2.0 1.5 1,58 7 2.2 16 1.67 8. 2.4 1.7 1.76 9 2.6 1.8 1.86 10 2.8 1.9 1.95 Example on how to interpret the numbers: The MC of the second unit (Q=2) is 1.2 O $0.4 O $2.0 O $5.0 O $0.5 O $2.5 o o o o o
Micro Economics For Today
10th Edition
ISBN:9781337613064
Author:Tucker, Irvin B.
Publisher:Tucker, Irvin B.
Chapter8: Perefect Competition
Section8.5: Long-run Supply Curves Under Perfect Competition
Problem 1YTE
Related questions
Question
![Below are the short-run data of a representative firm in a perfectly competitive industry. The market price is $2.0, and you know that the firm is maximizing profits.
What is the profit of the firm (rounded to one digit after the decimal point)?
MC
AVC
ATC
1
1.0
1.0
1.50
2
1.2
1.1
1.35
1.4
1.2
1.37
4
1.6
1.3
1.43
5.
1.8
1.4
1.50
6
2.0
1.5
1,58
7
2.2
1.6
1.67
8.
2.4
1.7
1.76
9
2.6
1.8
1.86
10
2.8
1.9
1.95
Example on how to interpret the numbers:
The MC of the second unit (Q=2) is 1.2
O $0.4
O $2.0
O $5.0
O $0.5
O $2.5
o oo o o](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F0205915a-7141-4359-946f-77b55f1c0375%2F349ebe15-f589-48e7-8b30-80f9828dd331%2Frx19bp_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Below are the short-run data of a representative firm in a perfectly competitive industry. The market price is $2.0, and you know that the firm is maximizing profits.
What is the profit of the firm (rounded to one digit after the decimal point)?
MC
AVC
ATC
1
1.0
1.0
1.50
2
1.2
1.1
1.35
1.4
1.2
1.37
4
1.6
1.3
1.43
5.
1.8
1.4
1.50
6
2.0
1.5
1,58
7
2.2
1.6
1.67
8.
2.4
1.7
1.76
9
2.6
1.8
1.86
10
2.8
1.9
1.95
Example on how to interpret the numbers:
The MC of the second unit (Q=2) is 1.2
O $0.4
O $2.0
O $5.0
O $0.5
O $2.5
o oo o o
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