A5 estion 16Cost and demand conditionsATCAVCd = MR$4MC1513| |4369 12 16 179Bushels of wheatIf price is $7, which of the following is true?1) The firm is earning a positive profit.Price per bushe! Bushels of wheatIf price is $7, which of the following is true?O 1) The firm is earning a positive profit.2) The firm is earning a negative profit and should stay open in the long-3) The firm is earning a negative profit, but will shut down in the long-rumO 4) The firm is earning a normal economic profit.

In the given graph, when market price is $7, it can be seen that this price is equal to the marginal…

Cost and demand conditions ATC AVC d = MR MC 15 13 11 土 | | | | 4 3 6 9 12 16 17 q Bushels of wheat If price is $7, which of the following is true? 1) The firm is earning a positive profit. Price per bushel のト

Cost and demand conditions ATC AVC d = MR MC 15 13 11 土 | | | | 4 3 6 9 12 16 17 q Bushels of wheat If price is $7, which of the following is true? 1) The firm is earning a positive profit. Price per bushel のト

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Concept explainers

Comparative Advantage and Absolute Advantage Analysis

The theory of absolute advantage was given by Adam Smith in the year 1776.

Question

estion 16
Cost and demand conditions
ATC
AVC
d = MR
$4
MC
15
13
| |
4
3
6
9 12 16 17
9
Bushels of wheat
If price is $7, which of the following is true?
1) The firm is earning a positive profit.
Price per bushe!

Bushels of wheat
If price is $7, which of the following is true?
O 1) The firm is earning a positive profit.
2) The firm is earning a negative profit and should stay open in the long-
3) The firm is earning a negative profit, but will shut down in the long-rum
O 4) The firm is earning a normal economic profit.

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