$150 $145 $140 $135 MC $130 $125 $120 $115 Ате $110 $105 $100 $95 $90 $85 $80 AVC $75 $70 $65 $60 $55 $50 $45 $40 $35 $30 $25 0 1 2 3 5 6 7 8 9 10 11 Quantity Produced The graph above shows the short-run cost functions for a perfectly competitive profit maximizing firm. If the market price of the product equals $145 per unit, the firm will produce dollars. units and will make an economic profit of

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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Question
$150
$145
$140
$135
MC
$130
$125
$120
$115
Ате
$110
$105
$100
$95
$90
$85
$80
AVC
$75
$70
$65
$60
$55
$50
$45
$40
$35
$30
$25
0
1
2 3
5
6
7
8 9 10
11
Quantity Produced
The graph above shows the short-run cost functions for a perfectly competitive profit
maximizing firm. If the market price of the product equals $145 per unit, the firm will
produce
dollars.
units and will make an economic profit of
Transcribed Image Text:$150 $145 $140 $135 MC $130 $125 $120 $115 Ате $110 $105 $100 $95 $90 $85 $80 AVC $75 $70 $65 $60 $55 $50 $45 $40 $35 $30 $25 0 1 2 3 5 6 7 8 9 10 11 Quantity Produced The graph above shows the short-run cost functions for a perfectly competitive profit maximizing firm. If the market price of the product equals $145 per unit, the firm will produce dollars. units and will make an economic profit of
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