6 e. judge.6. Assume a perfectly competitive firm incurs a total cost of $10.000, marginal cost of $38, and fixed cost of $2,000.It sells 200 units of its product at a market price of $38 per unit Which of the following is true in this casea The firm earns an economic profit of $7,600.b. The firm incurs an economic loss of $7,600.FOR 2000185= 7,600tess 7,600-10,00-3500$12000/200=50c. The average variable cost of production exceeds the market price.d. The average total cost of production is less than the market price.e. The firm earns an economic profit of $6,600.

A perfectly competitive firm is a price taker, which means that it must accept the equilibrium price…

e. judge. 6. Assume a perfogly competitive firm incurs a total cost of $10.000, marginal cost of $38, and fixed cost of $2,000. It sells 200 units of its product at a market price of $38 per unit, Which of the following is true in this case The firm earns an economic profit of $7,600. TR200 CD=7,600 tess 7,600-1000-3500 b. The firm incurs an economic loss of $7,600. 402000/900=50 c. The average variable cost of production exceeds the market price. d.The average total cost of production is less than the market price. e. The firm earns an economic profit of $6,600.

e. judge. 6. Assume a perfogly competitive firm incurs a total cost of $10.000, marginal cost of $38, and fixed cost of $2,000. It sells 200 units of its product at a market price of $38 per unit, Which of the following is true in this case The firm earns an economic profit of $7,600. TR200 CD=7,600 tess 7,600-1000-3500 b. The firm incurs an economic loss of $7,600. 402000/900=50 c. The average variable cost of production exceeds the market price. d.The average total cost of production is less than the market price. e. The firm earns an economic profit of $6,600.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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