If the current market price is $6, the profit-maximizing output for this firm is ____________ If the price is $6 and the firm is producing at its profit-maximizing output, then total costs for the firm are ______________ If the market price is $1, the firm will produce ______________units of output in the short run. If the price is $3 and the firm is producing at its profit-maximizing output, then the firm would make _________ profit.

ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
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  1. Consider the following short-run cost curves for a perfectly competitive firm.

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If the current market price is $6, the profit-maximizing output for this firm is ____________

If the price is $6 and the firm is producing at its profit-maximizing output, then total costs for the firm are ______________

If the market price is $1, the firm will produce ______________units of output in the short run.

If the price is $3 and the firm is producing at its profit-maximizing output, then the firm would make _________ profit.

MC
ATC
AVC
1.5
1.
100
200
300
400
Quantity
Price $
3.
Transcribed Image Text:MC ATC AVC 1.5 1. 100 200 300 400 Quantity Price $ 3.
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