jirm operates in a perfectly competitive market. If the market price (the price the firm must take) is $3, what quantity maximizes profits? What is profit? If the market price (the price the firm must take) is $5.50, what quantity maximizes profits? What is profit? D) If the market price (the price the firm must take) is $9, what quantity maximizes profits? What is profit?
jirm operates in a perfectly competitive market. If the market price (the price the firm must take) is $3, what quantity maximizes profits? What is profit? If the market price (the price the firm must take) is $5.50, what quantity maximizes profits? What is profit? D) If the market price (the price the firm must take) is $9, what quantity maximizes profits? What is profit?
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Question
I just need the bottom three answered. I am a bit confused. I already did the 1-7
![at is:
AVC at 6000 units of output?
$4
Page: 1
ATC at 6000 units of output?
$5.5
AFC at 6000 units of output?
$1.5
TVC at 6000 units of output?
$24,000
TFC at all levels of output?
$9000
TC at 10,000 units of output?
$90,000
O When does diminishing returns set in?
3,000
Suppose this firm operates in a perfectly competitive market.
) If the market price (the price the firm must take) is $3, what quantity maximizes profits? What is profit?
) If the market price (the price the firm must take) is $5.50, what quantity maximizes profits? What is profit?
10) If the market price (the price the firm must take) is $9, what quantity maximizes profits? What is profit?](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F416e88e9-8f58-4a35-9f1d-b63cd0149784%2F7119ff3b-5c6f-44ee-99ab-5be8fcdb8de3%2Fuh1fpgr_processed.jpeg&w=3840&q=75)
Transcribed Image Text:at is:
AVC at 6000 units of output?
$4
Page: 1
ATC at 6000 units of output?
$5.5
AFC at 6000 units of output?
$1.5
TVC at 6000 units of output?
$24,000
TFC at all levels of output?
$9000
TC at 10,000 units of output?
$90,000
O When does diminishing returns set in?
3,000
Suppose this firm operates in a perfectly competitive market.
) If the market price (the price the firm must take) is $3, what quantity maximizes profits? What is profit?
) If the market price (the price the firm must take) is $5.50, what quantity maximizes profits? What is profit?
10) If the market price (the price the firm must take) is $9, what quantity maximizes profits? What is profit?
![$10
ATC
MC
6.
8.
AVC
6.
...
tes in a pe
2 3
4 5
6 7 8 9 10
ke) is $3, w
Quantity (in 1,000s)
e) is $5.50
What is:
(1) AVC at 6000 units of output?
ike) is $9, w
$4
(2) ATC at 6000 units of output?
$5.5
(3) AFC at 6000 units of output?
$1.5
(4) TVC at 6000 units of output?
$24,000
4,
2.
Cost per unit](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F416e88e9-8f58-4a35-9f1d-b63cd0149784%2F7119ff3b-5c6f-44ee-99ab-5be8fcdb8de3%2Fpfam6xf_processed.jpeg&w=3840&q=75)
Transcribed Image Text:$10
ATC
MC
6.
8.
AVC
6.
...
tes in a pe
2 3
4 5
6 7 8 9 10
ke) is $3, w
Quantity (in 1,000s)
e) is $5.50
What is:
(1) AVC at 6000 units of output?
ike) is $9, w
$4
(2) ATC at 6000 units of output?
$5.5
(3) AFC at 6000 units of output?
$1.5
(4) TVC at 6000 units of output?
$24,000
4,
2.
Cost per unit
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