P MC ATC P₁ P2 P3 AVC P4 0 10 14 24 30 40 44 47 Output 62 6668 At P4 in the accompanying diagram, this firm will produce 10 units and earn only a normal profit. shut down in the short run. produce 30 units and earn only a normal profit. produce 30 units and incur a loss.
P MC ATC P₁ P2 P3 AVC P4 0 10 14 24 30 40 44 47 Output 62 6668 At P4 in the accompanying diagram, this firm will produce 10 units and earn only a normal profit. shut down in the short run. produce 30 units and earn only a normal profit. produce 30 units and incur a loss.
Chapter23: Profit Maximization
Section: Chapter Questions
Problem 6E
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Transcribed Image Text:P
MC
ATC
P₁
P2
P3
AVC
P4
0
10 14
24
30 40 44 47
Output
62 6668
At P4 in the accompanying diagram, this firm will
produce 10 units and earn only a normal profit.
shut down in the short run.
produce 30 units and earn only a normal profit.
produce 30 units and incur a loss.
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