Price and costs $30 $25 $20 $17.50 $15 $10 $5 0 $ $4.40 3.25 MR MC 1 2 3 4 5 ATC Quantity Instructions: Round your answers to 2 decimal places. a. What is total revenue for this firm? b. What is total cost for this firm? Demand 6 7 8 9 10

Price and costs $30 $25 $20 $17.50 $15 $10 $5 0 $ $4.40 3.25 MR MC 1 2 3 4 5 ATC Quantity Instructions: Round your answers to 2 decimal places. a. What is total revenue for this firm? b. What is total cost for this firm? Demand 6 7 8 9 10

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

Price and costs
$30
$25
$20 $17.50
$15
$10
$5
0
$4.40
3.25
MR
1 2 3 4
MC
5
b. What is total cost for this firm?
ATC
Demand
6 7 8 9 10
Quantity
Instructions: Round your answers to 2 decimal places.
a. What is total revenue for this firm?
c. What is this firm's economic profit?
Click to select)
V equilibrium

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