Price per Tonne of Wheat MC 18.00 ATC 17.00 15.75 16.00 15.25 1550 15.00 14.00 13.00 12.00 11.00 500 1000 ++ 1500 Tonnes of Wheat per Month Figure 9-5 shows the cost curves of a firm in a perfectly competitive market. If the market price is $17 and the firm is maximizing profit, how much is its total cost? OA. $20 400 OB. $17 000 OC. $18 300 OD. $15 000
Price per Tonne of Wheat MC 18.00 ATC 17.00 15.75 16.00 15.25 1550 15.00 14.00 13.00 12.00 11.00 500 1000 ++ 1500 Tonnes of Wheat per Month Figure 9-5 shows the cost curves of a firm in a perfectly competitive market. If the market price is $17 and the firm is maximizing profit, how much is its total cost? OA. $20 400 OB. $17 000 OC. $18 300 OD. $15 000
Essentials of Economics (MindTap Course List)
8th Edition
ISBN:9781337091992
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter13: Firms In Competitive Markets
Section: Chapter Questions
Problem 7PA
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Transcribed Image Text:Price per
Tonne
of Wheat
MC
18.00
ATC
17.00
15.75
16.00
15.25 1550
15.00
14.00
13.00
12.00
11.00
500
1000
++
1500
Tonnes of Wheat per Month
Figure 9-5 shows the cost curves of a firm in a perfectly competitive market. If the market price is $17 and the firm is maximizing profit, how much is its total cost?
OA. $20 400
OB. $17 000
OC. $18 300
OD. $15 000
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