Please solve both the questions. Profit is represented by the area:Price or Cost (per unit)EFigure 24.1ABGDCCDKLABDCEFKLBAKMCQuantity (per unit of time)ATCDemand $6.405.504.704.002.50AсG0 1Figure 24.2$5.50.$22.00.$6.00.B$16.00.2 3DMCATCFIn Figure 24.2, total profit at the profit-maximizing rate of output isDemandMR5 6 7 8

The firm will produce where the marginal revenue is equal to marginal cost to maximize its profit.…

Answered: Profit is represented by the area:…

Profit is represented by the area: Price or Cost (per unit) E Figure 24.1 ABGDC CDKL ABDC EFKL B A K MC Quantity (per unit of time) ATC Demand

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

Please solve both the questions.

Profit is represented by the area:
Price or Cost (per unit)
E
Figure 24.1
ABGDC
CDKL
ABDC
EFKL
B
A
K
MC
Quantity (per unit of time)
ATC
Demand

$6.40
5.50
4.70
4.00
2.50
A
с
G
0 1
Figure 24.2
$5.50.
$22.00.
$6.00.
B
$16.00.
2 3
D
MC
ATC
F
In Figure 24.2, total profit at the profit-maximizing rate of output is
Demand
MR
5 6 7 8

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