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Question 19 Consider the table below which presents information about a competitive firm: FIRM D PRICE OUTPUT TOTAL REVENUE TOTAL COSTS TOTAL FIXED COSTS TOTAL VARIABLE COSTS AVERAGE TOTAL COSTS ? 700 $2,800 $2,975 ? $2,450 ? AVERAGE VARIABLE COSTS ? MARGINAL COST $4.00 Is this firm maximizing short run profits (minimizing short run losses)? a) No. ATC is greater than P. b) Yes. P MC. c) Yes. PAVC. 0 / 10 points

Question 19 Consider the table below which presents information about a competitive firm: FIRM D PRICE OUTPUT TOTAL REVENUE TOTAL COSTS TOTAL FIXED COSTS TOTAL VARIABLE COSTS AVERAGE TOTAL COSTS ? 700 $2,800 $2,975 ? $2,450 ? AVERAGE VARIABLE COSTS ? MARGINAL COST $4.00 Is this firm maximizing short run profits (minimizing short run losses)? a) No. ATC is greater than P. b) Yes. P MC. c) Yes. PAVC. 0 / 10 points

ENGR.ECONOMIC ANALYSIS
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 19 Consider the table below which presents information about a competitive firm: FIRM D PRICE OUTPUT TOTAL REVENUE TOTAL COSTS TOTAL FIXED COSTS TOTAL VARIABLE COSTS AVERAGE TOTAL COSTS ? 700 $2,800 $2,975 ? $2,450 ? AVERAGE VARIABLE COSTS ? MARGINAL COST $4.00 Is this firm maximizing short run profits (minimizing short run losses)? a) No. ATC is greater than P. b) Yes. P MC. c) Yes. PAVC. 0 / 10 points
Transcribed Image Text:Question 19 Consider the table below which presents information about a competitive firm: FIRM D PRICE OUTPUT TOTAL REVENUE TOTAL COSTS TOTAL FIXED COSTS TOTAL VARIABLE COSTS AVERAGE TOTAL COSTS ? 700 $2,800 $2,975 ? $2,450 ? AVERAGE VARIABLE COSTS ? MARGINAL COST $4.00 Is this firm maximizing short run profits (minimizing short run losses)? a) No. ATC is greater than P. b) Yes. P MC. c) Yes. PAVC. 0 / 10 points
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