QUESTION 8 Barney produces fried chicken and is operating in a perfectly competitive market. Barney's profit maximising outpu chicken at the market price of $15.00 per set. His average total cost at this output is $11.00 per set and his averag $8.50 per set. His minimum average variable cost is $6.70 per set. Select the item from the list provided to make the following statements true. 1. $550 2. increase until $20 3. $125 4. $335 5. economic loss 6. $425 7. remain at $15 8. economic profit 9. normal profit 10. $975 The total fixed cost incurred by Barney at his profit maximsing output is Barney is currently making a/an After a long period of time, more and more people enter the market to sell fried chicken. One would expect the market price to per set. 11. accounting loss 12. decrease

QUESTION 8 Barney produces fried chicken and is operating in a perfectly competitive market. Barney's profit maximising outpu chicken at the market price of $15.00 per set. His average total cost at this output is $11.00 per set and his averag $8.50 per set. His minimum average variable cost is $6.70 per set. Select the item from the list provided to make the following statements true. 1. $550 2. increase until $20 3. $125 4. $335 5. economic loss 6. $425 7. remain at $15 8. economic profit 9. normal profit 10. $975 The total fixed cost incurred by Barney at his profit maximsing output is Barney is currently making a/an After a long period of time, more and more people enter the market to sell fried chicken. One would expect the market price to per set. 11. accounting loss 12. decrease

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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