Refer to the table to the right which shows the short - run cost data of a perfectly competitive firm that produces plastic camera cases. Assume that output can only be increased in batches of 100 units. If the market price of each camera case is $8 and the firm maximizes profit, what is the amount of the firm's profit or loss? Total Cost Variable Cost Quantity (Dollars) (Dollars) $1,000 100 1,360 360 200 1,560 560 A. SO (it breaks even) 300 1,960 960 B. loss of $1,000 400 2,760 1,760 C. profit of $440 500 4,000 3,000 D. loss of $440 600 5,800 4,800

Refer to the table to the right which shows the short - run cost data of a perfectly competitive firm that produces plastic camera cases. Assume that output can only be increased in batches of 100 units. If the market price of each camera case is $8 and the firm maximizes profit, what is the amount of the firm's profit or loss? Total Cost Variable Cost Quantity (Dollars) (Dollars) $1,000 100 1,360 360 200 1,560 560 A. SO (it breaks even) 300 1,960 960 B. loss of $1,000 400 2,760 1,760 C. profit of $440 500 4,000 3,000 D. loss of $440 600 5,800 4,800

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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