Scenario 14-2 Assume a certain firm is producing Q = 1,000 units of output. At Q = 1,000, the firms marginal cost equals $15 and its average total cost equals $11. The firm sells its output for $12 per unit. Refer to Scenario 14-2. At Q = 1,000, the firms profit amounts to Select one: a. O b. O c. O d. $1,000. $-200. $4,000. $3,000.
Scenario 14-2 Assume a certain firm is producing Q = 1,000 units of output. At Q = 1,000, the firms marginal cost equals $15 and its average total cost equals $11. The firm sells its output for $12 per unit. Refer to Scenario 14-2. At Q = 1,000, the firms profit amounts to Select one: a. O b. O c. O d. $1,000. $-200. $4,000. $3,000.
Essentials of Economics (MindTap Course List)
8th Edition
ISBN:9781337091992
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter12: The Cost Of Production
Section: Chapter Questions
Problem 3CQQ
Related questions
Question
![For a competitive, profit-maximizing firm, the
labour demand curve is the same as the
Select one:
a. marginal cost curve.
b. profit function.
C. value of marginal product curve.
O d. production function.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F66f2d714-57ab-40fc-941f-d13524a78f49%2F571d7a83-9cf8-4774-8248-0e3bbe7a9912%2Fp4nvr6_processed.jpeg&w=3840&q=75)
Transcribed Image Text:For a competitive, profit-maximizing firm, the
labour demand curve is the same as the
Select one:
a. marginal cost curve.
b. profit function.
C. value of marginal product curve.
O d. production function.
![Scenario 14-2
Assume a certain firm is producing Q = 1,000 units
of output. At Q = 1,000, the firms marginal cost
equals $15 and its average total cost equals $11.
The firm sells its output for $12 per unit.
Refer to Scenario 14-2. At Q = 1,000, the firms
profit amounts to
Select one:
a. $1,000.
O b. $-200.
c.
$4,000.
O d.
$3,000.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F66f2d714-57ab-40fc-941f-d13524a78f49%2F571d7a83-9cf8-4774-8248-0e3bbe7a9912%2Fe640umn_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Scenario 14-2
Assume a certain firm is producing Q = 1,000 units
of output. At Q = 1,000, the firms marginal cost
equals $15 and its average total cost equals $11.
The firm sells its output for $12 per unit.
Refer to Scenario 14-2. At Q = 1,000, the firms
profit amounts to
Select one:
a. $1,000.
O b. $-200.
c.
$4,000.
O d.
$3,000.
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