The accompanying graph illustrates a firm's average revenue (AR) curve and average cost (AC) curve. The firm produces desks, so assume it can only produce whole units of desks (e.g., it can produce 5 or 6 desks but not 5.5 desks). Move the maximum profit line by adjusting its endpoints to represent the maximum profit margin per unit the firm can possibly earn. 17 16 Price 20 19 AC Max Profit 18 15 14 AR 13 12 11 10 4 9 When the firm is producing 4 desks, profit is 8 7 greater than when the firm is producing 9 desks. 6 5 When the firm is producing 3 desks, profit is 4 3 when the firm is producing 8 desks. 2 1 0 0 1 2 3 4 -5 6 7 8 9 10 Quantity

The accompanying graph illustrates a firm's average revenue (AR) curve and average cost (AC) curve. The firm produces desks, so assume it can only produce whole units of desks (e.g., it can produce 5 or 6 desks but not 5.5 desks). Move the maximum profit line by adjusting its endpoints to represent the maximum profit margin per unit the firm can possibly earn. 17 16 Price 20 19 AC Max Profit 18 15 14 AR 13 12 11 10 4 9 When the firm is producing 4 desks, profit is 8 7 greater than when the firm is producing 9 desks. 6 5 When the firm is producing 3 desks, profit is 4 3 when the firm is producing 8 desks. 2 1 0 0 1 2 3 4 -5 6 7 8 9 10 Quantity

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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