The figure below shows the costs of Quick Copy, one of many copy shops near campus. If the market price of copying is 10¢ a page, calculate Quick Copy's profit- maximizing output and economic profit. hour. hour. Cost (cents per page) 12 hour. 10 8 hour. 6 4 2 O 60 100 80 Quantity (pages per hour) Profit-maximizing quantity is 60 pages an hour and economic profit is $3.20 an Ÿ 20 MC 40 Profit-maximizing quantity is 80 pages an hour and economic profit is $7 an ATC Profit-maximizing quantity is 40 pages an hour and economic profit is $2.40 an Profit-maximizing quantity is 80 pages an hour and economic profit is $2.40 an
The figure below shows the costs of Quick Copy, one of many copy shops near campus. If the market price of copying is 10¢ a page, calculate Quick Copy's profit- maximizing output and economic profit. hour. hour. Cost (cents per page) 12 hour. 10 8 hour. 6 4 2 O 60 100 80 Quantity (pages per hour) Profit-maximizing quantity is 60 pages an hour and economic profit is $3.20 an Ÿ 20 MC 40 Profit-maximizing quantity is 80 pages an hour and economic profit is $7 an ATC Profit-maximizing quantity is 40 pages an hour and economic profit is $2.40 an Profit-maximizing quantity is 80 pages an hour and economic profit is $2.40 an
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Question
![The figure below shows the costs of Quick Copy, one of many copy shops near
campus. If the market price of copying is 10¢ a page, calculate Quick Copy's profit-
maximizing output and economic profit.
hour.
hour.
Cost (cents per page)
12
hour.
10
4
100
60
80
Quantity (pages per hour)
Profit-maximizing quantity is 60 pages an hour and economic profit is $3.20 an
hour.
2
20
MC
40
Profit-maximizing quantity is 80 pages an hour and economic profit is $7 an
ATC
Profit-maximizing quantity is 40 pages an hour and economic profit is $2.40 an
Profit-maximizing quantity is 80 pages an hour and economic profit is $2.40 an](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fe6ab09e2-f11a-4486-af0c-015afafa1dbe%2F58016ad5-78ac-414e-b23b-9bf7909f6856%2F7pun0o_processed.png&w=3840&q=75)
Transcribed Image Text:The figure below shows the costs of Quick Copy, one of many copy shops near
campus. If the market price of copying is 10¢ a page, calculate Quick Copy's profit-
maximizing output and economic profit.
hour.
hour.
Cost (cents per page)
12
hour.
10
4
100
60
80
Quantity (pages per hour)
Profit-maximizing quantity is 60 pages an hour and economic profit is $3.20 an
hour.
2
20
MC
40
Profit-maximizing quantity is 80 pages an hour and economic profit is $7 an
ATC
Profit-maximizing quantity is 40 pages an hour and economic profit is $2.40 an
Profit-maximizing quantity is 80 pages an hour and economic profit is $2.40 an
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