The graph shows the average total cost (ATC) curve, themarginal cost (MC) curve, the average variable cost (AVC)curve, and the marginal revenue (MR) curve (which is also themarket price) for a perfectly competitive firm that prođucesstuffed animals. Answer the three accompanying questions,MCATC$320$300-AVCassuming that the firm is profit-maximizing and does not shut$200down in the short run.MR-PSI50What is the firm's total revenue?205 260336365Quantity78000What is the firm's total cost?126100What is the firm's profit? (Enter a negative number for a loss.)48100Price

1)MR=MC at a market price of $$200 and 260TR=Price×QuantityTR=200×260TR=$52,000

The graph shows the average total cost (ATC) curve, the marginal cost (MC) curve, the average variable cost (AVC) curve, and the marginal revenue (MR) curve (which is also the market price) for a perfectly competitive firm that produces stuffed animals. Answer the three accompanying questions, assuming that the firm is profit-maximizing and does not shut down in the short run. MC ATC $320 $300- AVC $200 MR-P SI50 What is the firm's total revenue? 205 260 336 365 Quantity 78000 What is the firm's total cost? 126100 What is the firm's proft? (Enter a negative number for a loss.) 48100 Price

The graph shows the average total cost (ATC) curve, the marginal cost (MC) curve, the average variable cost (AVC) curve, and the marginal revenue (MR) curve (which is also the market price) for a perfectly competitive firm that produces stuffed animals. Answer the three accompanying questions, assuming that the firm is profit-maximizing and does not shut down in the short run. MC ATC $320 $300- AVC $200 MR-P SI50 What is the firm's total revenue? 205 260 336 365 Quantity 78000 What is the firm's total cost? 126100 What is the firm's proft? (Enter a negative number for a loss.) 48100 Price

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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