The table below represents market demand for good Q at different prices P. The firm's unit cost of production is $70. Based on this information, which of the following is correct? 400 500 600 700 | 800 900 1000 $240 $220 $200 $180 $160 $140 $120 $100 $80 $60 Q 100 200 300 P a. At Q = 200, the firm's profit is $55,000. O b. The maximum profit that can be attained is $45,000. O c. The minimum profit that can be attained is $240. O d. The profit-maximising output is Q = 400.
The table below represents market demand for good Q at different prices P. The firm's unit cost of production is $70. Based on this information, which of the following is correct? 400 500 600 700 | 800 900 1000 $240 $220 $200 $180 $160 $140 $120 $100 $80 $60 Q 100 200 300 P a. At Q = 200, the firm's profit is $55,000. O b. The maximum profit that can be attained is $45,000. O c. The minimum profit that can be attained is $240. O d. The profit-maximising output is Q = 400.
Chapter11: Profit Maximization
Section: Chapter Questions
Problem 11.1P
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![The table below represents market demand for good Q at different prices P. The firm's unit cost of production is
$70. Based on this information, which of the following is correct?
400 500 600 700 800 900 1000
$240 $220 $200 $180 $160 $140 $120 $100 $80
Q
100
200
300
$60
O a. At Q = 200, the firm's profit is $55,000.
O b. The maximum profit that can be attained is $45,000.
Oc. The minimum profit that can be attained is $240.
O d. The profit-maximising output is Q = 400.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fc526f927-283b-4f7b-a773-c705605ca84f%2F996516b4-6dcf-4e17-824e-6f988646fafd%2Fj8grou8_processed.png&w=3840&q=75)
Transcribed Image Text:The table below represents market demand for good Q at different prices P. The firm's unit cost of production is
$70. Based on this information, which of the following is correct?
400 500 600 700 800 900 1000
$240 $220 $200 $180 $160 $140 $120 $100 $80
Q
100
200
300
$60
O a. At Q = 200, the firm's profit is $55,000.
O b. The maximum profit that can be attained is $45,000.
Oc. The minimum profit that can be attained is $240.
O d. The profit-maximising output is Q = 400.
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