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 $80Q100200300$60O 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.

Quantity Price Total cost Total Revenue Profit 100 $240 $7000 $24000 17000 200 $220 $14000…

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.

Microeconomic Theory

12th Edition

ISBN:9781337517942

Author:NICHOLSON

Publisher:NICHOLSON

Chapter11: Profit Maximization

Section: Chapter Questions

Problem 11.1P

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