Total Total Total Fixed Variable Product Cost Cost $150 $0 150 50 150 75 150 105 150 150 150 150 150 150 150 0 1 2 3 4 5 6 7 8 9 10 Assume there are 600 firms in this industry with the same costs as in the table above. The industry demand curve is shown in the table below. In equilibrium, each firm will earn Quantity Demanded 6,800 5,975 5,500 5,125 4,500 Price $ 20 30 45 68 75 95 120 150 Multiple Choice 145 200 270 360 475 620 800 C 4,200 3,600 2,400 an economic profit of $35. an economic profit of $155. a loss of $45. a loss of $135.

Total Total Total Fixed Variable Product Cost Cost $150 $0 150 50 150 75 150 105 150 150 150 150 150 150 150 0 1 2 3 4 5 6 7 8 9 10 Assume there are 600 firms in this industry with the same costs as in the table above. The industry demand curve is shown in the table below. In equilibrium, each firm will earn Quantity Demanded 6,800 5,975 5,500 5,125 4,500 Price $ 20 30 45 68 75 95 120 150 Multiple Choice 145 200 270 360 475 620 800 C 4,200 3,600 2,400 an economic profit of $35. an economic profit of $155. a loss of $45. a loss of $135.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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