The graph to the right shows the hypothetical cost curves for a representative firm in a...
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The graph to the right shows the hypothetical cost curves for a representative firm in a perfectly competitive industry. The representative firm's total revenue (TR) for selling the profit-maximizing level of output is $(Enter your response rounded to the nearest penny.) The representative firm's total cost of producing the profit-maximizing level of output is $ (Enter your response rounded to the nearest penny.) Total fixed cost is $. (Enter your response rounded to the nearest penny.) Total variable cost is $. (Enter your response rounded to the nearest penny.) Economic profit is $ sign if necessary.) This firm is operating at a (Enter your response rounded to the nearest penny and include a minus and should Price per unit ($) 7.50 7.00- 6.50- 6.00- 5.50- 5.00- 4.50- 4.00- 3.50- 3.00- 2.50- 4.50 3.50 3.00 2.00- 1.50 1.00- 0.50- 0.00+ 0 A representative firm B A C MC ATC AVC Pr=d = MR $225 50 100 150 200 250 300 350 400 Units of output, q The graph to the right shows the hypothetical cost curves for a representative firm in a perfectly competitive industry. The representative firm's total revenue (TR) for selling the profit-maximizing level of output is $(Enter your response rounded to the nearest penny.) The representative firm's total cost of producing the profit-maximizing level of output is $ (Enter your response rounded to the nearest penny.) Total fixed cost is $. (Enter your response rounded to the nearest penny.) Total variable cost is $. (Enter your response rounded to the nearest penny.) Economic profit is $ sign if necessary.) This firm is operating at a (Enter your response rounded to the nearest penny and include a minus and should Price per unit ($) 7.50 7.00- 6.50- 6.00- 5.50- 5.00- 4.50- 4.00- 3.50- 3.00- 2.50- 4.50 3.50 3.00 2.00- 1.50 1.00- 0.50- 0.00+ 0 A representative firm B A C MC ATC AVC Pr=d = MR $225 50 100 150 200 250 300 350 400 Units of output, q
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Answer rating: 100% (QA)
Analyzing the Perfectly Competitive Firms Costs and Profits Based on the graph we can analyze the perfectly competitive firms costs and profits Total ... View the full answer
Related Book For
Microeconomics
ISBN: 9781464146978
1st Edition
Authors: Austan Goolsbee, Steven Levitt, Chad Syverson
Posted Date:
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