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4 5 6 7 8 9 0 1 2 3 4 5 6 b 7 8 9 0 2 3 4 5 6 7 8 9 0 1 2 t 900 25 25 0 0 1000 175.75 Consider the graphic at the right to answer these questions. P=28.5-.004 Q 1 67) What is the profit maximizing or loss minimizing quantity? 1 68) What is the price at the profit maximizing quantity? 1 69) What is the average total cost at the profit maximizing quantity? 170) What is profit per unit at the profit maximizing quantity? 1 71) What is the total economic profit? 172) What type of industry is likely to be represented by this graphic? a) perfect competition b) monopolistic competition at long-run equilibrium c) monopoly 1 73) What is the approximate quantity such that price = marginal cost? 1 74) At the profit maximizing quantity, what is the approximate differential between price and marginal cost? 1 75) What is an approximate estimate, using the triangle area method, of the value of deadweight loss? 1 76) T/F Would you say that this graphic is indicative of long-run equilibrium for the typical firm in this type of industry? 1 77) What is the ratio of Dead Weight Loss to Total Expenditure at max profit? 50 45 40 35 30 25 20 15 10 5 O 0 100 200 300 Costs and Revenues ▪▪▪▪▪▪▪ AC ---- MC Price MR 1600 1700 1800 1900 2000 4 5 6 7 8 9 0 1 2 3 4 5 6 b 7 8 9 0 2 3 4 5 6 7 8 9 0 1 2 t 900 25 25 0 0 1000 175.75 Consider the graphic at the right to answer these questions. P=28.5-.004 Q 1 67) What is the profit maximizing or loss minimizing quantity? 1 68) What is the price at the profit maximizing quantity? 1 69) What is the average total cost at the profit maximizing quantity? 170) What is profit per unit at the profit maximizing quantity? 1 71) What is the total economic profit? 172) What type of industry is likely to be represented by this graphic? a) perfect competition b) monopolistic competition at long-run equilibrium c) monopoly 1 73) What is the approximate quantity such that price = marginal cost? 1 74) At the profit maximizing quantity, what is the approximate differential between price and marginal cost? 1 75) What is an approximate estimate, using the triangle area method, of the value of deadweight loss? 1 76) T/F Would you say that this graphic is indicative of long-run equilibrium for the typical firm in this type of industry? 1 77) What is the ratio of Dead Weight Loss to Total Expenditure at max profit? 50 45 40 35 30 25 20 15 10 5 O 0 100 200 300 Costs and Revenues ▪▪▪▪▪▪▪ AC ---- MC Price MR 1600 1700 1800 1900 2000

Answer rating: 100% (QA)

67 Profit maximizingloss minimizing quantity The profit maximizing quantity is approximately 1250 units This is the point where the marginal cost MC c... View the full answer