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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