Question: Variable Output TVC TO AFC AVC ATC Marginal Cost 600 N 1000 1350 A W 1780 2500 3600 5600 Use the above table and assume

Variable Output TVC TO AFC AVC ATC Marginal Cost 600 N

Variable Output TVC TO AFC AVC ATC Marginal Cost 600 N 1000 1350 A W 1780 2500 3600 5600 Use the above table and assume fixed costs of $1000 and selling price of $700 If an economist wants to max profit or minimize loss, how much is profit given the above data? $20 O $50 $280 O $2800 $3500

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1. Identify your reference point when making a decision based on an element of risk.

3. If there are reasonable alternatives, think about your decisions based on the different reference points and see if there are any contradictions in the decisions.

4. It is only at this point that you can give the problem your full attention in relation to the various ways you have framed the problem.