ECON-1010-D1/D2-Introduction to Microeconomics
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.
2) At this level of output the firm earns a profit of $.
3) At the profit maximizing level of output the last unit produced and sold adds $ to revenue and $to cost.
4) One more unit of output beyond the profit-maximizing level would add $ to revenue and $ to cost, thereby profit by $ ..
2) If the firm earns profits of $92 000 by producing 700 units of output, the firm has Total Costs of $ .Use the figure to answer the following 4 questions.
The figure shows the demand and cost curves facing a firm with market power in the short run.
The profit-maximizing (or loss-minimizing) level of output is units.
The firm will sell its output at a price of $ .
The firm earns profits of $ .
When in short-run equilibrium, if the firm sells another unit of output total revenue will by $ .
MATCHING DEFINITION
Rules administered by a
government agency to influence prices, quantities, entry, and other aspects of
economic activity in a firm or industry.
MATCHING DEFINITION
A rule that sets the price
of a good or service equal to the marginal cost of producing it.
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