15 refer to the graph below total profit is 288 132

This preview shows page 4 - 8 out of 8 pages.

15. Refer to the graph below. Total profit is:$288$132$243$144the firm produces at MC=P where:Q=36 unitsP=$20ATC=$16Profit=(P-ATC)*Q
16. Refer to the graph below. Total profit is:
17. Recall that in perfect competition a firm’s demand curve is a horizontal line drawnat the market price level and that P=MR. With this in mind, based on the figurebelow, total revenues are:
18. If the price that a firm charges is higher than its ________ cost of production forthat quantity produced, then the firm will earn profits.
19. What two lines on a cost curve diagram intersect at the zero-profit point?The average cost curve and the marginal revenue curve.The average cost curve and the variable revenue curve.The average variable cost curve and the variable revenue curve.
20. Recall that in perfect competition a firm’s demand curve is a horizontal line drawnat the market price level and that P=MR. With this in mind, based on the figurebelow, total costs are:
24.25.26.27.28.29.30.31.32.33.34.35.36.37.38.
39.40.41.42.43.44.45.46.47.48.49.50.
End of preview. Want to read all 8 pages?

Upload your study docs or become a

Course Hero member to access this document

Term
Fall
Professor
keskinel

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture