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40 40 35 MC ATC 30 25 25 16 15 12 10 ON ON 20 5 P₁ AVC P₂ P3 10 20 30 45 50 60 70 80 90 100 110 Q

40 40 35 MC ATC 30 25 25 16 15 12 10 ON ON 20 5 P₁ AVC P₂ P3 10 20 30 45 50 60 70 80 90 100 110 Q

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Part A. When the demand curve is given by P1 = $30, and the firm behaves optimally in the short run, what is the total revenue?

A. $ 900

B. $1350

C. $800

D. $2400

 

Part B. When the demand curve is given by P1 = $30, how much profit is this producer earning?

A. $ 500

B. $ 800

C. $ 1200

D. $ 1600

 

Part C. Does the graph above represent the firm’s short run equilibrium or long run equilibrium, for a given price?

A. short run

B. long run

C. short run or long run

D. neither short run nor long run

40 40 35 MC ATC 30 25 25 16 15 12 10 ON ON 20 5 P₁ AVC P₂ P3 10 20 30 45 50 60 70 80 90 100 110 Q
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