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Author Question: The Short Run Production DecisionThe graph shows the cost curves for cinnamon.Assume that P1=$2.30, ... (Read 80 times)

Hunchojack2019!!

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on: Nov 23, 2022
The Short Run Production Decision

The graph shows the cost curves for cinnamon.



Assume that P1=$2.30, P2=$3.50, P3=$4.10, P4=$4.90, Q1=110, Q2=280, and Q3=380.
If price is set to P4 ($4.90), what is the profit-maximizing level of output? The firm earns an economic ________ (profit/loss) equal to ________. At what price does the firm break even? Below what price will the firm shut down in the short run?
Please round your answer to two decimal places.
◦ 280, loss, $1862.00, $2.30, $3.50
◦ 280, profit, $1862.00, $3.50, $2.30
◦ 380, profit, $304.00, $3.50, $2.30
◦ 380, loss, $304.00, $2.30, $3.50
Macroeconomics ¦ Acemoglu, Laibson, List ¦ 3rd Edition
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Marked as best answer by Hunchojack2019!! on Nov 23, 2022

ALuthy

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Reply #1 on: Nov 23, 2022
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Hunchojack2019!!

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Reply 2 on: Nov 23, 2022
Great answer, keep it coming :)

fatboyy09

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Reply 3 on: Yesterday
:D TYSM

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