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Author Question: The above figure shows the cost curves for a typical firm in a competitive market. From the graph, ... (Read 113 times)

crazycityslicker

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on: Jul 1, 2018
The above figure shows the cost curves for a typical firm in a competitive market. From the graph, estimate the firm's profits when price equals 10 per unit.
 
  What will be an ideal response?

Question 2

A physical examination is NOT a good screening device for life insurance companies if
 
  A) life-threatening diseases are usually undetected.
  B) doctors cannot be easily bribed to write a good report.
  C) medical history is a good predictor of life expectancy.
  D) one's current state of health is a good predictor of life expectancy.


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cupcake16

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Reply #1 on: Jul 1, 2018
Answer to Question 1

When price = 10, p = MC when q = 60. TR = 600. The AC is just above 8.5, say 8.6. This yields TC = 516. The firm's profit is estimated to be around 84.

Answer to Question 2

A


crazycityslicker

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Reply 2 on: Jul 1, 2018
YES! Correct, THANKS for helping me on my review

xthemafja

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Reply 3 on: Yesterday
Thanks for the timely response, appreciate it

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