Author Question: Refer to the data provided in Table 9.4 below to answer the question(s) that follow. Refer to Table ... (Read 18 times)

anshika · **on:** Apr 19, 2019

Question 1

Refer to the data provided in Table 9.4 below to answer the question(s) that follow.

Refer to Table 9.4. At a market price of $56, if the firm produces where
MR =
MC, then it would produce ________ units of output and earn an economic profit of ________.

◦ 0; -$100
◦ 4; $0
◦ 5; $0
◦ either 4 or 5; $0

Question 2

Refer to the data provided in Table 9.4 below to answer the question(s) that follow.

Refer to Table 9.4. If the market price is $40, then to maximize profits this firm should produce

◦ zero units of output.
◦ one unit of output.
◦ two units of output.
◦ an output level of about four.

Beatricemm · **Reply #1 on:** Apr 19, 2019

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