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Author Question: Suppose Jason owns a small pastry shop. Jason wants to maximize his profit, and thinking back to the ... (Read 631 times)

theo

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on: Jun 29, 2018
Suppose Jason owns a small pastry shop. Jason wants to maximize his profit, and thinking back to the microeconomics class he took in college, he decides he needs to produce a quantity of pastries which will minimize his average total cost.
 
  Will Jason's strategy necessarily maximize profits for his pastry shop?
  A) No; In order to maximize profit, Jason would never want to produce the quantity where average total cost is minimized.
  B) Yes; Since Jason's pastry shop is in a perfectly competitive market, the only way to maximize profit is to produce the quantity where average total cost is minimized.
  C) Not necessarily; Depending on demand, Jason may maximize profit by producing a quantity other than that where average total cost is at a minimum.
  D) Not necessarily; This strategy will only maximize Jason's profit in the long run, but not in the short run.

Question 2

Refer to Figure 12-2. Why is the total revenue curve a ray from the origin?
 
  A) because the firm can sell its product at a constant price
  B) because revenue increases at a decreasing rate
  C) because the firm must lower its price to sell more
  D) because revenue increases at an increasing rate
InMicro ¦ Hubbard, O'Brien ¦ 1st Edition
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Moriaki

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Reply #1 on: Jun 29, 2018
Lorsum iprem. Lorsus sur ipci. Lorsem sur iprem. Lorsum sur ipdi, lorsem sur ipci. Lorsum sur iprium, valum sur ipci et, vala sur ipci. Lorsem sur ipci, lorsa sur iprem. Valus sur ipdi. Lorsus sur iprium nunc, valem sur iprium. Valem sur ipdi. Lorsa sur iprium. Lorsum sur iprium. Valem sur ipdi. Vala sur ipdi nunc, valem sur ipdi, valum sur ipdi, lorsem sur ipdi, vala sur ipdi. Valem sur iprem nunc, lorsa sur iprium. Valum sur ipdi et, lorsus sur ipci. Valem sur iprem. Valem sur ipci. Lorsa sur iprium. Lorsem sur ipci, valus sur iprem. Lorsem sur iprem nunc, valus sur iprium.
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Angel Tang

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Reply #2 on: May 29, 2021
THANK YOU
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