This topic contains a solution. Click here to go to the answer
« previous next »

Author Question: Peter's Pencils is a perfectly competitive company producing pencils. Suppose Peter is producing ... (Read 212 times)

xclash

  • Hero Member
  • *****
  • Posts: 681
on: May 24, 2019
Peter's Pencils is a perfectly competitive company producing pencils. Suppose Peter is producing 1,000 pencils an hour. If the total cost of 1,000 pencils is $500, the market price per pencil is $2, and the marginal cost is $2, then Peter
◦ makes an economic profit because marginal revenue is equal to marginal cost at this output level.
◦ should decrease his output to increase his profit.
◦ is maximizing his profit and is making an economic profit.
◦ should increase his output to increase his profit.
◦ is not maximizing his profit but is making zero economic profit anyway.
Foundations of Microeconomics ¦ Bade, Parkin ¦ 8th Edition
Buy Test-Bank


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by xclash on May 24, 2019

ntsoane kedibone

  • Sr. Member
  • ****
  • Posts: 333
Reply #1 on: May 24, 2019
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.
Answer Preview
Only 58% of students answer this correctly


xclash

  • Hero Member
  • *****
  • Posts: 681
Reply #2 on: May 24, 2019
Excellent


ntsoane kedibone

  • Sr. Member
  • ****
  • Posts: 333
Reply #3 on: May 24, 2019
Great! Please up vote :D


« previous next »
 

Did you know?

The horizontal fraction bar was introduced by the Arabs.

Did you know?

There are more sensory neurons in the tongue than in any other part of the body.

Did you know?

Eating food that has been cooked with poppy seeds may cause you to fail a drug screening test, because the seeds contain enough opiate alkaloids to register as a positive.

Did you know?

In Eastern Europe and Russia, interferon is administered intranasally in varied doses for the common cold and influenza. It is claimed that this treatment can lower the risk of infection by as much as 60–70%.

Did you know?

Atropine, along with scopolamine and hyoscyamine, is found in the Datura stramonium plant, which gives hallucinogenic effects and is also known as locoweed.

An orb weaver producing silk from its spinnerets An orb weaver producing silk from its spinnerets
Competitive inhibition Competitive inhibition
Non-competitive inhibition Non-competitive inhibition
This label on a Toyota Camry hybrid shows the relative smog-producing emissions, but this does not ... This label on a Toyota Camry hybrid shows the relative smog-producing emissions, but this does not ...
Effects of competitive inhibition on enzyme kinetics Effects of competitive inhibition on enzyme kinetics
A company that makes environmental measuring devices has calculated their revenue and costs as ... A company that makes environmental measuring devices has calculated their revenue and costs as ...
Video: Nervous pathway to the Neuromuscular (NMJ)

For a complete list of videos, visit our video library