Question

4. Profit maximization in the cost-curve diagram The following graph plots daily cost curves for a firm operating in the competitive market for instant pots. Hint: Once you have positioned the rectangle on the graph, select a point to observe its coordinates. PRICE (Dollars per instant pot) 100 90 80 70 60 50 40 30 20 10 0 0 5 10 15 20 25 30 35 40 45 50 QUANTITY (Thousands of instant pots per day) ATC AVC MC Profit or Loss In the short run, given a market price equal to $50 per instant pot, the firm should produce a daily quantity of instant pots. On the preceding graph, use the blue rectangle (circle symbols) to fill in the area that represents profit or loss of the firm given the market price of $50 and the quantity of production from your previous answer. Note: In the following question, enter a positive number regardless of whether the firm earns a profit or incurs a loss. The rectangular area represents a short-run of thousand per day for the firm.

          4. Profit maximization in the cost-curve diagram
The following graph plots daily cost curves for a firm operating in the competitive market for instant pots.
Hint: Once you have positioned the rectangle on the graph, select a point to observe its coordinates.
PRICE (Dollars per instant pot)
100 90 80 70 60 50 40 30 20 10 0
0 5 10 15 20 25 30 35 40 45 50
QUANTITY (Thousands of instant pots per day)
ATC AVC MC
Profit or Loss
In the short run, given a market price equal to $50 per instant pot, the firm should produce a daily quantity of instant pots.
On the preceding graph, use the blue rectangle (circle symbols) to fill in the area that represents profit or loss of the firm given the market price of $50 and the quantity of production from your previous answer.
Note: In the following question, enter a positive number regardless of whether the firm earns a profit or incurs a loss.
The rectangular area represents a short-run of thousand per day for the firm.

4. Profit maximization in the cost-curve diagram
The following graph plots daily cost curves for a firm operating in the competitive market for instant pots.
Hint: Once you have positioned the rectangle on the graph, select a point to observe its coordinates.
PRICE (Dollars per instant pot)
100 90 80 70 60 50 40 30 20 10 0
0 5 10 15 20 25 30 35 40 45 50
QUANTITY (Thousands of instant pots per day)
ATC AVC MC
Profit or Loss
In the short run, given a market price equal to 50 per instant pot, the firm should produce a daily quantity of instant pots.
On the preceding graph, use the blue rectangle (circle symbols) to fill in the area that represents profit or loss of the firm given the market price of50 and the quantity of production from your previous answer.
Note: In the following question, enter a positive number regardless of whether the firm earns a profit or incurs a loss.
The rectangular area represents a short-run of thousand per day for the firm.

Added by Jose Angel I.

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