Question

Assume a certain firm in a competitive market is producing Q = 1,000 units of output. At Q = 1,000, the firm's marginal cost equals $15 and its average total cost equals $11. The firm sells its output for $12 per unit. At Q = 1,000, the firm's profits equal -$200. $1,000. $3,000. $4,000.

          Assume a certain firm in a competitive market is producing Q = 1,000 units of output. At Q = 1,000,
the firm's marginal cost equals $15 and its average total cost equals $11. The firm sells its output for
$12 per unit. At Q = 1,000, the firm's profits equal
-$200.
$1,000.
$3,000.
$4,000.

Assume a certain firm in a competitive market is producing Q = 1,000 units of output. At Q = 1,000,
the firm's marginal cost equals 15 and its average total cost equals11. The firm sells its output for
12 per unit. At Q = 1,000, the firm's profits equal
-200.
1,000.3,000.
4,000.

Added by Alicia S.

Principles of Economics

Gregory Mankiw 8th Edition

Instant Answer

Solved by Expert Dale Grosso

05/13/2022

Step 1

Total revenue = Price per unit x Quantity Total revenue = $12 x 1,000 Total revenue = $12,000 Show more…

Show all steps

Thanks for your feedback!

Assum a certain firm in a competitive market is producing Q=1,000 units of output. At Q=1,000, the firm's marginal cost equals $15 and its average total cost equals $11. The firm sells its output for $12 per unit. At Q=1,000, the firm's profits equal -$200. $1,000. $3,000. $4,000. Assum a certain firm in a competitive market is producing Q =1,000 units of output. At Q =1,000 the firm's marginal cost equals $15 and its average total cost equals $11. The firm sells its output for $12per unit.At Q=1,000,the firm's profits equal -$200. $1,000. $3,000. $4,000.