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MC ATC AVC ------- ------- ------- 1 If the market price is $82, how much will the firm produce to maximize profit? What isQ MC ATC AVC ------- ------ ------- If the market price is $52, how much will the firm produce to maximize profit? What is thQ MC ATC AVC ------ ------- ------- If the market price is $38, how much will the firm produce to maximize profit? What is t

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Answer #1

Total Cost (TC) = ATC x Q

Total Revenue (TR) = Market price x Q

Economic Profit (EP) = TR-TC


When market price is $82

ATC TC TR 0 0 0 1 150 150 2 95 190 73.33 219.99 65 260 5 62 310 61.67 370.02 7 62.86 440.02 8 65 520 67.68 609.12 10 71 710 E

The firm will choose to produce 8 units at it maximizes profit . Profit is 136

When market price is $52

Ovo AWNO 260 ATC TC TR 0 0 0 1 150 150 2 95 190 73.33 219.99 65 310 61.67 370.02 62.86 440.02 8 65 520 9 67.68 609.12 10 71 7

The firm will choose to produce 5 units at it reduces loss . Profit is -50 . ( note : the firm may not choose to produce at all if that option is available)

When market price is $38

Q ATC TCTREP 0 0 0 0 0 150 150 38 -112 95 190 76 -114 73.33 219.99 114 -105.99 65 260 152 -108 62 310 190 -120 6 61.67 370.02

The firm will choose to produce 4 units at it reduces loss . Profit is -108 . ( note : the firm may not choose to produce at all if that option is available)

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