1213/2014 11:45 PM 54/100 12/3/2014 10:23 PM Grae Print calculator uestion 6 of

Question

1213/2014 11:45 PM 54/100 12/3/2014 10:23 PM Grae Print calculator uestion 6 of 14 Mapd The graph to the right shows the Marginal cost oMc. Average Total cost (ATc. and Marginal Revenue (MR) curves for a perfectly (or purely) competitive firm. Note, for such firms, the decimal the same as the MR curve. Answer the below two questions, specifying to at least one place price should this firm charge to maximize ATC many units shetld this firm to maximize profit? Previous o up ved so OCheck Answer o Next SExt Hint

Explanation / Answer

At max profit,

MR = MC

So Price = 12

Q = 12 units

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