FINAL EXAM MICROECONOMICS FALL. 2017 (1) - Word Ta ble Tools Robert, Danielle -

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FINAL EXAM MICROECONOMICS FALL. 2017 (1) - Word Ta ble Tools Robert, Danielle - File Home Insert DrawDesign Layout References Mailings Review View Design Layout Tell me what you want to do Share- ATC 48 Quantity 25. Refer to Figure 6.3 for a perfectly competitive firm. If price is $6, the profit-maximizing rate of output is: A) 32 units B) 38 units. C) 43 units. D) 48 units.l 26. Refer to Figure 6.3 for a perfectly competitive firm. If price is S4, the profit-maximizing rate of output is: A) 43 units. B) 38 units. C) 32 units D) 25 units. 27. Refer to Figure 6.3 for a perfectly competitive firm. If price is S8, the firm is: A) B) Earning an economic profit. In long run equilibrium. C) Maximizing efficiency D) Allofthe above. Page 7 of 19 2584 words + 100% O Type here to search 2-09 PM 12/3/2017 6

Explanation / Answer

Answer
Q25
profit is maximum at MC=P
where
Q=38
option B
Q26
option C
the profit is maximum at MC=P
where
Q=32 units

Q27
Option A
the P>ATC at profit-maximizing output, MC=P, Q=43
8>$6.5

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