ECON 1002 Microeconomics Unit 3 Milestone
Click below link for Answer
https://www.sobtell.com/q/tutorial/default/206919-econ-1002-microeconomics-unit-3-milestone
https://www.sobtell.com/q/tutorial/default/206919-econ-1002-microeconomics-unit-3-milestone
1
Product Price
Cost Per Unit
Quantity Sold
Quantity Produced
Opportunity Cost
$1.25
$0.75
690
750
100
Using the data in this table, calculate the firm’s economic profit.
•
$320
•
-$300
•
$300
•
-$200
•
-$520
•
$200
CONCEPT
Economic Profit
2
This firm is currently producing at 25 units; which of the following should it do in order to maximize profit?
•
The firm should shut down production entirely.
•
The firm should decrease output.
•
The firm should increase output to 80 units.
•
The firm should do nothing. It is already producing at maximum optimization.
CONCEPT
Output Optimization: Marginal Revenue / Marginal Cost
3
Which of the following is a characteristic of monopolistic competition?
•
Advertising incr