Save HW Score: 86 01%, 24 08 of 28 pts Question Help * Score: 0.5 of 1 pt 4-25 o

Question

Save HW Score: 86 01%, 24 08 of 28 pts Question Help * Score: 0.5 of 1 pt 4-25 of 28 (26 complete) Chapter Problem 5 Lin's F of the firm's cost data At a 0A.4 OB 6 Total product Average variable total Marginal (dollars per bundle) 7700 5000 12700 -3600 2 38.50 4300 8150 3 2567 3800 6367 4 1925 3500 5425 5 15.40 3420 4960 6 1283 3500 4783 71100 38 00 490 96343 50 53 13 2801 .25.99 3100 · 3898 Lin's incurs an economic loss of aday .. 56.02 ools 8204 Enter your answer in the answer box and then click Check Answer 2//o

Explanation / Answer

When price=34.20 then firm will produce Q=4 because producer is at equilibrium where MR=MC and after that MC>MR.

If Q=5th unit is produced then there is marginal loss from this unit.

Lin's earns economic loss of (54.25-34.20)*4=80.2 when produced at profit maximising quantity

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