Suppose that a firm in a competitive market is currently maximizing its short-ru

Question

Suppose that a firm in a competitive market is currently maximizing its short-run profit at an output of 50 units. If the current price is $9, the marginal cost of the 50th unit is $9, and the average total cost of producing 50 units is $4, what is the firm's profit? Answer a. $0 b. $450 c. $250 d. $200 Suppose that a firm in a competitive market is currently maximizing its short-run profit at an output of 50 units. If the current price is $9, the marginal cost of the 50th unit is $9, and the average total cost of producing 50 units is $4, what is the firm's profit? $0 $450 $250 $200 a. $0 b. $450 c. $250 d. $200

Explanation / Answer

$250 profit = total revenue - total cost = 9*50- 4*50 = 250 c. $250 profit = total revenue - total cost = 9*50- 4*50 = 250

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