Refer to the Data Provided in Table 9 -Refer to Table 9

question 104

Multiple Choice

Refer to the data provided in Table 9.2 below to answer the question(s) that follow.
Table 9.2 $$\begin{array} { l l l l l l l } \text { q } & \text { TFC } & \text { TVC } & \text { TC } & \text { MC } & \text { AVC } & \text { ATC } \\\hline 0 & \$ 50 & \$ 0 & \$ 50 & - - & - - & - - \\1 & 50 & 20 & 70 & 20 & 20 & 70 \\2 & 50 & 30 & 80 & 10 & 15 & 40 \\3 & 50 & 45 & 95 & 15 & 15 & 31.67 \\4 & 50 & 62 & 112 & 17 & 15.50 & 28 \\5 & 50 & 90 & 140 & 28 & 18 & 28 \\6 & 50 & 132 & 182 & 42 & 22 & 30.33 \\7 & 50 & 186 & 236 & 54 & 26.57 & 33.71 \\\hline\end{array}$$
-Refer to Table 9.2. At a market price of $28, if the firm produces where MR = MC, then it would produce ________ units of output and earn an economic profit of ________.

• A) 0; -$50
• B) 4; $0
• C) 5; $0
• D) either 4 or 5; $0

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Definitions:

Partnership Business

A business organization in which two or more individuals manage and operate the business in accordance with the terms and objectives set out in a Partnership Agreement.

Access

The ability or right to approach, enter, or use something.

Limited Liability

A legal structure where a company's owners are protected from personal responsibility for its debts or liabilities.

Limited Partners

Investors in a limited partnership who are not involved in daily business operations and whose liability is limited to the amount of their investment.