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

question 80

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. If the market price is $17 and the firm produces 4 units of output, then its profit would be

• A) -$50.
• B) -$44.
• C) $0.
• D) $18.

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Definitions:

Control Group

A control group in scientific experiments is the group of participants who do not receive the experimental treatment and are used as a benchmark to measure the effect of the treatment.

Hindsight Bias

The tendency to believe, after learning an outcome, that one would have predicted it or known it was inevitable, often referred to as the "I-knew-it-all-along" effect.

Predictable Events

Occurrences or actions that can be anticipated or expected based on existing knowledge, patterns, or trends.

Intuition Correctness

The degree to which an individual's intuitive judgments or gut feelings align with accurate or effective decisions.