Figure 13-15 -Refer to Figure 13-15 to Answer the Following Questions

question 234

Essay

Figure 13-15

-Refer to Figure 13-15 to answer the following questions.
a.What is the profit-maximizing output level?
b.What is the profit-maximizing price?
c.What is the average total cost at the profit-maximizing output level?
d.What area represents the firm's profit?
e.At which output level are economies of scale exhausted?
f.Does this graph most likely represent the long run or the short run? Why?

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