Refer to the accompanying graph. 
a. If the firm is currently producing 7 units, should the firm increase or decrease production?
b. Is this firm making positive economic profits or incurring an economic loss?
Definitions:
Reference Librarian
A librarian specialized in helping patrons find information and conducting research in a specific subject area.
Secondary Research
The process of gathering data that has already been collected by others, such as reports, studies, or statistics, for a new analysis.
Observational Research
A method of data collection involving the systematic recording of observable behaviors, events, or conditions without direct interaction.
Median
Midpoint of a series, with an equal number of items above and below.
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