Letters are used to represent the terms used to answer this question: price(P), quantity of output(Q),total cost(TC) and average total cost(ATC). Which of the following equations is equal to a firm's average profit? A. (P −ATC) × Q B. P−ATC C. (P×Q)−TC D. P−TC
Letters are used to represent the terms used to answer this question: price(P), quantity of output(Q),total cost(TC) and average total cost(ATC). Which of the following equations is equal to a firm's average profit? A. (P −ATC) × Q B. P−ATC C. (P×Q)−TC D. P−TC
Principles of Economics 2e
2nd Edition
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:Steven A. Greenlaw; David Shapiro
Chapter7: Production, Costs, And Industry Structure
Section: Chapter Questions
Problem 3SCQ: The WipeOut Ski Company manufactures skis for beginners. Fixed costs are 30. Fill in Table 7.16 for...
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Letters are used to represent the terms used to answer this question: price (P),
quantity of output(Q),total cost(TC)
andaverage total cost (ATC).
Which of the following equations is equal to a firm's average profit?
quantity of output(Q),total cost(TC)
and
Which of the following equations is equal to a firm's average profit?
(P −ATC) × Q
P−ATC
(P×Q)−TC
D.
P−TC
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