Profit maximization in the cost-curve diagram Suppose that the market for frying pans is a competitive market. The follo

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Profit maximization in the cost-curvediagram
Suppose that the market for frying pans is a competitive market.The following graph shows the daily cost curves of a firm operatingin this market.
Hint: After placing the rectangle on the graph, you can selectan endpoint to see the coordinates of that point.

Profit Maximization In The Cost Curve Diagram Suppose That The Market For Frying Pans Is A Competitive Market The Follo 1 (33.18 KiB) Viewed 9 times

In the short run, at a market price of $50 per pan, this firmwill choose to produce pans per day.
On the preceding graph, use the blue rectangle (circle symbols)to shade the area representing the firm’s profit or loss if themarket price is $50 and the firm chooses to produce the quantityyou already selected.
Note: In the following question, enter a positive number, evenif it represents a loss.
The area of this rectangle indicates that the firm’s would be
thousand per day in the short run.
Hint: After placing the rectangle on the graph, you can select an endpoint to see the coordinates of that point. PRICE (Dollars per pan) 100 90 80 70 60 50 95 30 20 10 0 0 5 MC ATC AVC 10 15 20 25 30 35 40 QUANTITY (Thousands of pans per day) 45 50 Profit or Loss ?