Asked by
Michelle Gifford
on Oct 27, 2024
Verified
Mikail's perfectly competitive camera memory card-producing factory is making positive economic profits.If the price of memory cards is $9,Mikail's output is 3,000 cards a month,and his monthly average total cost is $7,what are his monthly profits?
A) $6,000
B) $27,000
C) $21,000
D) $2
Economic Profits
Profits exceeding the opportunity costs of a company; considered an indicator of efficiency and entrepreneurship.
Average Total Cost
The total cost of production divided by the total quantity of goods produced, representing the cost per unit.
- Elucidate the differences in economic profit, total revenue, and total cost within the context of perfect competition.
Verified Answer
JB
Learning Objectives
- Elucidate the differences in economic profit, total revenue, and total cost within the context of perfect competition.
Related questions
(Figure: Prices,Cost Curves,and Profits)Use Figure: Prices,Cost Curves,and Profits ...
A Perfectly Competitive Firm Is Definitely Earning an Economic Profit ...
(Figure: Cost Curves for Corn Producers)Use Figure: Cost Curves for ...
(Figure: Cost Curves for Corn Producers)Use Figure: Cost Curves for ...
Total Profit (Or Loss) ...