Homework Answers
A.
60 quantity
Explanation :
Firm maximises it's profit where MR equals MC. Here at quantity 60 MR intersects MC curve. Here it given name is SMC to that curve.
B.
$5 price
Explanation : firm charges price on the demand curve above where MR equals MC. So on demand curve there is $ 5 firm will charge.
C.
$120.
Explanation :
Profit =(Price - ATC) *quantity
=(5-3)*60
=120
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