Question
1. The following figure shows the costs of Quick Copy, one of the copy shops near campus. It operates in a perfectly competitive market. If
1. The following figure shows the costs of Quick Copy, one of the copy shops near campus. It operates in a perfectly competitive market. If the market price of copying is 8 cents per page:
a. Identify Quick Copy's profit- maximising output.
b. Explain whether this business is making an economic profit or not.
c. Will the firm make an economic profit in the long-run? Explain.
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Managerial Economics
Authors: Luke M. Froeb, Brian T. McCann, Michael R. Ward
5th Edition
1337106666, 978-1337106665
