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11) Refer to Figure 12-5. The firm's manager suggests that the firm's goal should be to maximize average profit. In that case, what is the
11) Refer to Figure 12-5. The firm's manager suggests that the firm's goal should be to maximize average profit. In that case, what is the output level and what is the average profit that will achieve the manager's goal? A) Q = 1,350 units, average profit = $5 B) Q = 1,100 units, average profit = $6 C) Q = 1,350 units, average profit = $9 DyQ = 1,800 units, average profit = $20 Suppose Veronica sells teapots in the perfectly competitive teapot market. Her output per day and her costs are as follows: Output per Total Cost Day 0 $20 1 32 2 37 3 48 4 61 5 75 6 92 7 113 136 Suppose the current equilibrium price in the teapot market is $15. To maximize profit, how many teapots will Veronica produce, what price will she charge, and how much profit (or loss) will she make? 12) Price $ 5 13) Quantity of teapots_ 14) Profit
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