3 Please answer the following questions when the firm represented in Figure 8 2 maximizes its economic profit What is the profit maximizing output level and price What is total revenue What is total economic cost What is total economic profit What is the total fixed cost Figure 8 2 $ q MC ATC AVC 5 05 5 35 MR 4 75 8 13 15

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3.Please answer the following questions when the firm represented in Figure 8.2 maximizes its economic profit. What is the profit-maximizing output level and price? What

3.Please answer the following questions when the firm represented in Figure 8.2 maximizes its economic profit.

What is the profit-maximizing output level and price?
What is total revenue?
What is total economic cost?
What is total economic profit?
What is the total fixed cost?

Figure 8.2

$/q MC ATC AVC 5.05 5.35 MR 4.75 8 13 15

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