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Just need help with #74 and 77. the rest are correct. thank you! Consider the graphic at the right to answer these questions. P =

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Just need help with #74 and 77. the rest are correct. thank you!

image text in transcribed
Consider the graphic at the right to answer these questions. P = 28.5 -.004 Q 900 1 67) What is the profit maximizing or loss minimizing quantity? Costs and Revenues 25 1 68) What is the price at the profit maximizing quantity? 50 25 69) What is the average total cost at the profit maximizing quantity? 45 0 1 70) What is profit per unit at the profit maximizing quantity? 40 0 71) What is the total economic profit? 35 1 72) What type of industry is likely to be represented by this graphic? a) perfect competition 30 b) monopolistic competition at long-run equilibrium c) monopoly 25 20 1000 1 73) What is the approximate quantity such that price = marginal cost? 15 1 74) At the profit maximizing quantity, what is the approximate differential between price and marginal cost? 10 175.75 1 75) What is an approximate estimate, using the triangle area method, of the value of 5 deadweight loss? 1 76) T/F Would you say that this graphic is indicative of long-run equilibrium for the typical O 300 008 firm in this type of industry? 200 400 009 500 g 006 1400 1100 1200 009T 1300 1700 1800 0007 0OOT 006T 1500 .= = = AC . MC Price 1 77) What is the ratio of Dead Weight Loss to Total Expenditure at max profit

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