Total Output Revenue Total Cost $8 $58 4 4 The table gives data for a purely competitive firm. When the firm produces 3 units of output' it makes an economic Multiple Choice 0 profit of $45. profit of $21. loss of $24. 0 O profit of $18. 0 Assume a purely competitive constantcost industry is initially in longrun equilibrium, producing 12 million units at a market price of $6.00. Suppose that an increase in consumer demand occurs. After all economic adjustments have been completed, which output and price combination is most likely,r to occur? Multiple Choice 0 13 units at a price of $6.25. 14 units at a price of $6.00. 10.5 units at a price of$5.50. 000 'II units at a price of $6.00. Answer the question on the basis of the accompanying demand schedule. Price Quantity Demanded $ 10 1 9 8 6 5 The marginal revenue obtained from selling the third unit of output is Multiple Choice O $9. O $1. O $6. O $8.Answer the question on the basis of the following demand and cost data for a specific firm. Demand Data Cost Data (1) Price (2) Price (3) Quantity Output Total Cost $ 11.00 $ 10.00 6 6 $ 61 9.99 8. 85 7 7 62 9.00 3.00 8 8 64 8.00 7.00 9 9 67 7. 10 6.10 10 10 72 6.00 5.00 11 11 79 5 . 15 4.15 12 12 86 If columns (1) and (3) of the demand data shown are this firm's demand schedule, economic profit will be Multiple Choice O $6. O $8. O $19 O $10.Marginal Marginal Marginal Utility, New Units of Utility, X Utility, Y Product, Z Product (Price = $1) (Price = $1) (Price = $1) First 12 16 20 Second 10 14 18 Third 8 12 16 Fourth 6 10 14 Fifth 4 8 12 Sixth IN 6 10 Seventh 4 8 Refer to the data for a consumer whose income = $16. Suppose the price of new product Z is $2 rather than $1. This consumer would purchase Multiple Choice O three units of Z. O four units of Z. O two units of Z. O more of X, Y, and Z than if the price were $1 for Z