4. Profit maximization in the cost-curve diagram The following graph plots daily cost curves for...
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Accounting
4. Profit maximization in the cost-curve diagram
The following graph plots daily cost curves for a firm operating in the competitive market for streaming devices.
Hint: Once you have positioned the rectangle on the graph, select a point to observe its coordinates.
Profit or Loss024681012141618204036322824201612840PRICE (Dollars per streaming device)QUANTITY (Thousands of streaming devices per day)MCATCAVC
In the short run, given a market price equal to $20 per streaming device, the firm should produce a daily quantity of streaming devices.
On the preceding graph, use the blue rectangle (circle symbols) to fill in the area that represents profit or loss of the firm given the market price of $20 and the quantity of production from your previous answer.
Note: In the following question, enter a positive number regardless of whether the firm earns a profit or incurs a loss.
The rectangular area represents a short-run of
thousand per day for the firm.
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