Exhibit 22-4 -Refer to Exhibit 22-4. The firm sells its product at P 1 and produces Q 1 . Given this situation,

The Answer of Exhibit 22-4 -Refer to Exhibit 22-4. The firm sells its product at P 1 and produces Q 1 . Given this situation,

Exhibit 22-4 -Refer to Exhibit 22-4. The firm sells its product at P 1 and produces Q 1 . Given this situation,

The Answer of Exhibit 22-4 -Refer to Exhibit 22-4. The firm sells its product at P 1 and produces Q 1 . Given this situation,

Solved

Exhibit 22-4

Question 80

Multiple Choice

Exhibit 22-4

Exhibit 22-4 -Refer to Exhibit 22-4. The firm sells its product at P<sub>1</sub> and produces Q<sub>1</sub>. Given this situation, A) total variable cost is equal to area 2 + area 3. B) total revenue is equal to area 1 + area 2. C) total cost is equal to area 1 + area 2 + area 3. D) profit equals area 1. E) none of the above
-Refer to Exhibit 22-4. The firm sells its product at P₁ and produces Q₁. Given this situation,

A) total variable cost is equal to area 2 + area 3.
B) total revenue is equal to area 1 + area 2.
C) total cost is equal to area 1 + area 2 + area 3.
D) profit equals area 1.
E) none of the above

Correct Answer: