Figure 7.4 Figure 7.4 shows the cost and demand curves for a profit-maximising firm in a perfectly competitive market.
-Refer to Figure 7.4.If the market price is $30 and the firm is producing output,the amount of the firm's profit or loss is -.

Question

Figure 7.4  Figure 7.4 shows the cost and demand curves for a profit-maximising firm in a perfectly competitive market.
-Refer to Figure 7.4.If the market price is $30 and the firm is producing output,the amount of the firm's profit or loss is -.

Quizplus · Accepted Answer

The firm's profit or loss is determined by comparing total revenue and total cost. If the market price is $30, and the firm is producing output, the loss is calculated as the difference between total cost and total revenue, which results in a loss of $1080.

Figure 74 Figure 7