1) What is the maximum technical efficiency output level for this firm ?
2) On the diagram above, AVERAGE FIXED COST is the LOWEST at .what Quantity ?
3) On the diagram above, AVERAGE VARIABLE is the HIGHEST at. what Quantity ?
4) If the market Price =$80, what is the profit maximizing output level for this firm ?
5) At the output level you answered for question (20), what will be the TOTAL PROFITS for this firm?
6) In the long run, this firm will make profits equal to what?
7) This firm would have positive profits so long as the market price was ABOVE what ?(how many dollars?)
8) This firm would make zero profits if the market price was equal to what? (How many dollars ?)
9) This firm would make negative profits (lose money), if the market price was below what? (how many dollars ?)