If Big Bear Quilts is a perfectly competitive firm and is making zero economic profits,

  Which condition represents a break-even point for a monopolist firm?

  When output is 100 units, a firm’s total fixed cost is $500. What will this firm’s total fixed cost be if output doubles to 200 units?

  A firm’s economic profit is always less than its accounting profit because

  Clara sells custom-made walking canes. She currently sells 40 canes per year. If she doubles the size of her operation so she can sell 80 canes per year and her long-run average total cost per cane decreases, we know that Clara is experiencing

  The market for watches is perfectly competitive and is currently in equilibrium. What will happen if watches become more popular among college students?

  When the average total cost curve is at its minimum, we know that the

  If there are gains from specialization in a workplace, hiring another employee means that the marginal product of labor will

Production and Cost Formulas.docx

B.           TR = $15,000             TC = $13,000                    ATC = $2.60                             MC = $3