Tom's Family Photos is a photographic portrait business in a perfectly competitive market in Fargo. The market price of a portrait is $65.00. The table shows Tom's total costs. How many portraits does Tom sell in an hour and what is Tom's economic profit in the short run? Tom's Family Photos sells 5 portraits an hour. In the short run, Tom's an hour. of makes an economic profit incurs an economic loss Quantity (portraits per hour) 0 1 2 3456 Total cos (dollars per he 50 100 130 170 220 280 350

Tom's Family Photos is a photographic portrait business in a perfectly competitive market in Fargo. The market price of a portrait is $65.00. The table shows Tom's total costs. How many portraits does Tom sell in an hour and what is Tom's economic profit in the short run? Tom's Family Photos sells 5 portraits an hour. In the short run, Tom's an hour. of makes an economic profit incurs an economic loss Quantity (portraits per hour) 0 1 2 3456 Total cos (dollars per he 50 100 130 170 220 280 350

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter13: Firms In Competitive Markets

Section: Chapter Questions

Problem 7PA

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K Matt's Family Photos is a photographic portrait business in a perfectly competitive market in Duluth. The table shows Matt's total costs. In the long run, what is the price of a portrait and how many portraits does Matt sell an hour? What is Matt's economic profit in the long run? In long-run equilibrium, the price of a portrait is $ >>> Answer to 2 decimal places. In long-run equilibrium, Matt sells portraits an hour. In long-run equilibrium, Matt's economic profit is $ an hour. --- Quantity (portraits per hour) 0 123456 Total cost (dollars per hour) 90 140 170 210 260 320 390
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