ECO 201

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21 questions were answered correctly. 0 questions were answered incorrectly.1 Product Price Unit Cost Units Sold Units Produced Opportunity Costs $35.00 $5.00 100 1000 $750 Given the information in... the table shown here, the economic profit is which of the following? $2,250 -$1,500 -$2,250 $1,500 2 Mimi is granted a license to sell her unique Spirit Pins at local high school lacrosse games. When Mimi prices her pins at $10, she sells 20 pins per game. When she lowers her price to $8, she sells 40 pins. The additional money she earns from dropping her price is known as the __________. Output effect Price effect Marginal revenue Opportunity cost 3 If the goal is to maximize profit, at which point on the graph would a firm’s output be optimized? [Show More]

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