Tom’s Family Photos
Tom’s Family Photos
is a
photographic portrait
business in a perfectly competitive market in Lincoln
.
The market price of a portrait
is $17.50
.
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 nothing
portraits
an hour.
In the short run, Tom’s
▼
incurs an economic loss
makes an economic profit
of
an hour.
Quantity
(portraits
per hour)
Total cost
(dollars per hour)
0 60
1 80
2 95
3 105
4 120
5 140
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