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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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