Final answer:
To find out how much producers will supply, you would need to insert the price into the given supply equation. The student's self-check question regarding the firm's accounting profit can be answered by subtracting the explicit costs from the total revenues, which results in a $50,000 profit.
Step-by-step explanation:
When determining how much producers will supply at a price point of $2 each, it's necessary to apply the given price to the supply equation. However, the supply equation itself is not provided in the question. Assuming there is a supply equation like Q = a + bP (where Q is quantity supplied, P is price, and a and b are constants), you would plug $2 into the equation for P and solve for Q to find out how much the producers will supply. This is a typical analysis within the field of economics, particularly when studying market equilibrium.
In answering the self-check question, the student is asked to calculate the firm's accounting profit. The accounting profit is the total revenue minus explicit costs. With an example provided, the firm's accounting profit can be calculated as follows:
$1,000,000 - ($600,000 + $150,000 + $200,000) = $50,000. This is a straightforward application of the accounting profit formula, where we subtract the sum of labor, capital, and materials costs from the total revenues.