Author Question: Assume the following total cost schedule for a perfectly competitive firm.OutputTVC ($)TFC ($)0 ... (Read 95 times)

mustachegiraffe · **on:** Oct 12, 2022

Question 1

Assume the following total cost schedule for a perfectly competitive firm.

Output	TVC ($)	TFC ($)
0	0	100
1	40	100
2	70	100
3	120	100
4	180	100
5	250	100
6	330	100

TABLE 9-1

Refer to Table 9-1. This profit-maximizing firm would produce no output in the short run if the market price of its output dropped below
◦ $100.
◦ $40.
◦ $70.
◦ $90.
◦ $35.

Question 2

Assume the following total cost schedule for a perfectly competitive firm.

Output	TVC ($)	TFC ($)
0	0	100
1	40	100
2	70	100
3	120	100
4	180	100
5	250	100
6	330	100

TABLE 9-1

Refer to Table 9-1. At what price would a profit-maximizing firm earn zero economic profits?
◦ $40
◦ $145
◦ $70
◦ $220
◦ $430

studyforce.com · **Reply #1 on:** Oct 12, 2022

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