Author Question: If we know average total cost and the amount of output, then we can always calculate total cost by (Read 34 times)

Pineappleeh · **on:** Apr 19, 2019

Question 1

Refer to the information provided in Table 8.3 below to answer the question(s) that follow.

Refer to Table 8.3. If the firm is in a perfectly competitive industry with a market price of $30 per unit, the firm will produce ________ units and earn a profit of ________.

◦ three; $20
◦ four; $20
◦ four; -$20
◦ five; $30

Question 2

If we know average total cost and the amount of output, then we can always calculate total cost by

◦ adding average total cost and the amount of output.
◦ subtracting the amount of output from average total cost.
◦ multiplying average total cost by the amount of output.
◦ dividing average total cost by the amount of output.

frre432 · **Reply #1 on:** Apr 19, 2019

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Pineappleeh · **Reply #2 on:** Apr 19, 2019

Thanks

frre432 · **Reply #3 on:** Apr 19, 2019

Welcome