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Author Question: If we know average total cost and the amount of output, then we can always calculate total cost by (Read 85 times)

Pineappleeh

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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.


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Marked as best answer by Pineappleeh on Apr 19, 2019

frre432

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