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Author Question: Assume the following total cost schedule for a perfectly competitive firm.OutputTVC ($)TFC ($)0 ... (Read 149 times)

allywil32

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Question 1

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

OutputTVC ($)TFC ($)
0    0100
1  40100
2  70100
3120100
4180100
5250100
6330100

TABLE 9-1

Refer to Table 9-1. If the market price were $75, this perfectly competitive firm wishing to maximize its profits would
◦ not produce because P < TFC.
◦ not produce because P < minimum of ATC.
◦ produce 6 units of output.
◦ produce 5 units of output.
◦ produce 2 units of output.

Question 2

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

OutputTVC ($)TFC ($)
0    0100
1  40100
2  70100
3120100
4180100
5250100
6330100

TABLE 9-1

Refer to Table 9-1. What is the marginal cost of producing the 2nd unit of output?
◦ $30
◦ $35
◦ $10
◦ $5
◦ $15


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Marked as best answer by allywil32 on Oct 12, 2022

jojomac20

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allywil32

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Reply 2 on: Oct 12, 2022
Great answer, keep it coming :)


Chelseyj.hasty

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Reply 3 on: Yesterday
:D TYSM

 

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