Answer the next two questions on the basis of the following cost data for a pure

Question

Answer the next two questions on the basis of the following cost data for a purely competitive seller: Total Cost Output $ 50 90 120 140 170 210 260 330 4 38. Refer to the above data. If product price is $60, the firm will: (a) Close down (b) Produce 4 units and realize a $120 economic profit (c) Produce 6 units and realize a $100 economic profit (d) Product 3 units and realize a $40 loss 39. Refer to the above data. If product price is $25, the firm will: (a) close down and realize a $90 loss (b) close down and realize a $50 loss (c) produce 3 units and realize a $65 loss (d) produce 4 units and realize a $10 economic profit.

Explanation / Answer

Answer.)

Q38.) c.) Produce 6 units and realize a $100 economic profit.

Q39.) b.) Closed down and realize a $50 loss.

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