\"border: 0px; height: 0px; margin: 0px; padding: 0px; width: 707px\"> \"border:

ID: 1187888 • Letter: #

Question

"border: 0px; height: 0px; margin: 0px; padding: 0px; width: 707px">

"border: 0px; height: 0px; margin: 0px; padding: 0px; width:

707px">

Type your question here

Given below are the cost

schedules

for a perfectly competitive firm.

a) At a product price of $ 40,

how

many units will this firm produce in the short-run? EXPLAIN.

What

will be its profits or losses?

Ãƒ £Ã¢â€š ¬Ã¢â€š ¬

b) At a product price of $ 50,

how

many units will this firm produce in the short-run? EXPLAIN.

What

will be its profits or losses?

c) At a product price of $ 60,

how

many units will this firm produce in the short-run? EXPLAIN.

What

will be its profits or losses?

Ãƒ £Ã¢â€š ¬Ã¢â€š ¬

Quantity Average varible cost average total cost Marginal cost 1 50 90 50 2 45 65 40 3 40 53 30 4 35 45 20 5 34 42 30 6 35 41 40 7 37 43 50 8 40 45 60

Explanation / Answer

It will produce 6 since you set marginal cost equal to marginal revenue.

Revenue will be 240 and costs will be 246 for a loss of 6.

At 50 it will produce 7.

Revenue will be 350 and costs 301 for a profit of 49.

At 60 a quantity of 8

Revenue will be 480 and costs 360 for a profit of 120.

Navigate

\"border: 0px; height: 0px; margin: 0px; padding: 0px; width: 707px\"> Two tons

\"border: 0px; height: 0px; margin: 0px; padding: 0px; width: 707px\"> \"border:

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.

\"border: 0px; height: 0px; margin: 0px; padding: 0px; width: 707px\"> \"border:

Question

Explanation / Answer

Related Questions

Navigate