Given below are the cost schedules for a perfectly competitive firm. Average Ave

Question

Given below are the cost schedules for a perfectly competitive firm. Average Average Variable Total Marginal Quantity Cost Cost 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 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? b) At a product price of $ 50, how many units will this firm produce in the short-run? c) At a product price of $ 60, how many units will this firm produce in the short-run?

Explanation / Answer

a). 6 b. 7 c). 8

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