Table 8-1 shows the short-run cost data of a perfectly competitive firm that pro
ID: 1258831 • Letter: T
Question
Table 8-1 shows the short-run cost data of a perfectly competitive firm that produces plastic camera cases. Assume that output can only be increased in batches of 100 units.
2) Refer to Table 8-1. If the market price of each camera case is $8 what is the firm’s
total revenue?
a. $2,400
b. $3,200
c. $4000
d. $4,800
Quantity
Total Cost
(Dollars)
Variable Cost
(Dollars)
0
$1,000
$0
100
1,360
360
200
1,560
560
300
1,960
960
400
2,760
1,760
500
4,000
3,000
600
5,800
4,800
Quantity
Total Cost
(Dollars)
Variable Cost
(Dollars)
0
$1,000
$0
100
1,360
360
200
1,560
560
300
1,960
960
400
2,760
1,760
500
4,000
3,000
600
5,800
4,800
Explanation / Answer
b. 3200
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