Assume the following unit cost data are for a purely competitive producer. Required A. How much would be the total revenue? B. What will be the profit-maximizing or loss-minimizing output? C. how much would be the total cost?

Assume the following unit cost data are for a purely competitive producer. Required A. How much would be the total revenue? B. What will be the profit-maximizing or loss-minimizing output? C. how much would be the total cost?

Survey Of Economics

10th Edition

ISBN:9781337111522

Author:Tucker, Irvin B.

Publisher:Tucker, Irvin B.

Chapter6: Proudction Costs

Section: Chapter Questions

Problem 7SQ

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Question

Assume the following unit cost data are for a purely competitive producer.

Required

A. How much would be the total revenue?

B. What will be the profit-maximizing or loss-minimizing output?

C. how much would be the total cost?

Assume the following unit-cost data are for a
purely competitive producer.
Output AFC (S) AVC (S) ATC ($) MC ($)
0
1
2
3
4
5
6
7
8
9
10
-
60
30
20
15
12
10
8.57
7.5
6.67
6
-
45
42.5
40
37.5
37
37.5
38.57
40.63
43.33
46.5
-
105
72.5
60
52.5
49
47.5
47.14
48.13
50
52.5
45
40
35
30
35
40
45
55
65
75

Definition Definition Amount earned or lost on the sale of one or more items is referred to as the profit or loss on that item

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