Average Fixed Average Variable Cost Total Product Average Total Cost 1 $ 150.00 Cost Marginal Cost $ 25.00 $ 175.00 $ 25.00 75.00 23.00 98.00 21.00 50.00 20.00 70.00 14.00 4 37.50 21.00 58.50 24.00 30.00 23.00 53.00 31.00 25.00 25.00 50.00 35.00 7 21.43 28.00 49.43 46.01 8. 18.75 33.00 51.76 68.07 6. 16.67 39.00 55.67 86.95 10 15.00 48.00 63.00 128.97 The accompanying table gives cost data for a firm that is selling in a purely competitive market. If the market price for this firm's pro $87, it will produce

Average Fixed Average Variable Cost Total Product Average Total Cost 1 $ 150.00 Cost Marginal Cost $ 25.00 $ 175.00 $ 25.00 75.00 23.00 98.00 21.00 50.00 20.00 70.00 14.00 4 37.50 21.00 58.50 24.00 30.00 23.00 53.00 31.00 25.00 25.00 50.00 35.00 7 21.43 28.00 49.43 46.01 8. 18.75 33.00 51.76 68.07 6. 16.67 39.00 55.67 86.95 10 15.00 48.00 63.00 128.97 The accompanying table gives cost data for a firm that is selling in a purely competitive market. If the market price for this firm's pro $87, it will produce

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter7: Production, Costs, And Industry Structure

Section: Chapter Questions

Problem 41P: Compute the average total cost, average variable cost, and marginal cost of producing 50 and 72...

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