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Check all that apply: If the market price is 110, marginal revenue is also 110 The marginal cost of the 2nd unit is 160 If the market price is 400, the firm should sell 6 units The average fixed cost of the fourth unit is 50 The average total cost of the 5th unit is 260

Check all that apply: If the market price is 110, marginal revenue is also 110 The marginal cost of the 2nd unit is 160 If the market price is 400, the firm should sell 6 units The average fixed cost of the fourth unit is 50 The average total cost of the 5th unit is 260

Essentials of Economics (MindTap Course List)
Essentials of Economics (MindTap Course List)
8th Edition
ISBN:9781337091992
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter12: The Cost Of Production
Section: Chapter Questions
Problem 4CQQ
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Consider the firm which sells products in a perfectly competitive market has this cost structure:

Quantity 0 1 2 3 4 5 6 Check all that apply: Total Cost 200 360 650 900 1010 1300 1690 If the market price is 110, marginal revenue is also 110 The marginal cost of the 2nd unit is 160 If the market price is 400, the firm should sell 6 units The average fixed cost of the fourth unit is 50 The average total cost of the 5th unit is 260
Transcribed Image Text:Quantity 0 1 2 3 4 5 6 Check all that apply: Total Cost 200 360 650 900 1010 1300 1690 If the market price is 110, marginal revenue is also 110 The marginal cost of the 2nd unit is 160 If the market price is 400, the firm should sell 6 units The average fixed cost of the fourth unit is 50 The average total cost of the 5th unit is 260
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