Consider the following total cost schedule for a perfectly competitive firm producing ball-point pens. Output per period TVC (S) TFC ($) 0 0 21 10 2 21 20 3 21 30 6 21 40 10 21 50 15 21 Suppose the prevailing market price for this firm's product is $0.99. If the firm is producing 30 units of output per period, then its profit per unit is and its total profit per period is A. $0.9; $27 B. $0.13; $4 C. $0.45; $14 D. $0.09; $2.7 E. $1.35; $41

Consider the following total cost schedule for a perfectly competitive firm producing ball-point pens. Output per period TVC (S) TFC ($) 0 0 21 10 2 21 20 3 21 30 6 21 40 10 21 50 15 21 Suppose the prevailing market price for this firm's product is $0.99. If the firm is producing 30 units of output per period, then its profit per unit is and its total profit per period is A. $0.9; $27 B. $0.13; $4 C. $0.45; $14 D. $0.09; $2.7 E. $1.35; $41

Exploring Economics

8th Edition

ISBN:9781544336329

Author:Robert L. Sexton

Publisher:Robert L. Sexton

Chapter11: The Firm: Production And Costs

Section: Chapter Questions

Problem 3P

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