MC 15 AC 11 10 AVC 40 4) The above figure shows the cost curves for a competitive firm. If the market price is $15, a) calculate the total revenues of the firm. b) Calculate the total costs. c) Calculate the total profit %24

MC 15 AC 11 10 AVC 40 4) The above figure shows the cost curves for a competitive firm. If the market price is $15, a) calculate the total revenues of the firm. b) Calculate the total costs. c) Calculate the total profit %24

Economics:

10th Edition

ISBN:9781285859460

Author:BOYES, William

Publisher:BOYES, William

Chapter23: Profit Maximization

Section: Chapter Questions

Problem 5E

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Question

Solve this early all three subparts.

MC
15
AC
11
10
AVC
40
4) The above figure shows the cost curves for a
competitive firm.
If the market price is $15,
a) calculate the total revenues of the firm.
b) Calculate the total costs.
c) Calculate the total profit
%24

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