MC 15 AC 11 10 AVC 5-- 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 5-- 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

Managerial Economics: A Problem Solving Approach

5th Edition

ISBN:9781337106665

Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor

Publisher:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor

Chapter3: Benefits, Costs, And Decisions

Section: Chapter Questions

Problem 1MC

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Question

Solve it now all three subparts a, b and c.

MC
15
AC
11
10
AVC
5--
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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