Output (unit)Total Cost (RM)Price (RM)1550660267058537205104740435800360960285119021013560815202160Table 3Table 3 shows data for a firm's production and costs in the long run.a. Based on Table 3, compute the marginal cost, average cost, marginal revenue, andaverage revenue as the output increases from 0 to 9 units.C. Based on your calculation from question (a), show the quantity and price where theequilibrium condition is found.

Marginal cost is the additional cost incurred in order to produce an additional unit of ouptut.…

Answered: Output (unit) Total Cost (RM) Price…

Business

Economics

Output (unit) Total Cost (RM) Price (RM) - 1 550 670 660 2 585 720 510 4 740 435 5 800 360 6 960 285 1190 210 1520 135

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 3SCQ: The WipeOut Ski Company manufactures skis for beginners. Fixed costs are 30. Fill in Table 7.16 for...

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Question

100%

Output (unit)
Total Cost (RM)
Price (RM)
1
550
660
2
670
585
3
720
510
4
740
435
800
360
960
285
1190
210
135
60
8
1520
2160
Table 3
Table 3 shows data for a firm's production and costs in the long run.
a. Based on Table 3, compute the marginal cost, average cost, marginal revenue, and
average revenue as the output increases from 0 to 9 units.
C. Based on your calculation from question (a), show the quantity and price where the
equilibrium condition is found.

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