Output (unit)Total Cost (RM)Price (RM)--1550660267058537205104740435580036096028511902101520135216060Table 3Table 3 shows data for a firm's production and costs in the long run.b. What is the fixed cost of this production?d. Does the firm make a profit or loss?e. Can we consider this is an imperfectly competitive firm? Why?

b. Fixed costs are considered in the short run and in the long run, all costs are variable costs.…

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

Output (unit) Total Cost (RM) Price (RM) | 1 550 660 2 670 585 3 720 510 4 740 435 5 800 360 960 285 1190 210 8 1520 135 60 2160 Table 3

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

Output (unit)
Total Cost (RM)
Price (RM)
-
-
1
550
660
2
670
585
3
720
510
4
740
435
5
800
360
960
285
1190
210
1520
135
2160
60
Table 3
Table 3 shows data for a firm's production and costs in the long run.
b. What is the fixed cost of this production?
d. Does the firm make a profit or loss?
e. Can we consider this is an imperfectly competitive firm? Why?

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