The following table contains information for a price taking competitive firm. Complete the table to determine the profit maximizing level of output. Total Marginal Fixed Average Total Output Cost Average Marginal Revenue Revenue Revenue Cost Cost Cost 5 1 7 10 2 11 20 3 17 30 4 27 40 41 50 6 61 60 What is the profit maximizing level of output? O 2 O 3 O 4 O 5 O 6

The following table contains information for a price taking competitive firm. Complete the table to determine the profit maximizing level of output. Total Marginal Fixed Average Total Output Cost Average Marginal Revenue Revenue Revenue Cost Cost Cost 5 1 7 10 2 11 20 3 17 30 4 27 40 41 50 6 61 60 What is the profit maximizing level of output? O 2 O 3 O 4 O 5 O 6

ECON MICRO

5th Edition

ISBN:9781337000536

Author:William A. McEachern

Publisher:William A. McEachern

Chapter8: Perfect Competition

Section: Chapter Questions

Problem 2.4P

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