The following table shows the output and total cost for a firm in a purely competitive industry Output TC AC MC 0 40 1 95 2 115 3 130 4 150 5 175 6 210 7 260 8 330
The following table shows the output and total cost for a firm in a purely competitive industry Output TC AC MC 0 40 1 95 2 115 3 130 4 150 5 175 6 210 7 260 8 330
Chapter12: Firms In Perfectly Competitive Markets
Section: Chapter Questions
Problem 18P
Related questions
Question
- The following table shows the output and total cost for a firm in a purely competitive industry
Output |
TC |
AC |
MC |
0 |
40 |
|
|
1 |
95 |
|
|
2 |
115 |
|
|
3 |
130 |
|
|
4 |
150 |
|
|
5 |
175 |
|
|
6 |
210 |
|
|
7 |
260 |
|
|
8 |
330 |
|
|
- If the
price of the product is RM50, what will be the equilibrium output of the firm? Calculate theprofits or losses.
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