The perfectly competitive firm has the following cost function: Total output Total cost 0 20 1 30 2 42 3 55 4 69 5 84 6 100 7 117 How much will the firm produce if the price of the product in the market is rs. 14 per unit. How much it changes its output if the price rises to rs.16 per unit?
The perfectly competitive firm has the following cost function: Total output Total cost 0 20 1 30 2 42 3 55 4 69 5 84 6 100 7 117 How much will the firm produce if the price of the product in the market is rs. 14 per unit. How much it changes its output if the price rises to rs.16 per unit?
Economics (MindTap Course List)
13th Edition
ISBN:9781337617383
Author:Roger A. Arnold
Publisher:Roger A. Arnold
Chapter21: Production And Costs
Section: Chapter Questions
Problem 16QP
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The perfectly competitive firm has the following cost function:
| Total output | Total cost |
| 0 | 20 |
| 1 | 30 |
| 2 | 42 |
| 3 | 55 |
| 4 | 69 |
| 5 | 84 |
| 6 | 100 |
| 7 | 117 |
How much will the firm produce if the price of the product in the market is rs. 14 per unit. How much it changes its output if the price rises to rs.16 per unit?
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