You are given the following cost data Output(q) Total variable cost 0 0 1. 20 2. 35 3. 60 4. 90 5. 125 6. 165 Suppose fixed costs are $50. How many units of output will the firm produce at a price of $24 and at a price of $36? What is total revenue and total cost at each price? What is profit at each price?

Essentials of Economics (MindTap Course List)
8th Edition
ISBN:9781337091992
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter12: The Cost Of Production
Section: Chapter Questions
Problem 3CQQ
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You are given the following cost data Output(q) Total variable cost 0 0 1. 20 2. 35 3. 60 4. 90 5. 125 6. 165 Suppose fixed costs are $50. How many units of output will the firm produce at a price of $24 and at a price of $36? What is total revenue and total cost at each price? What is profit at each price?
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