You are given the following cost data: Total fixed costs are $60. q TVC 0 0 1 25 2 50 3 88 4 138 5 213 6 313 If the price of output is $75, how many units of output will this firm produce (assuming the firm produces in the short run, in a competitive market)? The firm will produce units of output because this is where price equals (Enter your response as a whole number.) Total revenue is $ (Enter your response as a whole number.) (Enter your response as a whole number.) The profit of the firm is $. (Enter your response as a whole number.) Total cost is $ In the short run, the firm will In the long run, the firm will ▼
You are given the following cost data: Total fixed costs are $60. q TVC 0 0 1 25 2 50 3 88 4 138 5 213 6 313 If the price of output is $75, how many units of output will this firm produce (assuming the firm produces in the short run, in a competitive market)? The firm will produce units of output because this is where price equals (Enter your response as a whole number.) Total revenue is $ (Enter your response as a whole number.) (Enter your response as a whole number.) The profit of the firm is $. (Enter your response as a whole number.) Total cost is $ In the short run, the firm will In the long run, the firm will ▼
Micro Economics For Today
10th Edition
ISBN:9781337613064
Author:Tucker, Irvin B.
Publisher:Tucker, Irvin B.
Chapter7: Proudction Costs
Section: Chapter Questions
Problem 1SQP
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Transcribed Image Text:You are given the following cost data: Total fixed costs are $60.
TVC
0
25
50
88
138
213
313
If the price of output is $75, how many units of output will this firm produce (assuming the firm produces in the short run, in a competitive market)?
The firm will produce
units of output because this is where price equals
(Enter your response as a whole number.)
JO
q
0
1
2345
6
Total revenue is $
Total cost is $
(Enter your response as a whole number.)
(Enter your response as a whole number.)
.
The profit of the firm is $
In the short run, the firm will
In the long run, the firm will
(Enter your response as a whole number.)
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