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Principles of Economics (MindTap C...

8th Edition
N. Gregory Mankiw
Publisher: Cengage Learning
ISBN: 9781305585126
BuyFind

Principles of Economics (MindTap C...

8th Edition
N. Gregory Mankiw
Publisher: Cengage Learning
ISBN: 9781305585126

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Chapter
Section
Chapter 14, Problem 7PA
Textbook Problem

A profit-maximizing firm in a competitive market is currently producing 100 units of output. It has average revenue of $10, average total cost of $8, and fixed cost of $200.

a. What is its profit?

b. What is its marginal cost?

c. What is its average variable cost?

d. Is the efficient scale of the firm more than, less than, or exactly 100 units?

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