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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?
Principles of Economics (MindTap C...
Solutions
Principles of Economics (MindTap C...
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?
Subpart (a):
Explanation of Solution
The profit can be calculated by using the following formula:
Substitute the value in equation (1) and calculate the profit
Subpart (b):
Subpart (c):
Subpart (d):
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