40The following cost data is for a firm which in nelling in a perfectly competitive market It the market price for the firm's product is $32,the competitive firm will:t ofTotalAverageAveragevariableAveragetotalMarginalproductfixedcostcostcostcost$100.00$17.00$117.00$1750.0016.0066.00153.33.3315.0047.331325.0014.2539.251220.0014.0034.00139.16.6714.0030.67147.14,2915.7130.00268.12.5017.5030.00309.11.1119.4430.55351010.0021.6031.6041119.0924,0033.09487.3326.6735.005612Select one:O a. produce 8 units at an economic profit of $16.O b. produce 8 units at a loss equal to the firm's total fixed cost.O c. produce 5 units at a loss of $10.nd produce 7 units at an economic profit of $41.50.

In perfectly competitive market prices constant so it is equal to marginal revenue. Profit is…

40 The following cost data is for a firm which is selling in a perfectly competitive market It the market price for the firm's product the competitive firm will: t of Total Average Average variable Average Marginal product fixed total cost cost cost cost 1. $100.00 $17.00 $117.00 $17 2. 50.00 16.00 66.00 15 3. 33.33 15.00 47.33 13 4. 25.00 14.25 39.25 12 20.00 14.00 34.00 13 6. 16.67 14.00 30.67 14 14,29 15.71 30.00 26 8. 12.50 17.50 30.00 30 9. 11.11 19.44 30.55 35 10 10.00 21.60 31.60 41 11 9.09 24,00 33.09 48 7.33 26.67 35.00 56 12 Select one: O a. produce 8 units at an economic profit of $16. O b. produce 8 units at a loss equal to the firm's total fixed cost. O c. produce 5 units at a loss of $10. orofit of $41.50.

40 The following cost data is for a firm which is selling in a perfectly competitive market It the market price for the firm's product the competitive firm will: t of Total Average Average variable Average Marginal product fixed total cost cost cost cost 1. $100.00 $17.00 $117.00 $17 2. 50.00 16.00 66.00 15 3. 33.33 15.00 47.33 13 4. 25.00 14.25 39.25 12 20.00 14.00 34.00 13 6. 16.67 14.00 30.67 14 14,29 15.71 30.00 26 8. 12.50 17.50 30.00 30 9. 11.11 19.44 30.55 35 10 10.00 21.60 31.60 41 11 9.09 24,00 33.09 48 7.33 26.67 35.00 56 12 Select one: O a. produce 8 units at an economic profit of $16. O b. produce 8 units at a loss equal to the firm's total fixed cost. O c. produce 5 units at a loss of $10. orofit of $41.50.

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter8: Perfect Competition

Section: Chapter Questions

Problem 1SCQ: Firms ill a perfectly competitive market are said to be price takers that is, once the market...

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