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Assume that a firm in a perfectly competive industry

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solution


Question

6. Assume that a firm in a perfectly competive industry has the following total cost schedule;Output(Units)-------Total Cost($);10------------------110;15------------------150;20------------------180;25------------------225;30------------------300;35------------------385;40------------------480;b. If the prevailing market price is $17 per unit how many units will be produced and sold? What are profits per unit? What are total profits?

 

Paper#29427 | Written in 18-Jul-2015

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