Your perfectly competitive firm produces 1 million units of output. Your price is $40 per unit...
Your perfectly competitive firm produces 1 million units of output. Your price is $40 per unit and your average total cost is $30 per unit. Your economic profit equals ( in millions)
Homework Answers
Economic profit=Total revenue-Total cost
Total Revenue=Price*Quantity=40*1=40 million
Total cost=Average cost*Quantity=30*1=30 million
profit=TR-TC=40-30=10million
Economic profit=10 million
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Your perfectly competitive firm produces 1 million units
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Hw help please Exhibit 0127: The perfectly competitive firm A Exhibit 0127 Dollars per unit $40...
Hw
help please
Exhibit 0127: The perfectly competitive firm A Exhibit 0127 Dollars per unit $40 -- MC 36 32 28 4 ATC 20 AVC 16 12 8 ㄧㄏㄧㄒㄧ-ㄱ 100 150 200 250 Answer the following questions based on exhibit 0127. (2 points each) (Show your work and/or exolin your answer) a. What is firm A's proft maximizing level of output? b. What price will firm A have to charge? $ c. At what level of output is firm A's...
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Unsaved change Question 9 10 points Save Answer Figure: The Perfectly Competitive Firm Price (per unit)...
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Hw
help please
Exhibit 0127: The perfectly competitive firm A Exhibit 0127 Dollars per unit $40 -- MC 36 32 28 4 ATC 20 AVC 16 12 8 ㄧㄏㄧㄒㄧ-ㄱ 100 150 200 250 Answer the following questions based on exhibit 0127. (2 points each) (Show your work and/or exolin your answer) a. What is firm A's proft maximizing level of output? b. What price will firm A have to charge? $ c. At what level of output is firm A's...
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