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2 Jan 2019
A profit-maximizing firm in a competitive market is currentlyprducing 100 units of output. It has average revenue of $10,average total cost of $8, and fixed costs of $200.
a. What is profit?
b. What is marginal cost?
c. What is average variable cost?
d. Is the efficient scale of the firm more than, less than, orexacly 100 units?
A profit-maximizing firm in a competitive market is currentlyprducing 100 units of output. It has average revenue of $10,average total cost of $8, and fixed costs of $200.
a. What is profit?
b. What is marginal cost?
c. What is average variable cost?
d. Is the efficient scale of the firm more than, less than, orexacly 100 units?
Irving HeathcoteLv2
4 Jan 2019
