8. A profit-maximizing firm in a competitive market is currently producing 100 units of output. It has

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8. 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 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, or exactly 100 units?

p-987

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Essentials Of Economics

ISBN: 9780324590029

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Authors: N. Gregory Mankiw

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Question Posted: Nov 04, 2024 10:01 AM

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8. A profit-maximizing firm in a competitive market is currently producing 100 units of output. It has

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Essentials Of Economics

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