7 A profit-maximising firm in a competitive market is current ly producing 1000 units of output. It...

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7 A profit-maximising firm in a competitive market is current ly producing 1000 units of output. It has average revenue of $50, average total cost of $40 and fixed cost of $1 O 000.

a What is its profit?

b What is its marginal cost?

c What is its average variable cost?

d Is the efficient scale of the firm more than, less than or exactly 1000 units?

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Principles Of Microeconomics

ISBN: 125206

8th Edition

Authors: Joshua Gans, Stephen King, Martin Byford, N Gregory Mankiw

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Question Posted: Nov 04, 2024 06:01 AM

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7 A profit-maximising firm in a competitive market is current ly producing 1000 units of output. It...

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