Question
a firm in a perfectly competitive industry knows the following about costs and revenue. the firm would like to maximize profit and has hired a
a firm in a perfectly competitive industry knows the following about costs and revenue. the firm would like to maximize profit and has hired a consultant for advice.
total fixed cost=3300
average total cost=7
average variable cost=4
total revenue=7000
Marginal cost=4
total variable cost=?
total cost=?
Price=?
Quantity=?
total revenue=?
what is the value of the profit or loss at current output?
consultants advice; what advice would you give to this firm?
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Authors: Jeffrey F Beatty, Susan S Samuelson
3rd Edition
0324537115, 9780324537116
