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A firm's revenue function is given by R (7) = 182 - 0.12?. If the firm has no fixed cost and can produce books at
A firm's revenue function is given by R (7) = 182 - 0.12?. If the firm has no fixed cost and can produce books at a cost of $8 each, then its cost function is given by C(x) = (Select] From the cost function, the fixed cost is [Select] and the variable cost is [Select] . When the firm produces the 10th unit, its total cost will be $80 and the fixed cost will be [Select] If the firm produces and sells 10 units, its total profit is [Select] However, 10 units may not be the firm's profit-maximizing output. Based on the given cost and revenue functions, the firm maximizes its profit when it produces (Select] units. The marginal revenue when the firm sells the 10th unit is (Select] Based on this answer, we know the firm's revenue must be (Select] at the point where it sells the 10th unit. The marginal cost when the 10th unit is produced, however, is $ Select] . The marginal cost suggests that the additional cost of producing one more unit is Select] throughout
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