Question
A perfectly competitive firm has the following total cost function: total output : 0 1 2 3 4 5 6 7 total cost : 20
A perfectly competitive firm has the following total cost function:
total output : 0 1 2 3 4 5 6 7
total cost : 20 30 42 55 69 84 100 117
how much will the firm produce if the price of the production on the market is Rs. 14 per unit? how will it change its output if the price rises to Rs. 16 per unit?
Step by Step Solution
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Step: 1
Total output Total cost Marginal cost 0 20 1 30 10 2 42 12 3 55 13 4 69 14 5 84 15 6 100 16 7 117 ...
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Macroeconomics Principles and Applications
Authors: Robert e. hall, marc Lieberman
5th edition
1111397465, 9781439038970, 1439038988, 978-1111397463, 143903897X, 9781439038987, 978-1133265238
