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All need to be solved Complete the following table for a perfectly competitive firm and assume the firm can only produce in 5-unit increments (i.e.,
All need to be solved
Complete the following table for a perfectly competitive firm and assume the firm can only produce in 5-unit increments (i.e., 5, 10, 15, 20, or 25 units): Instructions: Round your responses to two decimal places. Book erences Output 5 10 15 20 25 Total Cost $50 70 80 110 150 200 Average Marginal Average Total Cost Variable Cost Cost Instructions: Enter your responses as a whole number. If you are entering any negative numbers be sure to include a negative sign (-) in front of those numbers. a. If the price is $9, how much output will the firm supply? (Use the profit-maximization rule and enter the quantity in the discrete 5-unit increment as shown in the table.) units b. How much profit or loss will it make? c. The firm will shut down if the price falls below which price? Less than $3 v
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