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As an entrepreneur, suppose you are operating in a perfectly competitive market selling food (i.e., units of chickens). Your daily output is given: Output per
As an entrepreneur, suppose you are operating in a perfectly competitive market selling food (i.e., units of chickens). Your daily output is given:
Output per day | Total cost |
0 | $10 |
1 | 20.50 |
2 | 24.50 |
3 | 28.50 |
4 | 34.00 |
5 | 43.00 |
6 | 55.50 |
7 | 72.00 |
8 | 93.00 |
9 | 119.00 |
- Now suppose the prices of chicken falls to $6.0. At this price:
- 1-how many chickens you will be producing and how much you will be charging per chicken?
- 2- What will be your profit or loss under the new price?
- 3- You may also use graph to show the new situation.
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