Consider the following cost schedule for a firm. Quantity Marginal Cost Average Total Cost Average Variable Cost
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Question:
Consider the following cost schedule for a firm.
| Quantity | Marginal Cost | Average Total Cost | Average Variable Cost |
|---|---|---|---|
| 10 | $12 | $32 | $24 |
| 15 | $14 | $30 | $20 |
| 20 | $16 | $28 | $16 |
| 25 | $26 | $26 | $20 |
| 30 | $30 | $28 | $24 |
| 35 | $40 | $32 | $30 |
What is the economic profit or loss for a perfectly competitive firm if the market price is $12? (2 points)
| a | 0 |
| b | $80 |
| c | $80 |
| d | $200 |
| e | $200 |
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