Hello, my name is Steven. I need some help with step by step explanations for some microeconomics
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Hello, my name is Steven. I need some help with step by step explanations for some microeconomics practice problems I am on. I am having trouble grasping how to solve them and some assistance would be greatly appreciated! Thank you!
The table of costs below is for a firm producing milk in a perfectly competitive market. (They line up)
Quantity
0
20
40
60
80
100
120
total cost
250
300
380
520
670
870
1120
- If the market equilibrium price of a gallon of milk is$10, what is the marginal revenue associated with producing the 65th gallon ofmilk?
- If the market equilibrium price of a gallon of milk is$10, what level of output maximizes profit for thisfirm?
- Use an expression to define thefirm's profit when it is maximizing its profit at a price of$10?
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