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Need some help please! 1) Complete the following table: Quantity TVC TFC TC AVC AFC ATC MC PRICE 0 0 50 80 50 80 2
Need some help please!
1) Complete the following table: Quantity TVC TFC TC AVC AFC ATC MC PRICE 0 0 50 80 50 80 2 90 80 3 110 80 4 150 80 5 210 80 6 290 80 7 410 80a. After which quantity level does diminishing marginal returns begin? b. Which level of production (quantity) maximizes profit for a perfectly-competitive firm? c. What would be the profit at the profit maximizing level of output?. Why the cost of production diminishes at first and then rises . Why some costs remain constant at all levels of production . What the profit maximizing level of output means and why it is not necessarily at the maximum level of workers given in the table . What happens if you continue to increase output above the profit maximizing level . Whether this is a long run view or a short run viewStep by Step Solution
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