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Output Marginal Revenue Marginal Cost 0 -- -- 1 $ 16 $ 9 2 16 6 3 16 8 4 16 10 5 16 14
| Output | Marginal Revenue | Marginal Cost |
|---|---|---|
| 0 | -- | -- |
| 1 | $ 16 | $ 9 |
| 2 | 16 | 6 |
| 3 | 16 | 8 |
| 4 | 16 | 10 |
| 5 | 16 | 14 |
Refer to the data in the accompanying table. If the firm's minimum average variable cost is $11, and total fixed costs equal zero, the firm's economic profit (or loss) is
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Global Business Today
Authors: Charles W. L. Hill Dr, G. Tomas M. Hult
10th edition
1259686698, 978-1259686696
