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Prevailing market price is 4 USD. Firm's total cost and output is given in the following: Output =0, 10, 20, 30, 40, 50, 60, 65,
Prevailing market price is 4 USD. Firm's total cost and output is given in the following:
Output =0, 10, 20, 30, 40, 50, 60, 65, 70, 75, 80, 85, 90
Total cost =65, 100, 130, 150, 160, 170, 185, 196, 210, 227, 250, 290, 360
A.Determine the output and dollar amount at which the firm maximizes total profits?
B.At what levels of output does the firm break even? (Plot the curves and show graphically with help of total and marginal analysis).
C.Determine the output and dollar amount at which the firm maximizes average profits?
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