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The Coflin Brewing Company is a perfectly competitive firm. Its output is 50 units per month, its total revenue is $ 35,000 per month, its
The Coflin Brewing Company is a perfectly competitive firm. Its output is 50 units per month, its total revenue is $ 35,000 per month, its average total cost is $ 700, and its average variable cost is $ 500. It is operating at an output level where average total cost is a minimum. What is each of the following (in $): a) Price, (b) Total Cost, (c) Total fixed cost, (d) Profits, (e) Marginal Cost.
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