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The following table shows cost data for a perfectly competitive firm. Output Average Fixed Cost Average Variable Cost Average Total Cost Marginal Cost 1 $500
The following table shows cost data for a perfectly competitive firm.
Output | Average Fixed Cost | Average Variable Cost | Average Total Cost | Marginal Cost |
1 | $500 | $120 | $620 | $120 |
2 | 250 | 108 | 358 | 95 |
3 | 167 | 97 | 263 | 75 |
4 | 125 | 88 | 213 | 60 |
5 | 100 | 81 | 181 | 55 |
6 | 83 | 78 | 161 | 60 |
7 | 71 | 78 | 149 | 80 |
8 | 63 | 81 | 144 | 105 |
9 | 56 | 87 | 143 | 135 |
10 | 50 | 96 | 146 | 170 |
If the product price is $55, the profit-maximizing output is
Multiple Choice
- 0.
- 76.
- 112.
- 152.
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