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Use the table given below to answer the following questions: Assume that this firm is operating in a perfectly competitive market Output per day Total
Use the table given below to answer the following questions:
Assume that this firm is operating in a perfectly competitive market
Output per day | Total Cost | Fixed Cost | Variable Cost | ATC |
---|---|---|---|---|
0 | $10.00 | 10 | $0.00 | |
1 | $20.50 | 10 | $10.50 | 20.5 |
2 | $24.50 | 10 | $14.50 | 12.25 |
3 | $28.00 | 10 | $18.00 | 9.3333333 |
4 | $34.00 | 10 | $24.00 | 8.5 |
5 | $43.00 | 10 | $33.00 | 8.6 |
6 | $55.50 | 10 | $45.50 | 9.25 |
7 | $72.00 | 10 | $62.00 | 10.285714 |
8 | $93.00 | 10 | $83.00 | 11.625 |
9 | $119.00 | 10 | $109.00 | 13.222222 |
If market price is $12.50, how much total economic profit will the firm make?
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