Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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?

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Accounting For Biological Assets

Authors: Rute Goncalves, Patricia Teixeira Lopes

1st Edition

1032096225, 9781032096223

More Books

Students also viewed these Accounting questions