Use the table above to answer this question. If the market price is $80, what is the profit-maximizing output and will be the firm profit or loss?

Survey Of Economics
10th Edition
ISBN:9781337111522
Author:Tucker, Irvin B.
Publisher:Tucker, Irvin B.
Chapter6: Proudction Costs
Section: Chapter Questions
Problem 9SQP
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Proctoring Enabled: Quiz 3 Fall 2022 for May Ann C.
8
00:05:57
!
Required information
The data are for a firm operating in perfect competition.
Output
1
2
3
4
5
6
7
8
Multiple Choice
Marginal Costs Average Variable Costs
70
65
60
70
60
50
60
70
80
100
120
60
62
64.3
Saved
70
76.25
Average Costs
200
130
103.3
92.5
88
86
88.6
92.5
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Use the table above to answer this question. If the market price is $80, what is the profit-maximizing output and will be the firm profit or loss?
Transcribed Image Text:Proctoring Enabled: Quiz 3 Fall 2022 for May Ann C. 8 00:05:57 ! Required information The data are for a firm operating in perfect competition. Output 1 2 3 4 5 6 7 8 Multiple Choice Marginal Costs Average Variable Costs 70 65 60 70 60 50 60 70 80 100 120 60 62 64.3 Saved 70 76.25 Average Costs 200 130 103.3 92.5 88 86 88.6 92.5 Help Save & Exit Submit Use the table above to answer this question. If the market price is $80, what is the profit-maximizing output and will be the firm profit or loss?
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