A profit-maximizing firm in a competitive market is currently producing 100 units of output. It has average
Question:
a. What is its profit?
b. What is its marginal cost?
c. What is its average variable cost?
d. Is the efficient scale of the firm more than, less than, or exactly 100 units?
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a Profit is equal to P ATC Q Price is equal to AR Therefore ...View the full answer
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