A perfectly competitive firm has a cost structure given by the data below, where Q = quantity

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A perfectly competitive firm has a cost structure given by the data below, where Q = quantity of output, FC = Fixed Costs, and VC= Variable Costs. For now, assume the firm can only choose to produce one of the listed quantity levels, so it can choose to produce 20 or 50, but not 25 or 45.

Q	FC	VC
0	120	0
20	120	40
50	120	80
90	120	120
125	120	160
150	120	200
165	120	240
172	120	280

What is this firm's shut-down price? Please round your answer to the nearest penny. (eg 2.65, not 2.7 or 2.6)

Related Book For answer-question

Microeconomics A Contemporary Introduction

ISBN: 978-1111415921

9th edition

Authors: William A. McEachern

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Posted Date: May 09, 2024 08:40 AM

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Q	FC	VC
0	120	0
20	120	40
50	120	80
90	120	120
125	120	160
150	120	200
165	120	240
172	120	280

Q	FC	VC
0	120	0
20	120	40
50	120	80
90	120	120
125	120	160
150	120	200
165	120	240
172	120	280

A perfectly competitive firm has a cost structure given by the data below, where Q = quantity

Question:

Expert Answer:

Okay to calculate the shutdown price we find the quanti... View the full answer

Microeconomics A Contemporary Introduction

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Q	FC	VC
0	120	0
20	120	40
50	120	80
90	120	120
125	120	160
150	120	200
165	120	240
172	120	280