Table illustrates the quantities, marginal costs, average variable costs, and average costs of a competitive firm. Refer
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Question:
Table illustrates the quantities, marginal costs, average variable costs, and average costs of a competitive firm. Refer to table 4. How much is the unit profit at price =$30? [the problem is based on concepts in Module 5].
Table 4 | |||
Quantity (Q) | Marginal costs (MC) | Average variable costs (AVC) | Average costs (AC) |
0 | |||
1 | 28.00 | 28.00 | $68 |
2 | 20.00 | 24.00 | $44 |
3 | 16.00 | 21.33 | $35 |
4 | 14.00 | 19.50 | $30 |
5 | 12.00 | 18.00 | $26 |
6 | 17.83 | 17.83 | $25 |
7 | 24.00 | 18.43 | $24 |
8 | 30.00 | 19.88 | $25 |
9 | 40.00 | 22.11 | $27 |
10 | 54.00 | 25.30 | $29 |
0 | ||
$5 | ||
$10 | ||
$15 |
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