Question: A perfectly competitive firm has the following fixed and variable costs in the short run. The market price for the firms product is $150. a.

A perfectly competitive firm has the following fixed and variable costs in the short run. The market price for the firm€™s product is $150.
A perfectly competitive firm has the following fixed and variable

a. Complete the table.
b. At what output rate does the firm maximize profit or minimize loss?
c. What is the firm€™s marginal revenue at each positive level of output? Its average revenue?
d. What can you say about the relationship between marginal revenue and marginal cost for output rates below the profit-maximizing (or loss-minimizing) rate? For output rates above the profit-maximizing (or loss-minimizing) rate?

TR Profit/Loss FC $100 100 100 100 100 100 100 Output VC TC 100 180 300 440 600 780

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