A perfectly competitive firm has the following total cost function: total output : 0 1 2 3

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A perfectly competitive firm has the following total cost function:

total output : 0 1 2 3 4 5 6 7

total cost : 20 30 42 55 69 84 100 117

how much will the firm produce if the price of the production on the market is Rs. 14 per unit? how will it change its output if the price rises to Rs. 16 per unit?

Related Book For answer-question

Macroeconomics Principles and Applications

ISBN: 978-1133265238

5th edition

Authors: Robert e. hall, marc Lieberman

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Posted Date: Jan 21, 2021 04:51 AM

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A perfectly competitive firm has the following total cost function: total output : 0 1 2 3

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Expert Answer:

Total output Total cost Marginal cost 0 20 1 30 10 2 42 12 3 55 13 4 69 14 5 84 15 6 100 16 7 117 ... View the full answer

Macroeconomics Principles and Applications

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