Question: FRU # ; Analyzing Costy Complete the following chart for a perfectly competitive firm selling its product at a price of $30, and then answer

FRU # ; Analyzing Costy Complete the following chart for a perfectly competitive firm selling its product at a price of $30, and then answer the questions: Output Total Marginal Variable Fixed Total Marginal Revenue Revenue Cost Cost Cost Cost 0 0 10 30 50 60 70 JOUAON 85 105 130 170 a. What is the AVC when producing five units out output? b. To maximize profits or minimize losses, what output should this firm produce? Explain how you got your answer? c. Using your answer from (b), what is the profit or loss per unit at the profit maximizing output

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