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

Answer rating: 100% (QA)

The detailed answer for the above question is provided below To fi... View the full answer