i) 1. A perfectly competitive firm realizes a totalrevenue of $2500 and a profit of $500. Thefirm sold its product at a price of $12 perunit. What was the average total cost?

TR = 2500 Profit = 500 Price = 12 ATC = ?

Answered: 1. A perfectly competitive firm…

1. A perfectly competitive firm realizes a tota revenue of $2500 and a profit of $500. Th firm sold its product at a price of $12 per unit. What was the average total cost?

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter12: The Cost Of Production

Section: Chapter Questions

Problem 1QR

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Question

1. A perfectly competitive firm realizes a total
revenue of $2500 and a profit of $500. The
firm sold its product at a price of $12 per
unit. What was the average total cost?

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