Based on the following table: (LO13-4)Output Price Total Cost 0 $10 $ 32 1 10 37 2 10 40 3 10 41 4 10 44 5 10 50 6 10 60 7 10 74 8 10 93 9 10 11910 10 155What is the profit-maximizing output?What will happen to the market price in the long run?

Based on the following table: (LO13-4)Output Price Total Cost 0 $10 $ 32 1 10 37 2 10 40 3 10 41 4 10 44 5 10 50 6 10 60 7 10 74 8 10 93 9 10 11910 10 155What is the profit-maximizing output?What will happen to the market price in the long run?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

Based on the following table: (LO13-4)
Output Price Total Cost
0 $10 $ 32
1 10 37
2 10 40
3 10 41
4 10 44
5 10 50
6 10 60
7 10 74
8 10 93
9 10 119
10 10 155
What is the profit-maximizing output?
What will happen to the market price in the long run?

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The table below describes a firm that sells output in a perfectly competitive market. Note the second column describes total costs. O $8 O $12 O $6 Output O $4 0 1 2 3 4 5 Which of the following market prices would cause the firm's profit-maximizing output level to be equal to 5? 6 Total Cost (in dollars) $3 $9 $14 $18 $23 $30 $40 4
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