Consider a firm in a competitive market. The marginal cost curve starts at $37 and hits its minimum at $11. The average variable cost curve starts at $37 and hits its minimum at $28. The average total cost hits its minimum at $48. At what price are the firm's economic profits equal to zero? Round to two decimal places and do not enter the currency symbol. If your answer is $1.125, enter 1.13.
Consider a firm in a competitive market. The marginal cost curve starts at $37 and hits its minimum at $11. The average variable cost curve starts at $37 and hits its minimum at $28. The average total cost hits its minimum at $48. At what price are the firm's economic profits equal to zero? Round to two decimal places and do not enter the currency symbol. If your answer is $1.125, enter 1.13.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Solve it correctly please. I
![Consider a firm in a competitive market. The marginal cost curve starts at
$37 and hits its minimum at $11. The average variable cost curve starts at
$37 and hits its minimum at $28. The average total cost hits its minimum at
$48. At what price are the fırm's economic profits equal to zero?
Round to two decimal places and do not enter the currency symbol. If your
answer is $1.125, enter 1.13.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F7878e833-54ae-4902-af28-9a786eb03e8f%2F73a63f70-edb6-4821-985e-6b857b9982e0%2F6blt1d_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Consider a firm in a competitive market. The marginal cost curve starts at
$37 and hits its minimum at $11. The average variable cost curve starts at
$37 and hits its minimum at $28. The average total cost hits its minimum at
$48. At what price are the fırm's economic profits equal to zero?
Round to two decimal places and do not enter the currency symbol. If your
answer is $1.125, enter 1.13.
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