Consider a firm selling apples and the market for apples is perfectly competitive. The following table presents the costs of a firm. Use the given information to answer questions 35 - 42. Q AFC AVС АTC MC ТC 1$300$100 $400|$100$400| 2 150 75 225 50 3 100 70 170 60 4 75 72.5147.5 80 5 60 80 140 110 6 50 90 140 140 Find the market price such that the firm's maximized profit = $0 %3D Answer: The firm's maximized profit is $0 if the market price = $_ %3D
Consider a firm selling apples and the market for apples is perfectly competitive. The following table presents the costs of a firm. Use the given information to answer questions 35 - 42. Q AFC AVС АTC MC ТC 1$300$100 $400|$100$400| 2 150 75 225 50 3 100 70 170 60 4 75 72.5147.5 80 5 60 80 140 110 6 50 90 140 140 Find the market price such that the firm's maximized profit = $0 %3D Answer: The firm's maximized profit is $0 if the market price = $_ %3D
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Transcribed Image Text:Consider a firm selling apples and the market for
apples is perfectly competitive. The following
table presents the costs of a firm.
Use the given information to answer questions
35 - 42.
Q AFC AVC ATC MC TC
1$300 $100 $400$100$400
2 150
75 225
50
3 100
70 170
60
4
75 72.5 147.5
80
5
60
80 140 11O|
6
50
90 140 140|
Find the market price such that the firm's
maximized profit = $0
Answer: The firm's maximized profit is $0 if the
market price = $.
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