Consider the following total cost schedule for a perfectly competitive firm producing ball-point pens. Output per period TVC (S) TFC ($) 0 0 21 10 2 21 20 3 21 30 6 21 40 10 21 50 15 21 Suppose the prevailing market price for this firm's product is $0.99. If the firm is producing 30 units of output per period, then its profit per unit is and its total profit per period is A. $0.9; $27 B. $0.13; $4 C. $0.45; $14 D. $0.09; $2.7 E. $1.35; $41
Consider the following total cost schedule for a perfectly competitive firm producing ball-point pens. Output per period TVC (S) TFC ($) 0 0 21 10 2 21 20 3 21 30 6 21 40 10 21 50 15 21 Suppose the prevailing market price for this firm's product is $0.99. If the firm is producing 30 units of output per period, then its profit per unit is and its total profit per period is A. $0.9; $27 B. $0.13; $4 C. $0.45; $14 D. $0.09; $2.7 E. $1.35; $41
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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![Consider the following total cost schedule for a perfectly competitive firm producing ball-point pens.
Output
per period
TVC (S)
TFC ($)
0
0
21
10
2
21
20
3
21
30
6
21
40
10
21
50
15
21
Suppose the prevailing market price for this firm's product is $0.99. If the firm is producing 30 units of output per period, then its profit per unit is
and its total profit per period is
A. $0.9; $27
B. $0.13; $4
C. $0.45; $14
D. $0.09; $2.7
E. $1.35; $41](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fbce04a54-9af5-437f-83bd-a836ee0dfdd7%2F6809d0dd-678f-45e8-a30c-3bdc547a0914%2F9nrmvg_processed.png&w=3840&q=75)
Transcribed Image Text:Consider the following total cost schedule for a perfectly competitive firm producing ball-point pens.
Output
per period
TVC (S)
TFC ($)
0
0
21
10
2
21
20
3
21
30
6
21
40
10
21
50
15
21
Suppose the prevailing market price for this firm's product is $0.99. If the firm is producing 30 units of output per period, then its profit per unit is
and its total profit per period is
A. $0.9; $27
B. $0.13; $4
C. $0.45; $14
D. $0.09; $2.7
E. $1.35; $41
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