Answered: costs are given in the following table.…

costs are given in the following table. At what price will they earn zero profits? Output D O $5 O $7 0 1 2 3 4 $3 5 6 $10 Variable Cost $0 $7 $10 $15 $24 $40 $60

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

Subject:eco

A firm produces books. Their fixed costs are $0. Their variable
costs are given in the following table. At what price will they
earn zero profits?
O
Output
0
1
2
O $5
O $7
3
4
5
$3
6
$10
Variable
Cost
$0
$7
$10
$15
$24
$40
$60

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Marginal Average Marginal Total Output Price Revenue Total Cost Cost 1 $ 100 $ 100 $ 100.00 $30 2 90 80 63.00 26 80 60 52.67 32 4 70 40 49.50 40 5 60 20 49.60 50 50 50.00 52 7 40 -20 52.29 66 30 -40 55.75 80 20 -60 60.67 100 10 10 -80 67.60 130 Refer to the data for a nondiscriminating monopolist. This firm will maximize its profit by producing
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