what is the profit-maximizing output quantity? The table below shows the price and cost information for a firm that operates in a perfectly competitive market. Based on this information,what is the profit-maximizing output quantity?PriceQuantityTotal Cost$8$8$8$8$8$8$8$6$10$15$21$28$35$45123456Profit is maximized at a quantity of type your answer.units, where it is equal to $ type your answer.Is the long run price in this market likely to be higher or lower than the current price of $8? type your answer.

Answered: he table below shows the price and cost…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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what is the profit-maximizing output quantity?

The table below shows the price and cost information for a firm that operates in a perfectly competitive market. Based on this information,
what is the profit-maximizing output quantity?
Price
Quantity
Total Cost
$8
$8
$8
$8
$8
$8
$8
$6
$10
$15
$21
$28
$35
$45
1
2
3
4
5
6
Profit is maximized at a quantity of type your answer.
units, where it is equal to $ type your answer.
Is the long run price in this market likely to be higher or lower than the current price of $8? type your answer.

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Perfect competition is the market structure in which there are large number of buyers and sellers selling homogeneous product and the entry and exit from the market is free.

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