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P (dollars) MC ATC 60 50 AVC 35 10 Q (units) 100 300 450 Consider the following cost schedule for many firms in perfectly competitive market. If the market price is $10, then the firm should to maximize profit and profit will be shut-down; negative

P (dollars) MC ATC 60 50 AVC 35 10 Q (units) 100 300 450 Consider the following cost schedule for many firms in perfectly competitive market. If the market price is $10, then the firm should to maximize profit and profit will be shut-down; negative

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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P (dollars) MC ATC 60 50 AVC 35 10 Q (units) 100 300 450 Consider the following cost schedule for many firms in perfectly competitive market. If the market price is $10, then the firm should to maximize profit and profit will be shut-down; negative produce 100 units; negative produce 100 units; positive produce 100 units; zero
Transcribed Image Text:P (dollars) MC ATC 60 50 AVC 35 10 Q (units) 100 300 450 Consider the following cost schedule for many firms in perfectly competitive market. If the market price is $10, then the firm should to maximize profit and profit will be shut-down; negative produce 100 units; negative produce 100 units; positive produce 100 units; zero
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