Quantity012345678TotalCost$6090109125140160184210240TVC AVC49$030 30.00 90.0024.50 54.5065 21.67 41.67 168020.00 35.00 15100124150AC-LL_20.00 32.00MC21.43 30.00180 22.50 30.00301920.67 30.67 24202630Given the costs above, what is this perfectly competitive firm's total profit* when the marketprice is $15? *Note: Be sure to use a negative sign if the firm incurs a loss.

A perfectly competitive market is where firms maximise their profit when the price is equal to the…

Quantity 0 1 2 3 4 5 6 7 8 Total Cost $60 90 109 125 140 160 184 210 240 TVC AVC AC $0 30 30.00 49 80 100 ---- 150 -11-0 20.00 35.00 MC 90.00 30 20.00 32.00 21.43 ‒‒‒‒‒ 24.50 54.50 21.67 41.67 16 19 15 124 20.67 30.67 24 30.00 26 180 22.50 30.00 30 20 Given the costs above, what is this perfectly competitive firm's total profit when the market price is $15? *Note: Be sure to use a negative sign if the firm incurs a loss.

Quantity 0 1 2 3 4 5 6 7 8 Total Cost $60 90 109 125 140 160 184 210 240 TVC AVC AC $0 30 30.00 49 80 100 ---- 150 -11-0 20.00 35.00 MC 90.00 30 20.00 32.00 21.43 ‒‒‒‒‒ 24.50 54.50 21.67 41.67 16 19 15 124 20.67 30.67 24 30.00 26 180 22.50 30.00 30 20 Given the costs above, what is this perfectly competitive firm's total profit when the market price is $15? *Note: Be sure to use a negative sign if the firm incurs a loss.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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