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Refer to the table below. Quantity Cost Fixed Total (in dollars) Costs Costs Average Total Average Variable Costs Marginal Costs (in dollars) (in dollars) (in dollars per (in dollars per unit) Costs Kin dollars per unit) unit) 10 0 40 40 1 1 40 55 15 55 15 2 35 40 75 17.5 37.5 20 60 40 100 20 33.3 25 4 90 40 130 22.5 32.5 30 125 40 155 25 31 35 6 160 40 200 26.6 33.3 40 If the firm produces 5 units that it sells at a price of $30.00 each, what will its profits or losses equal? profits equal $5 Think again. Revenue is 150, total cost is 155. losses equal $25 profits equal $25 Olosses equal $5

Refer to the table below. Quantity Cost Fixed Total (in dollars) Costs Costs Average Total Average Variable Costs Marginal Costs (in dollars) (in dollars) (in dollars per (in dollars per unit) Costs Kin dollars per unit) unit) 10 0 40 40 1 1 40 55 15 55 15 2 35 40 75 17.5 37.5 20 60 40 100 20 33.3 25 4 90 40 130 22.5 32.5 30 125 40 155 25 31 35 6 160 40 200 26.6 33.3 40 If the firm produces 5 units that it sells at a price of $30.00 each, what will its profits or losses equal? profits equal $5 Think again. Revenue is 150, total cost is 155. losses equal $25 profits equal $25 Olosses equal $5

Economics (MindTap Course List)
Economics (MindTap Course List)
13th Edition
ISBN:9781337617383
Author:Roger A. Arnold
Publisher:Roger A. Arnold
Chapter21: Production And Costs
Section21.4: Costs Of Production: Total, Average, Marginal
Problem 1ST
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Refer to the table below. Quantity Cost Fixed Total (in dollars) Costs Costs Average Total Average Variable Costs Marginal Costs (in dollars) (in dollars) (in dollars per (in dollars per unit) Costs Kin dollars per unit) unit) 10 0 40 40 1 1 40 55 15 55 15 2 35 40 75 17.5 37.5 20 60 40 100 20 33.3 25 4 90 40 130 22.5 32.5 30 125 40 155 25 31 35 6 160 40 200 26.6 33.3 40 If the firm produces 5 units that it sells at a price of $30.00 each, what will its profits or losses equal? profits equal $5 Think again. Revenue is 150, total cost is 155. losses equal $25 profits equal $25 Olosses equal $5
Transcribed Image Text:Refer to the table below. Quantity Cost Fixed Total (in dollars) Costs Costs Average Total Average Variable Costs Marginal Costs (in dollars) (in dollars) (in dollars per (in dollars per unit) Costs Kin dollars per unit) unit) 10 0 40 40 1 1 40 55 15 55 15 2 35 40 75 17.5 37.5 20 60 40 100 20 33.3 25 4 90 40 130 22.5 32.5 30 125 40 155 25 31 35 6 160 40 200 26.6 33.3 40 If the firm produces 5 units that it sells at a price of $30.00 each, what will its profits or losses equal? profits equal $5 Think again. Revenue is 150, total cost is 155. losses equal $25 profits equal $25 Olosses equal $5
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