The following table shows the cost of production for a perfectly competitive firm. If the market price is $8.80 per unit, given the profit-maximizing level of output what would be the total cost? Notice that the marginal cost of 4.8 corresponds to the point where the output is 400, it is set in the middle to emphasize that it is derived from the change from 300 to 400 output. The marginal cost 6.8 corresponds to the point the output is 500 and so forth. Average Variable Cost Output Average Total Cost Marginal Cost 300 6.67 10.8 4.8 400 6.2 9.3 6.8 500 6.32 8.8 8.8 600 6.73 8.8 12 700 7.49 9.26

The following table shows the cost of production for a perfectly competitive firm. If the market price is $8.80 per unit, given the profit-maximizing level of output what would be the total cost? Notice that the marginal cost of 4.8 corresponds to the point where the output is 400, it is set in the middle to emphasize that it is derived from the change from 300 to 400 output. The marginal cost 6.8 corresponds to the point the output is 500 and so forth. Average Variable Cost Output Average Total Cost Marginal Cost 300 6.67 10.8 4.8 400 6.2 9.3 6.8 500 6.32 8.8 8.8 600 6.73 8.8 12 700 7.49 9.26

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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