The table below shows the cost of a firm that produces handmade pottery vases in a competitive industry. The market price for a handmade vase is $3.75. To maximize it's profit, this firm should produce _______ vases

ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
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The table below shows the cost of a firm that produces handmade pottery vases in a competitive industry. The market price for a handmade vase is $3.75. To maximize it's profit, this firm should produce _______ vases
1
2
3
4
5
6
7
CO
9
10
Output
3
2.50
2.17
1.93
1.74
1.67
1.71
2
2.44
3
AVC
Transcribed Image Text:1 2 3 4 5 6 7 CO 9 10 Output 3 2.50 2.17 1.93 1.74 1.67 1.71 2 2.44 3 AVC
3
2.50
2.17
1.93
1.74
1.67
1.71
2
2.44
3
AVC
3
2
1.5
1.2
1
1.3
2
4
6
8
MC
Transcribed Image Text:3 2.50 2.17 1.93 1.74 1.67 1.71 2 2.44 3 AVC 3 2 1.5 1.2 1 1.3 2 4 6 8 MC
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