The table below shows the price and cost information for a firm that operates in a perfectly competitive market. Based on this information,what is the profit-maximizing output quantity?PriceQuantityTotal Cost$8$8$8$8$8$8$8$6$10$15$21$28$35$45123456Profit is maximized at a quantity of type your answer.units, where it is equal to $ type your answer.Is the long run price in this market likely to be higher or lower than the current price of $8? type your answer.

Answered: tion for that operates in a perfectiy…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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The table below shows the price and cost information for a firm that operates in a perfectly competitive market. Based on this information,
what is the profit-maximizing output quantity?
Price
Quantity
Total Cost
$8
$8
$8
$8
$8
$8
$8
$6
$10
$15
$21
$28
$35
$45
1
2
3
4
5
6
Profit is maximized at a quantity of type your answer.
units, where it is equal to $ type your answer.
Is the long run price in this market likely to be higher or lower than the current price of $8? type your answer.

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The firms in an organization are responsible to establish a free working and a flow in an economy and also should contribute in the economy through several aspects of cost and revenue. The firms should know their cost and revenue estimates accordingly so that they can increase the economy and their growth along with several other benefits in an economy.

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