You are given the following cost data: Total fixed costs are $60. q TVC 0 0 1 25 2 50 3 88 4 138 5 213 6 313 If the price of output is $75, how many units of output will this firm produce (assuming the firm produces in the short run, in a competitive market)? The firm will produce units of output because this is where price equals (Enter your response as a whole number.) Total revenue is $ (Enter your response as a whole number.) (Enter your response as a whole number.) The profit of the firm is $. (Enter your response as a whole number.) Total cost is $ In the short run, the firm will In the long run, the firm will ▼

You are given the following cost data: Total fixed costs are $60. q TVC 0 0 1 25 2 50 3 88 4 138 5 213 6 313 If the price of output is $75, how many units of output will this firm produce (assuming the firm produces in the short run, in a competitive market)? The firm will produce units of output because this is where price equals (Enter your response as a whole number.) Total revenue is $ (Enter your response as a whole number.) (Enter your response as a whole number.) The profit of the firm is $. (Enter your response as a whole number.) Total cost is $ In the short run, the firm will In the long run, the firm will ▼

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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