Foundations of Economics (8th Edition)
8th Edition
ISBN: 9780134486819
Author: Robin Bade, Michael Parkin
Publisher: PEARSON
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Chapter 14, Problem 7SPPA
To determine
Complete the table and determine TC, AFC,
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The graph shows the cost curves are they profit maximizing firm in a competitive market. If the market price is $30 and the firm produces at the profit maximizing quantity, what is the total variable cost
A: $5400
B: $7200
C: $3960
D:
Please help solve and explain
My answer may be wrong, need help understanding
QUESTION 9
John lives in the small island nation of Vanuatu, and is a producer in the perfectly competitive market for galip nuts. A summary of some
of his costs, which are given in the local currency (the "vatu"), is shown below.
Quantity (kg of galip nuts)
0
30
60
90
120
150
Total Fixed Cost TFC (vatu)
5600
5600
5600
5600
5600
5600
Total Variable Cost TVC (vatu)
0
640
1520
2640
4800
9120
If John's profit-maximising quantity is 90kg of galip nuts, what is the marginal revenue per kilogram of galip nuts at this profit maximising
quantity? Answer to the nearest whole number.
Chapter 14 Solutions
Foundations of Economics (8th Edition)
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