Question

Demand and Cost Functions For the perfectly competitive firm, a price taker such that MR-P-Ave.Rev (AR) 70 What is the profit maximizing quantity? 1) 65 60 27 What is the price? 55 3) What is average total cost at the profit maximizing quantity? 50 45 4 What, then, is per unit profit at the profit maximizing quantity? 40 МС What is total revenue at the profit maximizing quantity? 5) 35 ATC AVC What is total cost at the profit maximizing quantity? 6) P-AR 25 What is profit at the profit maximizing quantity? 7) MR 20 15 10 0 500 1000 1500 2000 2500 3000 3500 4000 4500 5000 Quantity $ per unit

Answer 1

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