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CHAPTER 23 – ASSIGNMENT #1 Answer the following questions using the graph shown below. Assume that the firm is producing the number of units that will maximize their profit in a perfectly competitive market. You can use the explanatory for problem 23-3 that are in the Handouts on the main page of your course website to aid you in the completion of this problem. The D curve in this problem is the same as the MR curve. ? • How many units of output will the firm produce and sell? • What is the Total Revenue (TR) at this level of output? • What is the Average Total Cost (ATC) at this level of output? • What is the Total Fixed Cost (TFC) at this level of output? Hint: ATC – AVC = AFC. The average cost figures are (per unit). You need to take the per unit costs x the quantity to get total cost figures. • What is the Average Variable Cost at this level of output? • What is the Total Cost (TC) at this level of output? • What is the total profit or loss at this level of output?2.60 AVC 100 Quantity 46 80 0 1 SABI joa

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Answer #1

Units oduced andold So at pia -2.60 Total Reveue (TR) * 2.60 지。。 TR 는$260 ( uorres pundin fo quantit 1o0 Corresponding fo ndi

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