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Refer to Table 12-4. If the market price is $45, the firm

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Refer to Table 12-4. If the market price is $45, the firm

Table 12-4

Quantity	Average Fixed Cost	Average Variable Cost	Marginal Cost
20	$40	$18	$18
40	20	14	10
60	13.1	16	20
80	10	22	40
100	8	30	62
120	6.61	40	90

Table 12-4 shows the short-run cost data of a perfectly competitive firm. Assume that output can only be increased in batches of 20 units.

Refer to Table 12-4. If the market price is $45, the firm

• will earn a profit of $3,600.

• will suffer a loss of $200.

• will break even.

• will earn profit of $1,040.

Textbook

Microeconomics

Edition: 7^th

Authors: Hubbard, O'Brien

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More solutions for this book are available here

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