GA$25150Perfectly Competitive Market: Optimum Output LevelEţ(T)80AMCOutputATC- MR Slide 2 Questions:a. What is the total revenue of the firm at the optimum level of output?b. What is the total cost at the optimum level of output?c. What is the profit of the firm at the optimum (profit-maximizing) level of output?d. What is the average cost of each unit sold at the optimum level of output?Is the firm at its log-run equilibrium? If yes/no, why?

A perfectly competitive firm faced a horizontal marginal revenue (MR) curve. A perfectly competitive…

What is the total revenue of the firm at the optimum level of output? What is the total cost at the optimum level of output? What is the profit of the firm at the optimum (profit-maximizing) level of output? What is the average cost of each unit sold at the optimum level of output? Is the firm at its log-run equilibrium? If yes/no, why?

What is the total revenue of the firm at the optimum level of output? What is the total cost at the optimum level of output? What is the profit of the firm at the optimum (profit-maximizing) level of output? What is the average cost of each unit sold at the optimum level of output? Is the firm at its log-run equilibrium? If yes/no, why?

Economics:

10th Edition

ISBN:9781285859460

Author:BOYES, William

Publisher:BOYES, William

Chapter23: Profit Maximization

Section: Chapter Questions

Problem 11E

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