ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN: 9780190931919
Author: NEWNAN
Publisher: Oxford University Press
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PRICE OR COST (dollars per unit) PRICE 0 A B с QUANTITY D E ATC MC AVC MR For a perfectly competitive firm, the profit-maximizing quantity of output is
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Transcribed Image Text:PRICE OR COST (dollars per unit) PRICE 0 A B с QUANTITY D E ATC MC AVC MR For a perfectly competitive firm, the profit-maximizing quantity of output is
Expert Solution
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Step 1: Define perefect competition

In perfect competition,  

There exists a large number of buyers and sellers. 

The firm produces where the price is equal to the marginal cost to maximize its profit. 

The profit is the difference between the total revenue and total cost. 

The total revenue is the product of price and quantity. 

Total cost is the sum of fixed and variable cost.

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