Use the following table to answer the next question. Average Fixed Average Variable Average Total Marginal Output Cost Cost Cost Cost 1 $300 $100 $400 $100 s 2 150 75 225 50 3 100 70 170 60 4 75 73 148 80 5 60 80 140 110 6 50 90 140 140 7 43 103 146 180 8 38 119 156 230 9 33 138 171 290 10 30 160 190 360 The table shows cost data for a perfectly competitive firm. If the market price for the firm's product is $80, the firm will

ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
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Use the following table to answer the next question.
Average Fixed Average Variable Average Total Marginal
Output
Cost
Cost
Cost
Cost
1
$300
$100
$400
$100
s
2
150
75
225
50
3
100
70
170
60
4
75
73
148
80
5
60
80
140
110
6
50
90
140
140
7
43
103
146
180
8
38
119
156
230
9
33
138
171
290
10
30
160
190
360
The table shows cost data for a perfectly competitive firm. If the market price for the firm's product is $80, the firm will
Transcribed Image Text:Use the following table to answer the next question. Average Fixed Average Variable Average Total Marginal Output Cost Cost Cost Cost 1 $300 $100 $400 $100 s 2 150 75 225 50 3 100 70 170 60 4 75 73 148 80 5 60 80 140 110 6 50 90 140 140 7 43 103 146 180 8 38 119 156 230 9 33 138 171 290 10 30 160 190 360 The table shows cost data for a perfectly competitive firm. If the market price for the firm's product is $80, the firm will
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