(Answered) If a perfectly competitive firm faces a market price 0f 5

Management Studies

If a perfectly competitive firm faces a market price 0f $5 per unit, and at this price the upward sloping portion of the firm's marginal cost curve crosses it's marginal revenue at an output level of 1,500 units and the firm produces 1,500 units, it's average variable costs equals $5.50 per unit and it's average fixed costs equals $0.50 per unit. What is the firms maximizing output level? And what is the amount of it's economic profit at this output level?

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