If the prevailing market price is 14 per unit how much, Ask an Expert

Economics

Suppose a firm has the following costs:

Output10111213141516171819
Total Cost$50$52$56$62$70$80$92$106$122140

(a)If the prevailing market price is $14 per unit how much should the firm produce?
(b)How much profit will it earn at that output rate
(c)If the market price dropped to $10, what should the firm do?

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Microeconomics, Economics

Category:- Microeconomics
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