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Answer the next problem on the basis of the following cost data for a purely competitive seller:

Total Product TFC TVC
0 $200 $0
1 200 70
2 200 120
3 200 150
4 200 220
5 200 300
6 200 390

If the product price is $65 at its optimal output, exactly how many units should be produced to maximize profits or minimize losses? How much will the profit or loss be? Show all calculations.

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M942659

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