(Answered) Te price of jeans in a perfectly competitive market is 17

Economics

The price of jeans in a perfectly competitive market is $17. Costs are as follows:

Quantity 0 1 2 3 4 5 6 7 8 9 10

Total Cost 10 17 26 37 50 65 82 101 122 145 170

MC 7 9 11 13 15 17 19 21 23 25

ATC 17 13 12.3 12.5 13 13.7 14.4 15.2 16.11 17.0

AVC 7 8 9 10 11 12 13 14 15 16

What is the profit maximizing rate of output for the firm?
What is the profit maximization rule?
At what price should the firm shut down?
What is the shutdown rule?

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Macroeconomics, Economics

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