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ECO 365 Week 3 Worksheet
Complete the Worksheet.
Click the Assignment Files tab to submit your assignment.
Use the graph below to respond to (a) through (d):
- a) If the firm represented by the above set of cost curves is able to sell its product in a perfectly competitive market for a price of $5.50, it will maximize profit by producing how much output?
- b) If the firm represented by the above set of cost curves is able to sell its product in a perfectly competitive market for a price of $5.50 and it produces the profit-maximizing level of output, calculate the firm’s total revenue:
- c) If the firm represented by the above set of cost curves is able to sell its product in a perfectly competitive market for a price of $5.50 and it produces the profit-maximizing level of output, calculate the firm’s total cost:
- d) If the firm represented by the above set of cost curves is able to sell its product in a perfectly competitive market for a price of $5.50 and it produces the profit-maximizing level of output, calculate the firm’s profit: