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Brody's firm produces trumpets in a perfectly competitive market. The table below shows Brody's total variable cost. He has a fixed cost of $240, and the price per trumpet is $60.
a. Calculate the average total cost of producing 6 trumpets. Show your work.
b. Calculate the marginal cost of producing the 11th trumpet.
c. What is Brody's profit-maximizing quantity? Explain.
d. At the profit-maximizing quantity you determined in part (c), calculate Brody's profit or loss. Show your work
In the middle of the twentieth century, major U.S. cities had multiple competing city bus companies. Today, there is usually only one and it runs.
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