How many units will the firm produce in the short-run

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Reference no: EM13221532

Given below are the cost schedules for a perfectly competitive firm. Average Average Variable Total Marginal Quantity Cost Cost Cost 1 $ 50 $ 90 $ 50 2 45 65 40 3 40 53 30 4 35 45 20 5 34 42 30 6 35 41 40 7 37 43 50 8 40 45 60

a) At a product price of $ 40, how many units will this firm produce in the short-run? EXPLAIN. What will be its profits or losses?

b) At a product price of $ 50, how many units will this firm produce in the short-run?

c) At a product price of $ 60, how many units will this firm produce in the short-run?

Reference no: EM13221532

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