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Profit-maximizing output level

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Reference no: EM131095356

A firm in a competitive market has fixed costs of $3 and the following structure of average total cost:

Output

Average Total Cost

0

--

1

$10

2

$8

3

$7

4

$8

5

$10
  • Find the marginal cost of producing each unit of output. Your answer should consist of five numbers, one for output = 1, one for output = 2, one for output = 3, one for output = 4, and one for output = 5.
  • If the market price is $10, what is the firm's profit maximizing level of output? Explain.
  • What are the firm's profits at the profit-maximizing output level? Explain.

Reference no: EM131095356

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