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Your firm competes in a Perfectly Competitive market where the price of your product is $8.00 per unit sold. Your Total Costs are estimated as below for each level of output (Q). What quantity of output should you produce if you want to maximize profits? Explain your answer.
Q Total Costs3 $8.004 $13.005 $19.006 $26.007 $34.008 $43.00
On this question, the question isn't "what is the dollar profit", but "what is the profit maximizing quantity of output (i.e. Q)" So what you should do is, 1) know what is the rule for profit maximization with regard to MC and MR; 2) figure out what MR is (hint: the MR - P - AR curve is flat; and 3) find the Q where the rule in 1 above is met.
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identify production level to maximize profitsexplain how to balance fixed and variable costsapply economic cost
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