Question
Given the following for perfectly competitive firm that has short-run cost structure
Output Marginal Cost
1 $10
2 $5
3 $12
4 $23
5 $40
Total fixed costs are $20 and the market price of the product is $25 per unit. How much output should the profit-maximizing firm produce (if any) and how much profit or loss will the firm make in the short run?
Output Marginal Cost
1 $10
2 $5
3 $12
4 $23
5 $40
Total fixed costs are $20 and the market price of the product is $25 per unit. How much output should the profit-maximizing firm produce (if any) and how much profit or loss will the firm make in the short run?
Answers
please show me example of the question above thank you
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