Asked by tom
a firm produces 20 units of output at a market price of #5, a marginal cost of $5, and an average cost of $3. what is the firms economic profit and is the firm maiximizing its economic profit.
Is the formula market price-average cost x quantity 20?
Is the formula market price-average cost x quantity 20?
Answers
Answered by
Karla
Yes, so the economic profit is $40
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