Estimate the Average Cost
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"a) At this output level, calculate the average cost and the marginal cost.
b) Draw a diagram showing the current situation of the firm.
c) In addition to the above information, suppose the price of the output is $13/unit, if the firm wants to maximize its profit, what should it do? Explain in detail with the aid of a diagram.
d) Suppose the price of the output is $16/unit instead, if the firm wants to maximize its profit, what should it do? Explain in detail with the aid of a diagram.
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Details
- Publication Date
- Mar 22, 2013
- Language
- English
- Category
- Education & Language
- Copyright
- All Rights Reserved - Standard Copyright License
- Contributors
- By (author): Homework Help Classof1
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- Format