ECO 365 Week 3 Worksheet

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 ECO 365 Week 3 Worksheet
 

Complete the Worksheet.

Click the Assignment Files tab to submit your assignment.

Use the graph below to respond to (a) through (d):

 

 

 

 

 

a) If the firm represented by the above set of cost curves is able to sell its product in a perfectly competitive market for a price of $5.50, it will maximize profit by producing how much output?
 

 

 

 

 

 

 

 

b) If the firm represented by the above set of cost curves is able to sell its product in a perfectly competitive market for a price of $5.50 and it produces the profit-maximizing level of output, calculate the firm’s total revenue:
 

 

 

 

 

 

 

 

c) If the firm represented by the above set of cost curves is able to sell its product in a perfectly competitive market for a price of $5.50 and it produces the profit-maximizing level of output, calculate the firm’s total cost:
 

 

 

 

 

 

 

 

d) If the firm represented by the above set of cost curves is able to sell its product in a perfectly competitive market for a price of $5.50 and it produces the profit-maximizing level of output, calculate the firm’s profit:
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