What is the total revenue of the firm at the optimum level of output? What is the total cost at the optimum level of output? What is the profit of the firm at the optimum (profit-maximizing) level of output? What is the average cost of each unit sold at the optimum level of output? Is the firm at its log-run equilibrium? If yes/no, why?
What is the total revenue of the firm at the optimum level of output? What is the total cost at the optimum level of output? What is the profit of the firm at the optimum (profit-maximizing) level of output? What is the average cost of each unit sold at the optimum level of output? Is the firm at its log-run equilibrium? If yes/no, why?
Chapter23: Profit Maximization
Section: Chapter Questions
Problem 11E
Related questions
Question
![GA
$
25
15
0
Perfectly Competitive Market: Optimum Output Level
E
ţ
(T)
80
A
M
C
Output
ATC
- M
R](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F7a811aaa-3243-4dfa-904b-bceaeedb89d1%2Fe12a9267-97c3-4fdc-9bd0-5d319b3199af%2F27srd2s_processed.jpeg&w=3840&q=75)
Transcribed Image Text:GA
$
25
15
0
Perfectly Competitive Market: Optimum Output Level
E
ţ
(T)
80
A
M
C
Output
ATC
- M
R
![Slide 2 Questions:
a. What is the total revenue of the firm at the optimum level of output?
b. What is the total cost at the optimum level of output?
c. What is the profit of the firm at the optimum (profit-maximizing) level of output?
d. What is the average cost of each unit sold at the optimum level of output?
Is the firm at its log-run equilibrium? If yes/no, why?](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F7a811aaa-3243-4dfa-904b-bceaeedb89d1%2Fe12a9267-97c3-4fdc-9bd0-5d319b3199af%2Fim3hyv_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Slide 2 Questions:
a. What is the total revenue of the firm at the optimum level of output?
b. What is the total cost at the optimum level of output?
c. What is the profit of the firm at the optimum (profit-maximizing) level of output?
d. What is the average cost of each unit sold at the optimum level of output?
Is the firm at its log-run equilibrium? If yes/no, why?
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