E Final Exam Review She- × Ye Economics question I c x 0(1 ) chapter 14economi X
ID: 1124339 • Letter: E
Question
E Final Exam Review She- × Ye Economics question I c x 0(1 ) chapter 14economi X, "Take Test: Chapter 14:E × >C secure https: oswego open suny edu webapps/assessment take launch sp?course assessment d 46093_1 &course; d 24841 1&content;_id- 796396 1 &step-nu; Question Completion Status Extra Credit notning Decause sne is earning a normai rare or Help d, stay in business even though she is suffering a loss Communication Course Messages My Grades QUESTION 2 1 points Save Answer Consider the folloing information about fim "X Output (a) Total Costs $10 $15 523 536 573 597 5125 Assume that the equilibrium price in a perfectly competitive market is $20. Given the information in the table above, what is the firm's profit-maximizing level of output? a. 3 QUESTION 3 1 points 3:14Explanation / Answer
Answer
The firm produces at MC=P
MC of n the unit=(TC of n units -TC of p units )/(n-p)...............n>p
MC(1)=15-10=5
MC(2)=23-15=8
MC(3)=36-23=13
MC(4)=53-36=17
MC(5)=73-53=20
and so on
24, 28
The MC=P=$20 at Q=5 units
the firm will produce 5 units
Option c
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