Business, 18.11.2019 23:31, Pandagurl2125
Assume that a profit-maximizing firm is perfectly competitive in both the output and the factor markets and is at its long-run equilibrium. the firm’s output is 100 units, its total revenue is $600.00, and the fixed cost of production is $50.00. based on this information, which of the following is true for the firm?
a. its marginal cost is $5.50, and its average total cost is $5.50.
b. its marginal cost is $5.50, and its average variable cost is $5.50.
c. its marginal cost is $6.00, and its average total cost is $5.50.
d. its marginal cost is $6.00, and its average fixed cost is $5.50.
e. its marginal cost is $6.00, and its average variable cost is $5.50.
Answers: 2
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Assume that a profit-maximizing firm is perfectly competitive in both the output and the factor mark...
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