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Suppose a certain competitive firm

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Suppose a certain competitive firm is producing Q=500 units of output. The marginal cost of the 500th unit is $17, and the average total cost of producing 500 units is $12. The firm sells its output for $20.

Refer to Scenario 14-3. At Q=500, the firm's profits equal

  • $4,000.
  • $1,000.
  • $10,000.
  • $7,000.

Reference no: EM131260028

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