Reference no: EM131165500
Given the following cost data for a firm that is selling in a perfectly competitive market:
Output AFC AVC ATC MC
1 $100.00 $17.00 $117.00 $17.00
2 50.00 16.00 66.00 15.00
3 33.33 15.00 48.33 13.00
4 25.00 14.25 39.25 12.00
5 20.00 14.00 34.00 13.00
6 16.67 14.00 30.67 14.00
7 14.29 15.71 30.00 26.00
8 12.50 17.50 30.00 30.00
9 11.11 19.44 30.55 35.00
10 10.00 21.60 31.60 41.00
If the market price for the firm's product is $30, What is its profit if it operates?If the market price for the firm's product is $14, what should the perfectly competitive firm do? What is the firm's supply curve given the data above?
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