Average variable cost curves for perfectly competitive firm, Macroeconomics

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Average variable cost curves for perfectly competitive firm

Suppose the short-run marginal and average variable cost curves for a perfectly competitive firm are given by

MC = 20 + 40Q

AVC = 20 + 20Q

a. How many units of output will the firm produce at a price of $100 per unit? Explain how you arrived at your answer and be sure to show all your calculations.

b. At what level of total fixed costs will this firm earn zero economic profit?

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Macroeconomics: Average variable cost curves for perfectly competitive firm

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Macroeconomics: Average variable cost curves for perfectly competitive firm

Reference No:- TGS061054

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Macroeconomics: Average variable cost curves for perfectly competitive firm

Reference No:- TGS061054

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