If the market price is $10, what is the firm's total cost?

1 answer:

3 0

<span>Answer: Profit per unit is equal to price minus average total cost. Since this is a perfectly competitive firm, it takes the market price as given; thus the firm's price is $10 per unit. At its current level of output, this firm's average total cost is $8 per unit. Thus this firm's profit per unit is $(10 â€“ 8) = $2 per unit</span>

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