Profit Maximisation - Perfectly Competitive Firm
Sunday, January 24, 2016
Micro -2008 #50 Multiple Choice (Explanation)
Answer - (C)
Average Total cost (for each unit) is $6
Total cost for 20 units is $120
Average variable cost (for each unit) is $5
Total variable cost for 20 units is $100
Average Fixed costs (for each unit) is $1
Total fixed cost for 20 units is $20
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