To calculate profit and loss
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Answer the question below on the basis of the following cost data for a purely competitive seller:
Total Product TFC TVC
0 $150 $0
1 150 70
2 150 120
3 150 150
4 150 220
5 150 300
6 150 390
If the product price is $95, at its optimal output will the firm realize an economic profit, break even, or incur an economic loss? How much will the profit or loss be? Show all calculations.
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Solution Summary
This post shows how to calculate profit and loss if the product price is $95 at optimal output.
Solution Preview
Total Product TFC TVC MC
0 $150 $0
1 150 70 70
2 150 120 50
3 ...
Purchase this Solution
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