Garcia company is a perfectly competitive firm. the market price of its output is $10. the firm is currently producing 100 units of output. at this level of output, the firmâ€™s average total cost is $8 per unit, its average variable cost is $6 per unit, and its marginal cost is $10 per unit. what is the firmâ€™s profit?

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01-11-2016
Mathematics

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Garcia company is a perfectly competitive firm. the market price of its output is $10. the firm is currently producing 100 units of output. at this level of output, the firmâ€™s average total cost is $8 per unit, its average variable cost is $6 per unit, and its marginal cost is $10 per unit. what is the firmâ€™s profit?

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syed514 syed514 · Answer 1 · 2016-11-03T12:20:49+01:00

syed514 syed514

03-11-2016

Answer: $200.
Any firm (regardless of market structure) will maximize profit by producing and selling the quantity at which marginal revenue is equal to marginal cost.In the special case of a perfectly competitive firm,marginal revenue is equal to price.

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