Answer all questions and show all work
Problem Solving
Reliable packaging is a perfectly competitive firm. Its output is 20,000 units a day; its daily total revenue is $750,000; its average total cost is $37.50; and its average variable cost is $27.50. It is operating at the output level where average total cost is at a minimum. What is each of the following?
1. Price
2. Total Cost
3. Total fixed cost
4. Total profit
5. Marginal Cost