Solved: The following figure shows mc ac avc and mr for a firm in a, Macroeconomics

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The following figure shows mc ac avc and mr for a firm in a

The following figure shows MC, AC, AVC, and MR for a firm in a perfectly competitive market. The firm wished to choose an output that leads to maximum profit.

a) At what level of output will the firm operate?

b) What price will the firm charge?

c) What line indicates average cost at the maximum profit output?

d) What line indicates marginal cost at the maximum profit output?

e) Which block indicates the total cost of producing the maximum profit output?

f) Which block indicates the firm's total revenue at maximum profit output?

g) Which block indicates the firm's profit at maximum-profit output?

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