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March 29, 2015

Homework Help: home economics

Posted by tom on Friday, November 2, 2012 at 7:54pm.

a firm produces 20 units of output at a market price of #5, a marginal cost of $5, and an average cost of $3. what is the firms economic profit and is the firm maiximizing its economic profit.

Is the formula market price-average cost x quantity 20?

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