Complete the following table, assuming that the firm is in the short run and L is the only variable input.

Assuming that the firm operates in a perfectly competitive market and faces a market price of $6 per unit for its product, answer the following:
a. At which of the outputs in the table will it have greatest profit lowest loss)?
b. How much will that profit loss) be?

Question

Complete the following table, assuming that the firm is in the short run and L is the only variable input.
  
Assuming that the firm operates in a perfectly competitive market and faces a market price of $6 per unit for its product, answer the following: 
a. At which of the outputs in the table will it have greatest profit lowest loss)?
b. How much will that profit loss) be?

Quizplus · Accepted Answer

The Answer of Complete the following table, assuming that the firm is in the short run and L is the only variable input.
  
Assuming that the firm operates in a perfectly competitive market and faces a market price of $6 per unit for its product, answer the following: 
a. At which of the outputs in the table will it have greatest profit lowest loss)?
b. How much will that profit loss) be?

Complete the Following Table, Assuming That the Firm Is in the Short