Table 16-4
This table shows the demand schedule, marginal cost, and average total cost for a monopolistically competitive firm.

-Refer to Table 16-4.At the profit maximizing level of output,what is this firm's total cost?

Question

Table 16-4
This table shows the demand schedule, marginal cost, and average total cost for a monopolistically competitive firm.
 
-Refer to Table 16-4.At the profit maximizing level of output,what is this firm's total cost?

Quizplus · Accepted Answer

The profit-maximizing level of output occurs where marginal cost equals marginal revenue. At this output level, the total cost can be determined from the cost table provided in Table 16-4.

Table 16-4 This Table Shows the Demand Schedule, Marginal Cost, and Average