Use the following to answer questions:
-(Table: Total Cost and Output) Look at the table Total Cost and Output, which describes Sergei's total costs for his perfectly competitive all-natural ice cream firm. What is the minimum price that Sergei needs to receive for a tub of ice cream to stay in business in the short run?

Question

Use the following to answer questions: 
-(Table: Total Cost and Output) Look at the table Total Cost and Output, which describes Sergei's total costs for his perfectly competitive all-natural ice cream firm. What is the minimum price that Sergei needs to receive for a tub of ice cream to stay in business in the short run?

Quizplus · Accepted Answer

In the short run, Sergei needs to cover his average variable costs to stay in business. The minimum price is the average variable cost at the lowest point, which is $33.33.

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