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 long 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 long run?

Quizplus · Accepted Answer

The minimum price that Sergei needs to receive for a tub of ice cream to stay in business in the long run is $36.67. This is because the total cost of producing one tub of ice cream is $36.67, and Sergei needs to cover his costs in order to stay in business.

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