The accompanying table represents the quantity produced, the total revenue, and the total cost of a firm operating in a competitive market. Refer to this table to answer the questions that follow.

-The average cost (cost per unit)for this product when profit is maximized is:

Question

The accompanying table represents the quantity produced, the total revenue, and the total cost of a firm operating in a competitive market. Refer to this table to answer the questions that follow.
 
-The average cost (cost per unit)for this product when profit is maximized is:

Quizplus · Accepted Answer

The average cost (cost per unit) for this product when profit is maximized is $4.33. This is because the profit-maximizing quantity is the quantity at which marginal cost equals marginal revenue. At this quantity, the average cost is equal to the minimum average total cost.

The Accompanying Table Represents the Quantity Produced, the Total Revenue