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Exhibit: Perfectly Competitive Firm

-(Exhibit: Perfectly Competitive Firm) The exhibit shows a perfectly competitive firm that faces demand curve d, has the cost curves shown, and maximizes profit. The firm's total cost per day is:

Question

Use the following to answer question(s): 
Exhibit: Perfectly Competitive Firm
 
-(Exhibit: Perfectly Competitive Firm) The exhibit shows a perfectly competitive firm that faces demand curve d, has the cost curves shown, and maximizes profit. The firm's total cost per day is:

Quizplus · Accepted Answer

The firm's total cost per day is the sum of its fixed cost and variable cost. The fixed cost is $150, and the variable cost at the profit-maximizing output level of 50 units is $450 ($9 per unit x 50 units). Therefore, the total cost per day is $600 ($150 + $450).

Use the Following to Answer Question(s)