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The following table shows the cost information for a firm in a perfectly competi...
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The following table shows the cost information for a firm in a perfectly competitive industry.
The market price is $48 and the firm chooses their optimal quantity. Calculate their profit.
| Q | FC | VC | TC | MC | AFC | AVC | ATC |
| 0 | 20 | 20 | |||||
| 1 | 20 | 16 | 36 | 16 | 20.0 | 16.0 | 36.0 |
| 2 | 20 | 34 | 54 | 18 | 10.0 | 17.0 | 27.0 |
| 3 | 20 | 54 | 74 | 20 | 6.7 | 18.0 | 24.7 |
| 4 | 20 | 76 | 96 | 22 | 5.0 | 19.0 | 24.0 |
| 5 | 20 | 100 | 120 | 24 | 4.0 | 20.0 | 24.0 |
| 6 | 20 | 126 | 146 | 26 | 3.3 | 21.0 | 24.3 |
| 7 | 20 | 154 | 174 | 28 | 2.9 | 22.0 | 24.9 |
| 8 | 20 | 184 | 204 | 30 | 2.5 | 23.0 | 25.5 |
| 9 | 20 | 216 | 236 | 32 | 2.2 | 24.0 | 26.2 |
| 10 | 20 | 250 | 270 | 34 | 2.0 | 25.0 | 27.0 |
| 11 | 20 | 286 | 306 | 36 | 1.8 | 26.0 | 27.8 |
| 12 | 20 | 324 | 344 | 38 | 1.7 | 27.0 | 28.7 |
| 13 | 20 | 364 | 384 | 40 | 1.5 | 28.0 | 29.5 |
| 14 | 20 | 406 | 426 | 42 | 1.4 | 29.0 | 30.4 |
| 15 | 20 | 450 | 470 | 44 | 1.3 | 30.0 | 31.3 |
| 16 | 20 | 496 | 516 | 46 | 1.3 | 31.0 | 32.3 |
| 17 | 20 | 544 | 564 | 48 | 1.2 | 32.0 | 33.2 |
| 18 | 20 | 594 | 614 | 50 | 1.1 | 33.0 | 34.1 |
| 19 | 20 | 646 | 666 | 52 | 1.1 | 34.0 | 35.1 |
| 20 | 20 | 700 | 720 | 54 | 1.0 | 35.0 | 36.0 |