Answer to Question #38934 in Microeconomics for ash

Question #38934
The demand for widgets (X) is given by:

Px = 160 – 4x

The production of widgets has the following average variable costs

AVC = 2x – 20

Fixed costs are 162.

Calculate the output level of widgets that

1: Maximizes total revenue
2: Minimizes the average total cost of widgets
3: Minimizes the total cost of widgets
4: Maximizes profits
1
Expert's answer
2014-02-07T11:03:52-0500
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