Answer to Question #38934 in Microeconomics for ash
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
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