# ECON 545 Course / tutorialrank

## ECON 545 Course / tutorialrank

ECON 545 Week 3 Quiz Imperfect Competition (DEVRY)

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following cost data for a purely competitive seller:

TP TFC TVC
0 \$45 \$0
1 45 170
2 45 320
3 45 450
4 45 620
5 45 800
6 45 990
Refer to the above data. If the product price is \$165 at its optimal output, exactly how many units should be produced to maximize profits or minimize losses? How much will the profit or loss be? Show all calculations. (Points : 10)
10.
Question :
(TCO C) A firm has Total Costs (TC) of \$10,000 over the next three months (TOTAL for the 3 months - not per month), of which \$6,000 are fixed costs (TFC) for rent on its lease that cannot be broken. If it stays in business over those months, then the firm will collect only \$5,000 in revenues (TR). So, considering only this information, should they stay in business for those three months or should they close down right now? Provide your reasoning.

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ECON 545 Week 2 Project Part 1 (DEVRY)

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