Please help me solve the total loss in column C? I can\'t seem to get a correct

Question

Please help me solve the total loss in column C? I can't seem to get a correct answer. 20.5, 18.5 and 22.5 do not work.

thanks in advance.

Assume that the following cost data are for a purely competitive producer Total Product Average Fixed Average Average Total Marginal Cost Cost na $60.00 30.00 20.00 15.00 12.00 10.00 $0.00 $45.00 42.50 40.00 37.50 37.00 37.50 Cost $0.00 $105.00 2.50 60.00 52.50 49.00 47,50 47.14 48.13 50.00 52.50 $45 30 35 40 45 7 8.5736 574 7.50 6.67 6.00 40.63 43.33 46.50 65 75 10 Answer the questions in the first column in the table below for each of the prices listed at the top of each of the three columns, (a). (b). and (c). Instructions: Round your answers to 2 decimal places. Select "Not applicable" and enter "0" for output if the firm does not produce.

Explanation / Answer

ANSWER:

C) Since the firm will not produce at the price of $32 as the loss minimizing output is to shutdown and therefore the economic loss will be zero.

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