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In long-run equilibrium, suppose that this restaurant charges $11 per meal for 180 meals and that the marginal cost of the 180th meal is $9.What is the size of the firm’s profit?

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In long-run equilibrium, suppose that this restaurant charges $11 per meal for 180 meals and that the marginal cost of the 180th meal is $9.What is the size of the firm’s profit?
Answered Same Day Dec 21, 2021

Solution

David answered on Dec 21 2021
123 Votes
In long-run equili
ium, suppose that this restaurant charges $11 per meal for 180 meals and that the marginal cost of the 180th
meal is $9.What is the size of the firm’s profit?
Ans Profit is given by : TR-TC= (11-9)*180=360.
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