Solved: Given the cost function in the following table for

Simon
Given the cost function in the following table for Simon

Given the cost function in the following table for Simon, a housepainter in a competitive local
market, answer the questions that follow. (You may want to calculate average cost.)

Number of Rooms Painted per Week Total Cost

0 ………………………………………………… $100

1 ………………………………………………… $120

2 ………………………………………………… $125

3 ………………………………………………… $145

4 ………………………………………………… $200

5 ………………………………………………… $300

6 ………………………………………………… $460

What is the minimum price per room at which Simon would be earning positive economic profit?
At prices below this price, what will Simon’s long run plan be?

Given the cost function in the following table for Simon

ANSWER
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