Table 7-A
Revenue and Cost Data for a Perfectly Competitive

question 56

Multiple Choice

Table 7-A
Revenue and Cost Data for a Perfectly Competitive Firm
$$\begin{array} { c c c c c c c } \text { Daily } & \text { Price } & \text { Total } & \text { TFC } & \text { TVC } & \text { TC } & \text { Profit } \\\text { Output } && \text { Revenue } & & & & \\0 & \$ 20 & \$0 & V&\$0& \$ 50 & - \$ 50 \\1 & \$ 20 & \$ 20 & \$ 50 & \$ 12 & \$ W & - \$ 42 \\2 & \mathbf { X } & \$ 40 & \$ 50 & Y & \$ 78 & - \$ 38 \\3 & \$ 20 & \$ 60 & \$ 50 & \$ 45 & \$ 95 & Z\end{array}$$
-Refer to Table 7-A.What is the value of the variable W shown in the table?

• A)$0
• B)$50
• C)$62
• D)$64
• E)The value of W cannot be determined from the information provided.

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Definitions:

Cognitive Ability

The mental capacity for processing information, applying knowledge, and changing preferences or behavior based on knowledge or reasoning.

Generalizable

Valid in other contexts beyond the context in which the selection method was developed.

Publishing Company

A business specializing in producing and distributing books, magazines, journals, or digital content.

Economic Value

The worth of a good or service determined by the market or its impact on an entity's financial condition.