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assume the price of a product sold by a purely competitive firm is $5. given the data in the accompanying table, at what output level is total profit highest in the short run? output total cost 20 $70 25 75 30 85 35 100 40 125 45 155 50 190 group of answer choices 20 50 40 30

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BinithaR

The output level is total profit highest in the short run is 40 .

What is meant by short run ?

The idea of the short run states that some inputs will be constant while others will change over a specific period of time. It expresses the notion that an economy responds to particular stimuli differently depending on the amount of time it has to do so.

In the short run, certain production parameters are stable and some are flexible. Only by increasing the application of the variable factor can output be enhanced. The scale of manufacturing stays steady in the short term. The lengthy run is a time when all production factors are erratic.

To learn more about short run refer to :

https://brainly.com/question/24088447

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