Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Hi there, I have this table and I have really been struggling to figure the formula for TC . I thought TC=FC+VC. Since I don't
Hi there, I have this table and I have really been struggling to figure the formula for TC . I thought TC=FC+VC. Since I don't have that information on this table, I'm not sure what to do.
For a competitive firm I believe these are the correct formulas... unless I'm wrong
MR= The change in TR/the change in Q
TR=P x Q
MC=The change in TC/ The change in Q
Profit =TR-TC
ATC= TC/Q
Any advise would be greatly appreciated! Thank you! :)
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started