Now assume a short-run situationwhere there are a number of different firms using each technique of production, and they are competing within the same industry.The quality of the product is completely standardized; these firms compete only on the basis of how cheaply they can produce it.They can sell output at$95per unit.

Firms using Challenger technique of production will maximize profit or minimize loss at $______ by producing at level of output = ________.

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Q output TC TFC TVC ATC MC AVC AFC 100 100 0 0 0 0 0 2 190 100 90 190 90 90 100 270 100 170 135 80 85 50 4 340 100 240 113.3333 70 80 33.33333 5 400 100 300 100 60 75 25 6 470 100 370 94 70 74 20 7 550 100 450 91.66667 80 75 16.66667 8 640 100 540 91.42857 90 77.14286 14.28571 9 750 100 650 93.75 110 81.25 12.5 10 880 100 780 97.77778 130 86.66667 11.11111 CHALLENGER 11 1030 100 930 103 150 93 10 12 1200 100 1100 109.0909 170 100 9.090909 Averages and Marginals Total Cost, Total Fixed Cost, Total Variable Cost 1400 1200 1000 800 600 400 200 1 2 3 4 5 6 7 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 -ATC MC AVC -AFC -TC -TFC -TVCMicroeconomics Mr. Roberts 1. The Challenger technique has a minimum average total cost of approximately 90.7. The minimum average total cost is when the MC= ATC, the closest unit of output that matches these requirements is an out of 8. I averaged 91.4 and 90 to get a closer approximate answer. 2. For the Challenger technique, the closest unit out output to the minimum average total cost is an output of 8. 3. The Original technique has a minimum average total cost of approximately 97.2. The minimum average total cost is when MC=ATC, because the unit output that is closest is an output of ? I averaged 99.3 and 95 to get 97.2. 4. For the Original technique, the closest unit of output to the minimum average total cost is 7. Challenger: Q Firms using the Original technique of production will maximize profit or minimize loss at $ output TC TFC TVC ATC MC AVC AFC by producing at level of output = 100 100 0 0 0 190 100 90 190 90 90 100 6. Firms using Challenger technique of production will maximize profit or minimize loss at $ 270 100 170 135 80 85 50 by producing at level of output = 340 100 240 113.3333 70 80 33.33333 400 100 300 100 60 75 25 470 100 370 94 70 74 20 7 550 100 450 91.66667 80 75 16.66667 8 640 100 540 91.42857 90 77.14286 14.28571 750 100 650 93.75 110 81.25 12.5 10 880 100 780 97.77778 130 86.66667 11.11111 11 1030 100 930 103 150 93 10 12 1200 100 1100 109.0909 170 100 9.090909