NU: ECO 203 Homework assignment #3 for week 3 and week 4: (60 points) 1. Suppose you make good X for sale, which requires a building and a machine that makes them. You rent a building for $30,000 per month and rent a machine for $20,000 a month. Those are your fixed costs. The variable cost per month is given in the cable below: (15 paint inal) Quantity of Good X Vc MC of Good X avc of Good X | ATc of Good x O NUA NUA 1,000 5,000 3,000 3.000 9.000 1,000 14.ooo 6,000 20.000 6.090 33,000 2.000 40.900 8 DOO 72.000 0/000 09,000 10.000 160.050 a) Use blank spaces in the table above to calculate your average variable cost, average total cost, and marginal cost for each quantity of output. (@.2 fur eacts onteri rost value = 6 points mid) There is fire entry into this market, and anyone who enters will face the same costs as you do. Suppose that currently the price of one unit of good X is $25. * b) What will your profit be? $ (apoings) c) Is this a long-run equilibrium price? If not, what will the price of good X be in the long run? (3 polois) 1 d) Assume that good X production is a perfectly competitive market, What is your break-even price. Briefly explain. (Where the economic profit = $0)? (3 pcinusi