Number of Total Total Fixed ToralcostAveragc Average Average Marginal Swords Variable Cost Variable Fixed Total Cost or Cost Cost TFC Cost Cost Average cost MC TVC TC AVC AFC ATC or AC 0 50 l 25 2 47.50 3 23.33 4 150 5 135 MICROECONOMICS CHAPTER 3 HOMEWORK {10 Points) Due on Monday March 25 1. Complete the following table and draw the seven cost curves. Plot the total xed cost, total variable cost and total cost in one graph and average xed cost, average variable cost, average total cost and marginal cost in another graph. (4 points) No. of Fruit Total Fixed cost $ Total Variable Total Cost $ Marginal Cost $ Baskets Cost$ 0 50 0 50 --- l 50 IO 60 10 2 50 15 65 S 3 50 2| 7| 6 4 50 31 81 10 S 50 46 96 15 ti 50 63 118 22 2. Refer to the table above. Assume that fruit baskets are sold in a perfectly competitive market. The market price of a fruit basket is $22. To maximize prots, Danz Fruit market should sell fruit baskets and their prot is . (2 Points) 3. Refer the graph below. Find the prot maximizing level of output, price and calculate the total cost, total revenue and prot. Show your work (4 Points) Dashboard Calendar To Do Notications Inbox 9246 I'I I! Points) Due on Monday March 25 1. Complete the following table and draw the seven cost curves. Plot the total xed cost, total variable cost and total cost in one graph and average xed cost, average variable cost, average total cost and marginal cost in another graph. (4 points) No. of Fruit Total Fixed cost $ Total Variable Tolal Cost $ Mmginal Cost $ Baskets Cost? 0 50 U 50 --- l 50 10 6D 10 2 50 15 65 S 3 50 2| 7| 6 4 50 31 81 10 5 50 46 96 15 50 68 118 22 2_ Refer to the table above. Assume that fruit baskets are sold in a perfectly competitive market. The market price of a fruit basket is $22. To maximize prots, Danz Fruit market should sell fruit baskets and their prot is . (2 Points) 3. Refer the graph below. Find the prot maximizing level of output, price and calculate the total cost, total revenue and prot. Show your work (4 Points) Bales of hay co-EQE Dashboard Calendar To Do Notications Inbox