Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Quantity Total Cost (dollars) 0 500 1 600 2 680 3 720 4 800 5 890 6 1000 7 1140 8 1300 9 1500 10
Quantity | Total Cost (dollars) |
0 | 500 |
1 | 600 |
2 | 680 |
3 | 720 |
4 | 800 |
5 | 890 |
6 | 1000 |
7 | 1140 |
8 | 1300 |
9 | 1500 |
10 | 1750 |
from the table above that shows a perfectly competitive firm's TC at different output level. Answer the following questions If the market price of each unit is $200, fill the above table.
- what is the amount of TFC?
- what is the amount of TVC if the firm produces 2 units?
- what is the amount of AVC if the firm produces 3 units
- what is the amount of TR if the firm produces 3 units
- what is the amount of MC for the first unit produced?
- what is the amount of MR for the 6th unit of output?
- what is the amount of AR if the firm produces 3 units
- What is the optimal level of output?
- what is the profit at the optimal level of output?
- what is the amount of losses if the firm decide to shutdown
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