Question
The following table shows possible monthly output with price per unit, fixed cost and variable cost. 2.1. Complete the table below(if needed, round to the
The following table shows possible monthly output with price per unit, fixed cost and variable cost.
2.1. Complete the table below(if needed, round to the second decimal place). (3 points)
Quantity | Price per unit | Total revenue | Marginal revenue | Fixed cost | Variable cost | Total cost | Average Variable cost | Average Total cost | Marginal Cost | Profit |
0 | 10.5 | N/A | 300 | 0 | N/A | N/A | N/A | |||
10 | 10.5 | 300 | 60 | |||||||
20 | 10.5 | 300 | 100 | |||||||
30 | 10.5 | 300 | 150 | |||||||
40 | 10.5 | 300 | 230 | |||||||
50 | 10.5 | 300 | 335 | |||||||
60 | 10.5 | 300 | 490 |
2.2. Graph AFC, AVC, ATC, and MC using thecoordinate plane below. (3 points)
* Graph lines do not need to be super accurate.
2.3. Indicate the area that represents total revenue, total cost and profit (or loss) at profit maximization (or loss minimization) point (3 points)
* You don't need to find the exact profit maximization (or loss minimization) quantity.
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