Question

Assume that the cost data in the following table are for a purely competitive producer:

Total Product	Average Fixed Cost	Average Variable Cost	Average Total Cost	Marginal Cost
0
1	$60.00	$45.00	$105.00	$45
2	30.00	42.50	72.50	40
3	20.00	40.00	60.00	35
4	15.00	37.50	52.50	30
5	12.00	37.00	49.00	35
6	10.00	37.50	47.50	40
7	8.57	38.57	47.14	45
8	7.50	40.63	48.13	55
9	6.67	43.33	50.00	65
10	6.00	46.50	52.50	75

In the following table, complete the short run supply schedule for the firm.

Price	Quantity Supplied,   Single Firm	Profit or Loss	Quantity Supplies, 1500 firms
$28
36
43
48
57
69
78

Answer 1