Question

Consider the following table of numbers, which represents demand and cost conditions for a perfectly competitive...

Consider the following table of numbers, which represents demand and cost conditions for a perfectly competitive firm. The market price is 600$

(a) Fill in the missing values.

(b) What level of output should the firm produce? Explain.

(c) What do you expect to happen in this industry in the long run? Explain.

Q

TFC

AFC

TVC

AVC

TC

ATC

MC

TR

MR

Profit

0

xxxx

0

xxxx

570

xxxx

xxxx

xxxx

1

570

240

2

430

3

670

4

960

5

1350

6

1840

7

2430

8

3120

9

3910

10

4800
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