Question

complete the table and select the best output you would advise the company to produce when...

complete the table and select the best output you would advise the company to produce when the price of the product is 75 dollar, 99 dollar   

Q

TC

TFC

TVC

AC

AFC

AVC

MC

0

120

X

X

X

X

1

265

145

2

264

3

161

4

85

5

525

77

6

120

7

97

8

768

9

97

10

127

Homework Answers

Answer #1

Ans:

Q TC TFC TVC AC AFC AVC MC
0 120 120 0 X X X X
1 265 120 145 265 120 145 145
2 384 120 264 192 60 132 119
3 483 120 363 161 40 121 99
4 568 120 448 142 30 112 85
5 645 120 525 129 24 105 77
6 720 120 600 120 20 100 75
7 799 120 679 114.14 17.14 97 79
8 888 120 768 111 15 96 89
9 993 120 873 110.33 13.33 97 105
10 1120 120 1000 112 12 100 127

Explanation:

TC = TFC + TVC

AC = TC / Q

AFC = TFC / Q

AVC = TVC / Q

MC = ∆ TC / ∆ Q

Ans:

At price $75 , the company should produce 6 units of output.

At price $99 , the company should produce 3 units of output.

Explanation:

Under perfect competition , the profit maximization condition is where price equals marginal cost ( P = MC).

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