Question
Output Total Revenue Total Cost 0 $0 $50 1 40 74 2 80 94 3 120...
| Output | Total Revenue | Total Cost |
| 0 | $0 | $50 |
| 1 | 40 | 74 |
| 2 | 80 | 94 |
| 3 | 120 | 117 |
| 4 | 160 | 142 |
| 5 | 200 | 172 |
The table gives data for a purely competitive, profit-maximizing firm. Based on this information, in the short run how much is this firm earning in economic profit (or losing, as reflected by negative numbers)?
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Answer #1
28
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COSTS REVENUES Quantity Produced Total Cost Marginal Cost Quantity Demanded Price Total Revenue Marginal Revenue 0...
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Total
Cost
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Quantity
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0
$0
--
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$80
--
1
$50
1
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$102
2
$80
3
$157
3
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$217
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50 187
60 200
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Total Cost (TC)
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Avg. Variable Cost (AVC)
Avg. Total Cost (ATC)
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0
5
0
1
7
2
10
3
9
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19
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Output Total Cost TR Profit MR &n
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(per hour)__($ per
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_______________________________________________
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-10
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1
12
10
2
10
2
12
2
16
20
4
10
2
8
3
21
30
9
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30
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10
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2.25
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45
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5
10
3
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Total cost
Marginal cost
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0
$ 50
XXXX
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$60
XXXXX
$
1
80
$
1
55
$
2
120
2
50
3
150
3
45
4
170
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40
5
185
5
35
6
205
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30
7
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25
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14
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22
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32
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44
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74
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147
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