Question
The following table contains information for a price taking competitive firm. Total Marginal Fixed Average...
The following table contains information for a price taking
competitive firm.
Total Marginal Fixed Average Total Average Marginal
Output Cost Cost Cost Cost Revenue Revenue Revenue
0 5 0
1 7 10
2 11 20
3 17 30
4 27 40
5 41 50
6 61 60
a. Complete the table
b. Determine and indicate the profit maximizing (cost
minimizing) level of output (round your answer to the nearest whole
number).
c. Calculate the profit/losses.
Homework Answers
Answer #1
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Quantity
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Economic Profit
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0
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0
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Quantity Total Revenue Marginal Revenue Total Cost Marginal Cost Fixed Costs ATC Average Fixed Costs Average...
Quantity
Total Revenue
Marginal Revenue
Total Cost
Marginal Cost
Fixed Costs
ATC
Average Fixed Costs
Average Variable Costs
0
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10
-
10
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1
8
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14
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48
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Output
Price
Total Cost
Total Revenue
Marginal Revenue
Marginal Cost
Average Total Cost
Profit/
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0
150
100
1
138
150
2
125
184
3
113
208
4
100
227
5
88
250
6
75
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a. Determine the optimum /profit maximizing point using the
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) Assume the following unit‑cost data are for a purely competitive producer: Total Product Average fixed...
) Assume the following unit‑cost data
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Total
Product
Average
fixed
cost
Average
variable
cost
Average
total
cost
Marginal
cost
0
1
2
3
4
5
6
7
8
9
10
$60.00
30.00
20.00
15.00
12.00
10.00
8.57
7.50
6.67
6.00
$45.00
42.50
40.00
37.50
37.00
37.50
38.57
40.63
43.33
46.50
$105.00
72.50
60.00
52.50
49.00
47.50
47.14
48.13
50.00
52.50
$45
40
35
30
35
40
45
55
65
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a. At a product...
The table below shows output, fixed, variable, and total costs for a firm in a perfectly...
The table below shows output, fixed, variable, and total costs
for a firm in a perfectly competitive market.
Output
Fixed Cost (FC)
Variable Cost (VC)
Total Cost (TC)
Avg. Fixed Cost (AFC)
Avg. Variable Cost (AVC)
Avg. Total Cost (ATC)
Marginal Cost (MC)
0
5
0
1
7
2
10
3
9
4
19
5
25
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(round...
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Complete the following cost and revenue schedule:
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Quantity Demanded
Total Revenue
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Total Cost
Marginal Cost
Average Total Cost
20
0
8
18
1
14
16
2
22
14
3
32
12
4
44
10
5
58
8
6
74
6
7
92
4
8
112
2
9
147
a. Graph the demand, MR, and MC curves.
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Table 16-5
This table shows the demand schedule, marginal cost, and average
total cost for a monopolistically competitive firm.
Quantity
Price
Marginal
Cost
Average
Total Cost
0
$30
--
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1
$24
$2
$32
2
$18
$4
$18
3
$12
$6
$14
4
$6
$8
$10
5
$0
$10
$10
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firm earn at the monopolistically competitive price?
A) $0
B) $5
C) $12
D) $16
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6) A monopolistically competitive firm is not profitable
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B) price < average total cost.
C) marginal revenue > average revenue.
D) total revenue > marginal cost.
COSTS REVENUES Quantity Produced Total Cost Marginal Cost Quantity Demanded Price Total Revenue Marginal Revenue 0...
COSTS
REVENUES
Quantity
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Total
Cost
Marginal
Cost
Quantity
Demanded
Price
Total
Revenue
Marginal
Revenue
0
$0
--
0
$80
0
--
1
$50
50
1
$80
80
80
2
$102
52
2
$80
160
80
3
$157
55
3
$80
240
80
4
$217
60
4
$80
320
80
5
$285
68
5
$80
400
80
6
$365
80
6
$80
480
80
7
$465
97
7
$80
560
80
8
$585
120
8
$80
640
80
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