Question

Fill in the table for a perfectly competitive firm. Output VC TC AVC AFC ATC MC...

Fill in the table for a perfectly competitive firm.

Output

VC

TC

AVC

AFC

ATC

MC

P

TR

PROFIT

0

100

---

---

---

---

50

1

25

50

2

20

3

53.3

4

17.5

5

90

6

30

7

265

8

41.3

9

35

10

425

A perfectly competitive firm’s demand curve is perfectly elastic.

Homework Answers

Answer #1
Output VC TC FC AVC AFC ATC MC P TR PROFIT
0 100 100 --- --- --- --- 50 0
1 25 125 100 25 100 125 25 50 50 -75
2 45 145 100 22.5 50 72.5 20 50 100 -45
3 59.9 160 100 19.9666667 33.3333333 53.3 15 50 150 -9.9
4 70 170 100 17.5 25 53.3 10 50 200 30
5 90 190 100 18 20 42.5 20 50 250 60
6 120 220 100 20 16.6666667 38 30 50 300 80
7 165 265 100 23.5714286 14.2857143 36.6666667 45 50 350 85
8 230 330 100 28.8 12.5 41.3 65 50 400 69.6
9 315 415 100 35 11.1111111 46.1111111 85 50 450 35
10 425 525 100 42.5 10 52.5 110 50 500 -25

TC=TFC+TVC

TFC=TC when Q=0

TVC=TC-TFC

TR=PQ

MC=TCn-TCn-1

AVC=TVC/Q

AFC=TFC/Q

ATC=TC/Q

PROFIT=TR-TC

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