Homework Answers
13) The firm is operating in the short run as there are fixed cost
option(A)
14) ATC of producing 20 units = (15+22)/20 = 1.85
option(A)
15) MC = change in TC/Change in Q
TC of 30 units = 57
TC of 40 units = 15+65 = 80
MC = 80-57/10 = 2.3
option(C)
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The table below provides cost information for a firm. Use this information to answer the following...
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question 16
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firm. The market is perfectly competitive, and the market price is
$10. Total costs include all implicit opportunity costs.
Calculate the firm’s profit at each rate of output and fill in
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Calculate firm's marginal cost and marginal revenue at each
rate of output and fill in the values in the table.
Calculate the firm’s average total costs and average variable
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