Homework Answers
Fixed cost = $12
Price= $6
AFC= FC/Q
ATC= AFC+AVC
ATC= TC/Q
TC=FC when Q=0
TR= P(Q)
MR=Change in TR
MC= Change in TC
Profit= TR-TC
| Output | AFC | AVC | ATC | TC | TR | MR | MC | Profit |
| 0 | - | - | - | 12 | 0 | - | - | -12 |
| 1 | 12 | 4 | 16 | 16 | 6 | 6 | 4 | -10 |
| 2 | 6 | 3 | 9 | 18 | 12 | 6 | 2 | -6 |
| 3 | 4 | 4 | 8 | 24 | 18 | 6 | 6 | -6 |
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Use the following information to answer the remaining questions: A firm sells a product in a...
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Find total cost (TC), total revenue (TR), and profit made by
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