Homework Answers
1.
| Q | TFC | TVC | TC=TFC+TVC | MC=Change in TC |
| 0 | 150 | 0 | 150 | - |
| 1 | 150 | 50 | 200 | 50 |
| 2 | 150 | 75 | 225 | 25 |
| 3 | 150 | 105 | 255 | 30 |
| 4 | 150 | 145 | 295 | 40 |
| 5 | 150 | 200 | 350 | 55 |
| 6 | 150 | 270 | 420 | 70 |
| 7 | 150 | 360 | 510 | 90 |
| 8 | 150 | 475 | 625 | 115 |
| 9 | 150 | 620 | 770 | 145 |
| 10 | 150 | 800 | 950 | 180 |
If P=$60 , then firm would produce 5 units because when Q=5 units ,P>MC and when Q=6 units, then P<MC , therefore profit maximizing output = 5 units and total revenue = (60)(5)= $300 and total cost = $350 ,this implies incur a loss of $(300-350)= -$50.Hence, option(D) is correct.
2. When Q=5 units, TFC= $50 , TVC=$300 and TC= $350.
AFC= TFC/Q= 50/5 = $10
AVC= $300/5 = $60
ATC = $350/5 = $70
Hence, option(C) is correct.
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