3. Given the following information: Quantity Average Fixed Cost Average Variable Cost Average Total Cost Marginal...
3. Given the following information:
|
Quantity |
Average Fixed Cost |
Average Variable Cost |
Average Total Cost |
Marginal Cost |
||
|
1 |
300 |
100 |
400 |
100 |
||
|
2 |
150 |
75 |
225 |
50 |
||
|
3 |
100 |
70 |
170 |
60 |
||
|
4 |
75 |
73 |
148 |
80 |
||
|
5 |
60 |
80 |
140 |
110 |
||
|
6 |
50 |
90 |
140 |
140 |
||
|
7 |
43 |
103 |
146 |
180 |
||
|
8 |
38 |
119 |
157 |
230 |
||
|
9 |
33 |
138 |
290 |
|||
|
10 |
30 |
160 |
360 |
a) If market price is $140, then…
1. the firm will produce quantity ___________
2. Total revenue = _____________
3. Total cost = _______________
4. Profit for this firm = _______________
b) If market price is $230, then…
1. the firm will produce quantity ___________
2. Total revenue = _____________
3. Total cost = _______________
4. Profit for this firm = _______________
c) If market price is $80, then…
1. the firm will produce quantity ___________
2. Total revenue = _____________
3. Total cost = _______________
4. Profit for this firm = _______________
Homework Answers
A) The firm will produce the quantity = 6
Total revenue = 140* 6 = 840
Total cost = 140*6 = 840
Profit = 840 - 840 = 0
B) the firm will produce the quantity = 8
Total revenue = 230*8 = 1840
Total cost = 157*8 = 1256
Profit = 584
C) the firm will produce the quantity = 4
Total revenue = 80*4 = 320
Total cost = 148*4 = 592
Profit = - 272
Add Answer to:
3. Given the following information:
Quantity
Average Fixed Cost
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Assume that a purely competitive firm has the following schedule of average and marginal costs: Output 1 AFC $300 150 100 No от во 60 50 43 38 33 30 AVC $100 75 70 73 80 90 103 119 138 160 ATC $400 225 170 148 140 140 146 156 171 190 MC $100 50 60 80 110 140 180 230 290 360 9 10 e. At a price of $55, the firm would produce units of output. At a...
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