Homework Answers
The firm is experiencing negative economic profits. The firm will continue in the short run as price is greater than average variable cost.
| L | Q | P | TC | TR | TVC | ATC | AVC | AFC | MC | MR | Profit |
| 0 | 0 | 19.99 | 1000 | 0.0 | 0 | -1000 | |||||
| 1 | 100 | 18.99 | 2280 | 1899.0 | 1280 | 22.80 | 12.80 | 10.00 | 12.80 | 18.99 | -381.00 |
| 2 | 180 | 17.99 | 3560 | 3238.2 | 2560 | 19.78 | 14.22 | 5.56 | 16.00 | 16.74 | -321.80 |
| 3 | 250 | 16.99 | 4840 | 4247.5 | 3840 | 19.36 | 15.36 | 4.00 | 18.29 | 14.42 | -592.50 |
| 4 | 310 | 15.99 | 6120 | 4956.9 | 5120 | 19.74 | 16.52 | 3.23 | 21.33 | 11.82 | -1163.10 |
| 5 | 360 | 14.99 | 7400 | 5396.4 | 6400 | 20.56 | 17.78 | 2.78 | 25.60 | 8.79 | -2003.60 |
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3. Consider a competitive firm with total costs given by TC(q) = 100 + 10q+q? (e) Graph the ATC, AVC, MC, and MR curves in a single graph, and indicate the profit maximizing level of output. If there are profits, shade the region corre- sponding to profit and label it. (f) If fixed costs increase from 100 to 500, what happens to the profit maximizing level of output, TR, TC, and a? (g) If fixed...
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