Question 1 (Q is quantity of production) TFC TVC TC AFC AVC ATC MC 60 15 3 5 50 5 8 22 140 7 20 8 60 9 300 10 50 a. Fill out the table (already done in the last homework. Copy from answer sheet) b....

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Question 1 (Q is quantity of production)<br>TFC<br>TVC<br>TC<br>AFC<br>AVC<br>ATC<br>MC<br>60<br>15<br>3<br>5<br>50<br>5<br>8<br>22<br>140<br>7<br>20<br>8<br>60<br>9<br>300<br>10<br>50<br>a. Fill out the table (already done in the last homework. Copy from answer sheet)<br>b. Assume the cost table is of the purely (perfectly) competitive firm. Price = $40.<br>What is the equilibrium quantity at that price.<br>c. How much is the Profit/or Loss/or breakeven point<br>d. What is the Marginal Revenue for this question<br>e. Draw the necessary graphs as shown in class. Identify Q, P at equilibrium, and identify the total<br>revenue and total cost areas, and the Profit, or loss or breakeven area which is applicable to this<br>question.<br>i<br>2.<br>

Extracted text: Question 1 (Q is quantity of production) TFC TVC TC AFC AVC ATC MC 60 15 3 5 50 5 8 22 140 7 20 8 60 9 300 10 50 a. Fill out the table (already done in the last homework. Copy from answer sheet) b. Assume the cost table is of the purely (perfectly) competitive firm. Price = $40. What is the equilibrium quantity at that price. c. How much is the Profit/or Loss/or breakeven point d. What is the Marginal Revenue for this question e. Draw the necessary graphs as shown in class. Identify Q, P at equilibrium, and identify the total revenue and total cost areas, and the Profit, or loss or breakeven area which is applicable to this question. i 2.

Jun 11, 2022

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Question 1 (Q is quantity of production) TFC TVC TC AFC AVC ATC MC 60 15 3 5 50 5 8 22 140 7 20 8 60 9 300 10 50 a. Fill out the table (already done in the last homework. Copy from answer sheet) b....

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