(1) Consider the following cost schedule for a firm. Quantity Marginal Cost Average Total Cost Average Variable Cost 10 $12 $32 $24 15 $14 $30 $20 20 $16 $28 $16 25 $26 $26 $20 30 $30 $28 $24 35 $40 $32 $30 What is the economic profit or loss for a perfectly competitive firm if the market price is $26? A-0. B- $20. C- negative $20. D-$150. E-negative $150

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A: The answer is as follows:-

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A: No, firm should exit the market

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A: We will answer the first three subparts only. Please resubmit the question with any other parts…

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A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…

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A: Q40 TR=P*Q TR(1)=1*20=20 and so on MR=change in TR MR(1)=20-0=20 and so on MC=change in TC…

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A: Price=27$ Q=2700 Average total cost(ATC)=21 $ VC = $19

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A: Total revenue is the product of price and quantity. Total revenue = PQ

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A: Since you have posted a question with multiple sub-parts, we will solve first three subparts for…

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A: Since you have posted a question with multiple sub-parts, we will solve the first three sub-parts…

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A: Fixed Cost (FC): A fixed cost is an expense that does not change when sales or production volumes…

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A: The table showing output and cost is as follows:

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A: A perfectly competitive firm is one of many firms producing identical goods in the market.

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A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…