PLEASE DRAW ALL THE CURVES USING EXCEL AND ATTACH SCREENSHOTS OF THE CURVES FOR PART 1 AND 2. Question Two:The following data for a small farm operating in a perfectly competitive market are givenin the table below. The price is $10 per yogurt.QTC100102002028030330403605038060390704258050090610100750Instructions:1. Draw (TC, TVC and TFC curves) and explain the relation between these curves.2. Using excel, Draw (ATC, AVC, AFC and MC curves) and explain the relationbetween these curves.3. Determine the optimal level of output and calculate the amount of profit at thatlevel of output.

Cost functions are derived functions. These are derived from the production function and explain the…

1. Draw (TC, TVC and TFC curves) and explain the relation between these curves. 2. Using excel, Draw (ATC, AVC, AFC and MC curves) and explain the relation between these curves. 3. Determine the optimal level of output and calculate the amount of profit at that level of output.

1. Draw (TC, TVC and TFC curves) and explain the relation between these curves. 2. Using excel, Draw (ATC, AVC, AFC and MC curves) and explain the relation between these curves. 3. Determine the optimal level of output and calculate the amount of profit at that level of output.

Microeconomics: Private and Public Choice (MindTap Course List)

16th Edition

ISBN:9781305506893

Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson

Publisher:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson

Chapter11: Price-searcher Markets With High Entry Barriers

Section: Chapter Questions

Problem 14CQ

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PLEASE DRAW ALL THE CURVES USING EXCEL AND ATTACH SCREENSHOTS OF THE CURVES FOR PART 1 AND 2.

Defintion Defintion Curve that represents the graphical relationship between the total supply of goods and services and the price level in the economy. When the price level increases, producers tend to supply more of a product in the market to earn a higher revenue or vice versa.

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Part G