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Output/week TC AFC AVC ATC MC 0 $100.00 - - - 1 $155.70 2 $205.60 34 3 $253.90 4 $304.80 56 $362.50 6 $431.20 7 $515.10 8 $618.40 9 $745.30 10 $900.00 1.- Matt Rafferty produces hiking boots in the perfectly competitive hiking boots market. A) Fill in the missing values on the table:\table[[Output/week, TC, AFC, AVC, ATC, MC], [0,$100.00, -, -, -, -], [1, $155.70,,,,], [2,$205.60,,,,], [3,$253.90,,,,], [4, $304.80,,,,], [5, $362.50,,,,], [6, $431.20,,,,], [7, $515.10,,,,], [8,$ 618.40,,,,], [9,$745.30,,,,], [10, $900.00,,,,]] B) Suppose the equilibrium price in the hiking boots market is $100. How many pairs of boots should Matt produce, what price should he charge, and how much profit (or loss) will he make? C) If next week the equilibrium price drops to $65, how many pairs of boots should Matt produce, what price should he charge, and how much profit (or loss) will he make? D) If the equilibrium price of boots falls to $50, how many pairs should Matt produce, what price should he charge, and how much profit (or loss) will he make?

Output/week TC AFC AVC ATC MC 0 $100.00 - - - 1 $155.70 2 $205.60 34 3 $253.90 4 $304.80 56 $362.50 6 $431.20 7 $515.10 8 $618.40 9 $745.30 10 $900.00 1.- Matt Rafferty produces hiking boots in the perfectly competitive hiking boots market. A) Fill in the missing values on the table:\table[[Output/week, TC, AFC, AVC, ATC, MC], [0,$100.00, -, -, -, -], [1, $155.70,,,,], [2,$205.60,,,,], [3,$253.90,,,,], [4, $304.80,,,,], [5, $362.50,,,,], [6, $431.20,,,,], [7, $515.10,,,,], [8,$ 618.40,,,,], [9,$745.30,,,,], [10, $900.00,,,,]] B) Suppose the equilibrium price in the hiking boots market is $100. How many pairs of boots should Matt produce, what price should he charge, and how much profit (or loss) will he make? C) If next week the equilibrium price drops to $65, how many pairs of boots should Matt produce, what price should he charge, and how much profit (or loss) will he make? D) If the equilibrium price of boots falls to $50, how many pairs should Matt produce, what price should he charge, and how much profit (or loss) will he make?

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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am. 169.

Output/week TC AFC AVC ATC MC 0 $100.00 - - - 1 $155.70 2 $205.60 34 3 $253.90 4 $304.80 56 $362.50 6 $431.20 7 $515.10 8 $618.40 9 $745.30 10 $900.00
Transcribed Image Text:Output/week TC AFC AVC ATC MC 0 $100.00 - - - 1 $155.70 2 $205.60 34 3 $253.90 4 $304.80 56 $362.50 6 $431.20 7 $515.10 8 $618.40 9 $745.30 10 $900.00
1.- Matt Rafferty produces hiking boots in the perfectly competitive hiking boots market. A) Fill in the missing values on the table:\table[[Output/week, TC, AFC, AVC, ATC, MC], [0,$100.00, -, -, -, -], [1, $155.70,,,,], [2,$205.60,,,,], [3,$253.90,,,,], [4, $304.80,,,,], [5, $362.50,,,,], [6, $431.20,,,,], [7, $515.10,,,,], [8,$ 618.40,,,,], [9,$745.30,,,,], [10, $900.00,,,,]] B) Suppose the equilibrium price in the hiking boots market is $100. How many pairs of boots should Matt produce, what price should he charge, and how much profit (or loss) will he make? C) If next week the equilibrium price drops to $65, how many pairs of boots should Matt produce, what price should he charge, and how much profit (or loss) will he make? D) If the equilibrium price of boots falls to $50, how many pairs should Matt produce, what price should he charge, and how much profit (or loss) will he make?
Transcribed Image Text:1.- Matt Rafferty produces hiking boots in the perfectly competitive hiking boots market. A) Fill in the missing values on the table:\table[[Output/week, TC, AFC, AVC, ATC, MC], [0,$100.00, -, -, -, -], [1, $155.70,,,,], [2,$205.60,,,,], [3,$253.90,,,,], [4, $304.80,,,,], [5, $362.50,,,,], [6, $431.20,,,,], [7, $515.10,,,,], [8,$ 618.40,,,,], [9,$745.30,,,,], [10, $900.00,,,,]] B) Suppose the equilibrium price in the hiking boots market is $100. How many pairs of boots should Matt produce, what price should he charge, and how much profit (or loss) will he make? C) If next week the equilibrium price drops to $65, how many pairs of boots should Matt produce, what price should he charge, and how much profit (or loss) will he make? D) If the equilibrium price of boots falls to $50, how many pairs should Matt produce, what price should he charge, and how much profit (or loss) will he make?
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