Answers clearly, don't copy paste. Mention part 2) The Trouser Company has fixed costs of 2,000 per week. In addition, we havesome information about its marginal costs (MC) and total variable costs (TVC).OutputMCTVC306090100120150140593259806,000 8,160 14,2501402752,850 4,080 5,310a) For each of the output levels in the table, calculate the Trouser Company'saverage variable costs (AVC) and average (total) cost (AC)Output306090100120150MC14059325980140275TVC2,8504,0805,3106,0008,16014,250b) Sketch a diagram showing the marginal cost curve, the average variable costcurve, and the firm's short run supply curve.c) Explain how the firm would maximise its profit, assuming that it faces conditionsof perfect competition, in both the short run and the long run. Be careful to explainthe conditions under which the firm would shut down or close.

Marginal Cost (MC): The price of production is the modification in total cost that comes from…

2) The Trouser Company has fixed costs of 2,000 per week. In addition, we have some information about its marginal costs (MC) and total variable costs (TVC). Output MC TVC 90 59 2,850 4,080 5,310 6,000 8,160 14,250 60 32 30 100 120 150 275 140 59 80 140 a) For each of the output levels in the table, calculate the Trouser Company's average variable costs (AVC) and average (total) cost (AC) Output 30 90 100 120 60 150 MC 140 59 32 59 80 140 275 TVC 2,850 4,080 5,310 6,000 8,160 14,250 b) Sketch a diagram showing the marginal cost curve, the average variable cost curve, and the firm's short run supply curve. c) Explain how the firm would maximise its profit, assuming that it faces conditions of perfect competition, in both the short run and the long run. Be careful to explain the conditions under which the firm would shut down or close.

2) The Trouser Company has fixed costs of 2,000 per week. In addition, we have some information about its marginal costs (MC) and total variable costs (TVC). Output MC TVC 90 59 2,850 4,080 5,310 6,000 8,160 14,250 60 32 30 100 120 150 275 140 59 80 140 a) For each of the output levels in the table, calculate the Trouser Company's average variable costs (AVC) and average (total) cost (AC) Output 30 90 100 120 60 150 MC 140 59 32 59 80 140 275 TVC 2,850 4,080 5,310 6,000 8,160 14,250 b) Sketch a diagram showing the marginal cost curve, the average variable cost curve, and the firm's short run supply curve. c) Explain how the firm would maximise its profit, assuming that it faces conditions of perfect competition, in both the short run and the long run. Be careful to explain the conditions under which the firm would shut down or close.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

Answers clearly, don't copy paste. Mention part

2) The Trouser Company has fixed costs of 2,000 per week. In addition, we have
some information about its marginal costs (MC) and total variable costs (TVC).
Output
MC
TVC
30
60
90
100
120
150
140
59
32
59
80
6,000 8,160 14,250
140
275
2,850 4,080 5,310
a) For each of the output levels in the table, calculate the Trouser Company's
average variable costs (AVC) and average (total) cost (AC)
Output
30
60
90
100
120
150
MC
140
59
32
59
80
140
275
TVC
2,850
4,080
5,310
6,000
8,160
14,250
b) Sketch a diagram showing the marginal cost curve, the average variable cost
curve, and the firm's short run supply curve.
c) Explain how the firm would maximise its profit, assuming that it faces conditions
of perfect competition, in both the short run and the long run. Be careful to explain
the conditions under which the firm would shut down or close.

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