4. Given a firm's total cost at different quantities of output, Output Level 0 1 2 3 4 5 6 7 Total Cost 35 59 75 95 120 150 190 245 MC ATC AVC a) Calculate and fill in the rows for MC, ATC and AVC. No need to show solutions for no. 1 b) For each given price: P = 55, P = 25 and P = 20, determine/calculate the following: a. Determine the best output that the firm should produce at each price Calculate the firm's total profit/loss at each price. b. 8 330 9 430

4. Given a firm's total cost at different quantities of output, Output Level 0 1 2 3 4 5 6 7 Total Cost 35 59 75 95 120 150 190 245 MC ATC AVC a) Calculate and fill in the rows for MC, ATC and AVC. No need to show solutions for no. 1 b) For each given price: P = 55, P = 25 and P = 20, determine/calculate the following: a. Determine the best output that the firm should produce at each price Calculate the firm's total profit/loss at each price. b. 8 330 9 430

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Attempts Keep the Highest/4 1. Price controls in the Florida orange market The following graph shows the annual market for Michigan blueberries, which are sold in units of 50-pound boxes. Use the graph input tool to help you answer the following questions. You will not be graded on any changes you make to this graph. Note: Once you enter a value in a white field, the graph and any corresponding amounts in each grey field will change accordingly. NBK BRB PROCE (Dolar per box) 10 5 • Graph Input Tool Market for Michigan Blueberries Supply Price (Dollars per box) 15 Quantity Demanded 500 Quantity Supplied (Man of box) 210 (Mons of box) Demand 50 100 150 200 250 300 350 400 450 500 QUANTITY (Mons of In this market, the equilibrium price is per box, and the equilibrium quantity of blueberries is million boxes. For each of the prices listed in the following table, determine the quantity of blueberries demanded, the quantity of blueberries supplied, and the direction of pressure exerted on…