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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Question

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

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（D）Detailed calculation steps