8. A firm's cost curves are given in the following table. TC TFC TVC AVC ATC MC $100 $100 130 100 150 100 160 172 3 100 100 185 100 6. 210 100 240 100 8. 280 100 9 330 100 10 390 100 a. Complete the table. b. Graph AVC, ATC, and MC on the same graph. What is the relationship bet ween the MC cur ve and the ATC and between MC and AVC? c. Suppose market price is $30. How much will the firm produce in the short run? How much are total profits? d. Suppose market price is $50. How much will the firm produce in the short run? What are total profits?

8. A firm's cost curves are given in the following table. TC TFC TVC AVC ATC MC $100 $100 130 100 150 100 160 172 3 100 100 185 100 6. 210 100 240 100 8. 280 100 9 330 100 10 390 100 a. Complete the table. b. Graph AVC, ATC, and MC on the same graph. What is the relationship bet ween the MC cur ve and the ATC and between MC and AVC? c. Suppose market price is $30. How much will the firm produce in the short run? How much are total profits? d. Suppose market price is $50. How much will the firm produce in the short run? What are total profits?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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