A firm on competitive market has the data about cost as below Q,0, 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14 TC100160208254290320340355370390430475525580640 a. Form a table with numbers about: totalrevenue, average cost, average variable cost and marginal cost of this firm. Determine the quantity that thisfirm will shutdown b. To maximize the profit, what will be the output of this firm if the price of product is 45and if the price is 50. c. Determine the supply curve of this firm3. A firm on competitive market has the data about cost as belowQ 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14TC 100 160 208 254 290 320 340 355 370 390 430 475 525 580 640a. Form a table with numbers about: total revenue, average cost, average variablecost and marginal cost of this firm. Determine the quantity that this firm willshutdownb. To maximize the profit, what will be the output of this firm if the price ofproduct is 45 and if the price is 50.C. Determine the supply curve of this firm

Total Revenue: The total revenue a firm receives from selling a particular quantity of goods or…

A firm on competitive market has the data about cost as below Q,0, 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14 TC 100160208254290320340355370390430475525580640 a. Form a table with numbers about: total revenue, average cost, average variable cost and marginal cost of this firm. Determine the quantity that this firm will shutdown b. To maximize the profit, what will be the output of this firm if the price of product is 45 and if the price is 50. c. Determine the supply curve of this firm

A firm on competitive market has the data about cost as below Q,0, 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14 TC 100160208254290320340355370390430475525580640 a. Form a table with numbers about: total revenue, average cost, average variable cost and marginal cost of this firm. Determine the quantity that this firm will shutdown b. To maximize the profit, what will be the output of this firm if the price of product is 45 and if the price is 50. c. Determine the supply curve of this firm

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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