a. Complete the table by filling in the values for profit, marginal revenue, and marginal cost. b. Paulinia's firm's total fixed cost is $ c. If Paulina produces 2 pounds of beef, the average total cost (ATC) will be $ Average fixed cost (AFC) will be $ and average variable cost (AVC) $ d. What is this firm's profit-maximizing (or loss-minimizing) output level? pounds e. At this output level, the firm's total profit is $

a. Complete the table by filling in the values for profit, marginal revenue, and marginal cost. b. Paulinia's firm's total fixed cost is $ c. If Paulina produces 2 pounds of beef, the average total cost (ATC) will be $ Average fixed cost (AFC) will be $ and average variable cost (AVC) $ d. What is this firm's profit-maximizing (or loss-minimizing) output level? pounds e. At this output level, the firm's total profit is $

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

Please answer sections a-e attached.

a. Complete the table by filling in the values for profit, marginal revenue, and marginal cost.
b. Paulinia's firm's total fixed cost is $
c. If Paulina produces 2 pounds of beef, the average total cost (ATC) will be $
Average fixed cost (AFC) will be $
and average variable cost (AVC) $
d. What is this firm's profit-maximizing (or loss-minimizing) output level?
pounds
e. At this output level, the firm's total profit is $

Paulina sells beef in a perfectly competitive market where the price is $7 per pound. Her total revenue and total costs are given in the
table below.
Quantity of
beef (lb.)
Total revenue
Total cost
Marginal
revenue ($)
Marginal cost
($)
($)
($)
Profit ($)
7
-7
1
7
9
-2
7
2
2
14
12
7
3
3
21
18
3
7
4
28
25
3
7
7
I (L

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