a. Fill out the table (already done in the last homework. Copy from answer sheet) b. Assume the cost table is of the purely (perfectly) competitive firm. Price = $40. What is the equilibrium quantity at that price. c. How much is the Profit/or Loss/or breakeven point d. What is the Marginal Revenue for this question e. Draw the necessary graphs as shown in class. Identify Q, P at equilibrium, and identify the total revenue and total cost areas, and the Profit, or loss or breakeven area which is applicable to this question.

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 1 (Q is quantity of production)
TFC
TVC
TC
AFC
AVC
ATC
MC
60
15
3
5
50
5
8
22
140
7
20
8
60
9
300
10
50
a. Fill out the table (already done in the last homework. Copy from answer sheet)
b. Assume the cost table is of the purely (perfectly) competitive firm. Price = $40.
What is the equilibrium quantity at that price.
c. How much is the Profit/or Loss/or breakeven point
d. What is the Marginal Revenue for this question
e. Draw the necessary graphs as shown in class. Identify Q, P at equilibrium, and identify the total
revenue and total cost areas, and the Profit, or loss or breakeven area which is applicable to this
question.
i
2.
Transcribed Image Text:Question 1 (Q is quantity of production) TFC TVC TC AFC AVC ATC MC 60 15 3 5 50 5 8 22 140 7 20 8 60 9 300 10 50 a. Fill out the table (already done in the last homework. Copy from answer sheet) b. Assume the cost table is of the purely (perfectly) competitive firm. Price = $40. What is the equilibrium quantity at that price. c. How much is the Profit/or Loss/or breakeven point d. What is the Marginal Revenue for this question e. Draw the necessary graphs as shown in class. Identify Q, P at equilibrium, and identify the total revenue and total cost areas, and the Profit, or loss or breakeven area which is applicable to this question. i 2.
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