Assume that a purely competitive firm has the schedule of average and ginal costs given in the table below. Complete the short-run supply edule and profits or losses for this firm.

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7. Assume that a purely competitive firm has the schedule of average and
marginal costs given in the table below. Complete the short-run supply
schedule and profits or losses for this firm.
Outpu AFC AVC ATC MC
t
0
1
2
3
4
5
6
7
8
9
10
P600
P200
P800 P200
300 150
450
100
200
140 340
120
150
145 295
160
120
160
280
220
100
180 280
280
86
205 291 360
76
232 314 460
66 276 342 580
60
320 380 720
Quantity
Price supplied (-)
P
P580
460
360
280
220
160
Profit (+)
or loss
120
Transcribed Image Text:7. Assume that a purely competitive firm has the schedule of average and marginal costs given in the table below. Complete the short-run supply schedule and profits or losses for this firm. Outpu AFC AVC ATC MC t 0 1 2 3 4 5 6 7 8 9 10 P600 P200 P800 P200 300 150 450 100 200 140 340 120 150 145 295 160 120 160 280 220 100 180 280 280 86 205 291 360 76 232 314 460 66 276 342 580 60 320 380 720 Quantity Price supplied (-) P P580 460 360 280 220 160 Profit (+) or loss 120
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