4 Assume that a purely competitive firm has the schedule of costs given in the table below.Output TFCTVCS500 $0 s 500TC150015065025002007003.50026076045003408405004509506.50059010907.50077012708.50010001500500129017901050016502150(a) Complete the table below to show the total revenue and total profit of the firm at each levelof output the firm might produce. Assume market prices of $50, SIS50, and $250.Market price = $50Market price - $150Market price - $250TotalProfit () orProfit () orTotal Profit (*) orloss (-)TotalOutput revenueloss (-)loss (-)revenuerevenue(b) Indicate what output the firm would produce and its profits in the following table.Quantity Profit (+)supplied or loss (-)$ 50Price150250

(a) When p=$50, TR=50*Q TC=Given Profit=TR-TC

Assume that a purely competitive firm has the schedule of costs given in the table below. Output TFC TVC TC $500 S 500 500 150 650 500 200 700 500 260 760 4 500 340 840 500 450 950 500 500 1090 500 770 1270 500 1000 1500 500 1290 1790 10 500 1650 2150 (a) Complete the table below to show the total revenue and total profit of the firm at each le of output the firm might produce. Assume market prices of $50, S150, and $250. Market price - 550 Market price - $150 Market price $250 Total Profit () or Output revenue loss (-) Total Profit (*) or Total loss (-) Profit (+) or loss (-) revenue revenue (b) Indicate what output the firm would produce and its profits in the following table. Quantity Profit (+) supplied or loss (-) Price $ 50 150 250

Assume that a purely competitive firm has the schedule of costs given in the table below. Output TFC TVC TC $500 S 500 500 150 650 500 200 700 500 260 760 4 500 340 840 500 450 950 500 500 1090 500 770 1270 500 1000 1500 500 1290 1790 10 500 1650 2150 (a) Complete the table below to show the total revenue and total profit of the firm at each le of output the firm might produce. Assume market prices of $50, S150, and $250. Market price - 550 Market price - $150 Market price $250 Total Profit () or Output revenue loss (-) Total Profit (*) or Total loss (-) Profit (+) or loss (-) revenue revenue (b) Indicate what output the firm would produce and its profits in the following table. Quantity Profit (+) supplied or loss (-) Price $ 50 150 250

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

Assume that a purely competitive firm has the schedule of costs given in the table below.
Output TFC
TVC
S500 $0 s 500
TC
1
500
150
650
2
500
200
700
3.
500
260
760
4
500
340
840
500
450
950
6.
500
590
1090
7.
500
770
1270
8.
500
1000
1500
500
1290
1790
10
500
1650
2150
(a) Complete the table below to show the total revenue and total profit of the firm at each level
of output the firm might produce. Assume market prices of $50, SIS50, and $250.
Market price = $50
Market price - $150
Market price - $250
Total
Profit () or
Profit () or
Total Profit (*) or
loss (-)
Total
Output revenue
loss (-)
loss (-)
revenue
revenue
(b) Indicate what output the firm would produce and its profits in the following table.
Quantity Profit (+)
supplied or loss (-)
$ 50
Price
150
250

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