Assume that Harry Ellis produces table lamps in the perfectly competitive table lamp market. OUTPUT PER WEEK TOTAL COSTS AFC AVC ATC MC 0 $100 1 150 2 175 3 190 4 210 5 240 6 280 7 330 8 390 9 460 10 540 Fill in the missing values in the table. Suppose the equilibrium price in the table lamp market is $50. How many table lamps should Harry produce, and how much profit will he make? If next week the equilibrium price of table lamps drops to $30, should Harry shut down?
Assume that Harry Ellis produces table lamps in the perfectly competitive table lamp market. OUTPUT PER WEEK TOTAL COSTS AFC AVC ATC MC 0 $100 1 150 2 175 3 190 4 210 5 240 6 280 7 330 8 390 9 460 10 540 Fill in the missing values in the table. Suppose the equilibrium price in the table lamp market is $50. How many table lamps should Harry produce, and how much profit will he make? If next week the equilibrium price of table lamps drops to $30, should Harry shut down?
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Question
Assume that Harry Ellis produces table lamps in the
|
OUTPUT PER WEEK |
TOTAL COSTS |
AFC |
|
|
MC |
|
0 |
$100 |
|
|
|
|
|
1 |
150 |
|
|
|
|
|
2 |
175 |
|
|
|
|
|
3 |
190 |
|
|
|
|
|
4 |
210 |
|
|
|
|
|
5 |
240 |
|
|
|
|
|
6 |
280 |
|
|
|
|
|
7 |
330 |
|
|
|
|
|
8 |
390 |
|
|
|
|
|
9 |
460 |
|
|
|
|
|
10 |
540 |
|
|
|
|
- Fill in the missing values in the table.
- Suppose the
equilibrium price in the table lamp market is $50. How many table lamps should Harry produce, and how much profit will he make? - If next week the equilibrium price of table lamps drops to $30, should Harry shut down?
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