Average Average Average Total Fixed Variable Total Marginal Product Cost Cost Cost Cost $45 $60.00 $45.00 $105.00 40 2 30.00 42.50 72.50 35 3 20.00 40.00 60.00 30 4 15.00 37.50 52.50 35 5 12.00 37.00 49.00 40 6 10.00 37.50 47.50 45 7 8.57 38.57 47.14 55 8 7.50 40.63 48. 13 65 9 6.67 43.33 50.00 75 10 6.00 46.50 52.50 (1) (2) Quantity Supplied, Single Firm (3) (4) Quantity Supplied, 1500 Firms Profit (+) or Loss (-) Price $26 $. 32 38 41 46 56 66 Total Quantity Price Demanded $26 17,000 32 15,000 38 13,500 41 12,000 46 10,500 56 9,500 66 8,000
Average Average Average Total Fixed Variable Total Marginal Product Cost Cost Cost Cost $45 $60.00 $45.00 $105.00 40 2 30.00 42.50 72.50 35 3 20.00 40.00 60.00 30 4 15.00 37.50 52.50 35 5 12.00 37.00 49.00 40 6 10.00 37.50 47.50 45 7 8.57 38.57 47.14 55 8 7.50 40.63 48. 13 65 9 6.67 43.33 50.00 75 10 6.00 46.50 52.50 (1) (2) Quantity Supplied, Single Firm (3) (4) Quantity Supplied, 1500 Firms Profit (+) or Loss (-) Price $26 $. 32 38 41 46 56 66 Total Quantity Price Demanded $26 17,000 32 15,000 38 13,500 41 12,000 46 10,500 56 9,500 66 8,000
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
Related questions
Question
Assume the following cost data are for a purely competitive producer: Explain: “That segment of a competitive firm’s marginal cost curve that lies above its average-variable-cost curve constitutes the short-run supply curve for the firm.” Illustrate graphically. How does this curve relate to the law of diminishing returns (Chapter 6)?
Transcribed Image Text:Average
Average
Average
Total
Fixed
Variable
Total
Marginal
Product
Cost
Cost
Cost
Cost
$45
$60.00
$45.00
$105.00
40
2
30.00
42.50
72.50
35
3
20.00
40.00
60.00
30
4
15.00
37.50
52.50
35
5
12.00
37.00
49.00
40
6
10.00
37.50
47.50
45
7
8.57
38.57
47.14
55
8
7.50
40.63
48. 13
65
9
6.67
43.33
50.00
75
10
6.00
46.50
52.50
Transcribed Image Text:(1)
(2)
Quantity
Supplied,
Single Firm
(3)
(4)
Quantity
Supplied,
1500 Firms
Profit (+)
or Loss (-)
Price
$26
$.
32
38
41
46
56
66
Total Quantity
Price
Demanded
$26
17,000
32
15,000
38
13,500
41
12,000
46
10,500
56
9,500
66
8,000
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