Complete the following short-run cost table for a perfectly competitive firm using the information provided Q TFC TVC TC AFC AVC АТС MC -- 1 $24 -- -- $24 $20 $120 4 $112 a. Fill in the table above b. Should this firm produce, why or why not c. If market price for this product is $32, how much is the profit maximizing level of output. d. At that level, how much is the profit, or loss, or breakeven e. How much is marginal revenue f. Draw the graphs to show part d, with the MR, MC, D, ATC and AVC graphs for this market

Complete the following short-run cost table for a perfectly competitive firm using the information provided Q TFC TVC TC AFC AVC АТС MC -- 1 $24 -- -- $24 $20 $120 4 $112 a. Fill in the table above b. Should this firm produce, why or why not c. If market price for this product is $32, how much is the profit maximizing level of output. d. At that level, how much is the profit, or loss, or breakeven e. How much is marginal revenue f. Draw the graphs to show part d, with the MR, MC, D, ATC and AVC graphs for this market

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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