Complete the table and answer the following questions. The price for this perfectly competitive firm is $150. QTY FC VC TC AFC AVC ATC MC MR 0 500 1 650 2 700 3 760 4 840 5 950 6 1090 7 1270 8 1500 9 1790 10 2150
Complete the table and answer the following questions. The price for this perfectly competitive firm is $150. QTY FC VC TC AFC AVC ATC MC MR 0 500 1 650 2 700 3 760 4 840 5 950 6 1090 7 1270 8 1500 9 1790 10 2150
Chapter12: Firms In Perfectly Competitive Markets
Section: Chapter Questions
Problem 13P
Related questions
Question
Complete the table and answer the following questions. The price for this
QTY |
FC |
VC |
TC |
AFC |
|
|
MC |
MR |
0 |
|
|
500 |
|
|
|
|
|
1 |
|
|
650 |
|
|
|
|
|
2 |
|
|
700 |
|
|
|
|
|
3 |
|
|
760 |
|
|
|
|
|
4 |
|
|
840 |
|
|
|
|
|
5 |
|
|
950 |
|
|
|
|
|
6 |
|
|
1090 |
|
|
|
|
|
7 |
|
|
1270 |
|
|
|
|
|
8 |
|
|
1500 |
|
|
|
|
|
9 |
|
|
1790 |
|
|
|
|
|
10 |
|
|
2150 |
|
|
|
|
|
- What price will this firm charge for its product?
- Should this firm produce?
- If so, how many units should it produce? If not, should it shut down?
- What is the economic
profit or economic loss ?
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