Not use ai please DERSITALSURSESAttempts 1.61.6Keep the Highest 1.6/34. Exercise 10.6Assume that a firm in a perfectly competitive industry has the following total cost schedule:Calculate a marginal cost and an average cost schedule for the firm to complete the following table.dy ToolsOutput Total Cost(units)($)Marginal Cost($)Average Cost($)ege Success Tips1022015300eer Success Tips2036025450306003577040960SIGN OUTIf the prevailing market price is $34 per unit,units will be produced. Profits per unit will beand total profits will beIs the industry in long-run equilibrium at this price?YesNoGrade It NowSave & Continue

1. Calculate Marginal Cost (MC)Marginal Cost (MC) is the additional cost incurred when producing one…

Answered: DERS ITALS URSES Attempts 1.6 1.6 Keep…

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter13: Firms In Competitive Markets

Section: Chapter Questions

Problem 4PA

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Similar questions

Compute the average total cost, average variable cost, and marginal cost of producing 50 and 72 haircuts. Draw the graph of line three curves between 60 and 72 haircuts.
How does fixed cost affect marginal cost? Why is this relationship important?
A computer company produces affordable, easy-to-use home computer systems and has fixed costs of 250. The marginal cost of producing computers is 700 for the first computer, 250 for the second, 300 for the third, 350 for the fourth, 430 for the fifth, 450 for the sixth, and 500 for the seventh. Create a table that shows the companys output, total cost, marginal cost, average cost, variable cost, and average variable cost. At what price is the zero-profit point? At what price is the shutdown point? If the company sells the computers for 500, is it making a profit or a loss? How big is the profit or loss? Sketch a graph with AC, MC, and AVG curves to illustrate your answer and show the profit or loss. If the firm sells the computers for 300, is it making a profit or a loss? How big is the profit or loss? Sketch a graph with AC, MC, and AVG curves to illustrate your answer and show the profit or loss.
The WipeOut Ski Company manufactures skis for beginners. Fixed costs are 30. Fill in Table 7.16 for total cost, average variable test, average total cost, and marginal cost.
What two lines on a cost curve diagram intersect at the zero-profit point?
Average cost curves (except for avenge fixed cost) tend to be U-shaped, decreasing and then increasing. Marginal cost curves have the same shape, though this may be harder to see since most of the marginal cost curve is increasing. Why do you think that average and marginal cost curves have the same general shape?
What two lines on a cost curve diagram intersect at the shutdown point?
Why does exit occur?

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