Do all part to both question 1 and question 2 Question 1 (Q is quantity of production) TFC TVC TC AFC AVC АТС MC 1 60 2 15 3 4 50 8 22 140 7 | 20 8. 60 300 10 50 a. Fill out the table. b. Assume the cost table is of the purely (perfectly) competitive firm. Price = $40. What is the equilibrium quantity at that price. c. How much is the Profit/or Loss/or breakeven point
Do all part to both question 1 and question 2 Question 1 (Q is quantity of production) TFC TVC TC AFC AVC АТС MC 1 60 2 15 3 4 50 8 22 140 7 | 20 8. 60 300 10 50 a. Fill out the table. b. Assume the cost table is of the purely (perfectly) competitive firm. Price = $40. What is the equilibrium quantity at that price. c. How much is the Profit/or Loss/or breakeven point
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Question
![Do all part to both question 1 and question 2
Question 1 (Q is quantity of production)
Q
TFC
TVC
TC
AFC
AVC
ATC
MC
1
60
15
3
4
50
8
22
140
7
20
8
60
9.
300
10
50
a. Fill out the table.
b. Assume the cost table is of the purely (perfectly) competitive firm. Price = $40.
What is the equilibrium quantity at that price.
c. How much is the Profit/or Loss/or breakeven point
d. What is the Marginal Revenue for this question
e. Draw the necessary graphs as shown in class. Identify Q, P at equilibrium, and identify the total
revenue and total cost areas, and the Profit, or loss or breakeven area which is applicable to this
question.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F5d71c942-66e3-4235-8ac4-308b0e41577d%2Fbfc13bdf-f997-4348-9b43-d74a358c3f2c%2Febjumkg_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Do all part to both question 1 and question 2
Question 1 (Q is quantity of production)
Q
TFC
TVC
TC
AFC
AVC
ATC
MC
1
60
15
3
4
50
8
22
140
7
20
8
60
9.
300
10
50
a. Fill out the table.
b. Assume the cost table is of the purely (perfectly) competitive firm. Price = $40.
What is the equilibrium quantity at that price.
c. How much is the Profit/or Loss/or breakeven point
d. What is the Marginal Revenue for this question
e. Draw the necessary graphs as shown in class. Identify Q, P at equilibrium, and identify the total
revenue and total cost areas, and the Profit, or loss or breakeven area which is applicable to this
question.
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