Fill in the following cost table. For the first few rows, you can work from left to right. However, as you get to the last two rows, you will need to use the information from the right side of the table to work back to the left side. We do not calculate average costs at a quantity of 0. QTFCTVCTCAFCAVCATCMC05,0000 XXXXXXXXXXXXXXXXXXXXXXXX1 3.000 3,0002 5,000 3 11,000 4 3,250 5 4,000Can you tell if this is the short run or long run?Can you tell which level of output yields the highest profit? If so, what is the output level? If not, explain.Economists define the “Break-even Price” as the lowest point on the average total cost curve or the lowest average total cost given in a table. What is the break-even price in this problem?Economists define the “Shutdown Price” as the lowest point on the average variable cost curve or the lowest average variable cost given in a table. What is the shutdown price in this problem?

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Answered: Fill in the following cost table. For…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Fill in the following cost table. For the first few rows, you can work from left to right. However, as you get to the last two rows, you will need to use the information from the right side of the table to work back to the left side. We do not calculate average costs at a quantity of 0.

Q	TFC	TVC	TC	AFC	AVC	ATC	MC
0	5,000	0		XXXXXX	XXXXXX	XXXXXX	XXXXXX
1		3.000					3,000
2		5,000
3			11,000
4						3,250
5							4,000

Can you tell if this is the short run or long run?
Can you tell which level of output yields the highest profit? If so, what is the output level? If not, explain.
Economists define the “Break-even Price” as the lowest point on the average total cost curve or the lowest average total cost given in a table. What is the break-even price in this problem?
Economists define the “Shutdown Price” as the lowest point on the average variable cost curve or the lowest average variable cost given in a table. What is the shutdown price in this problem?

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