Fill the table below given Perfect Competition Conditions   Quantity Demanded/ Produced Total Cost Average Fixed Cost Marginal Cost Average Total Cost Average Variable Cost Total Revenue Price=90 Profit  0 $300   --  --        1 $310              2 $330              3 $360              4 $400              5 $450              6 $510              7 $580              8 $660             9 $750             10 $850                Calculate the Marginal and Average Costs.  Calculate the Total Revenue. Draw the Average, and Marginal cost functions. Draw the Marginal Revenue Curve. Where do they meet and at what level of output? At what level is profit maximized? What are total revenue, total cost and the total amount of profit at that level?

ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
icon
Related questions
Question

Fill the table below given Perfect Competition Conditions

 

Quantity Demanded/

Produced

Total

Cost

Average Fixed

Cost

Marginal

Cost

Average

Total

Cost

Average

Variable Cost

Total

Revenue

Price=90

Profit

 0

$300

 

--

 --

 

 

 

 1

$310

 

 

 

 

 

 

 2

$330

 

 

 

 

 

 

 3

$360

 

 

 

 

 

 

 4

$400

 

 

 

 

 

 

 5

$450

 

 

 

 

 

 

 6

$510

 

 

 

 

 

 

 7

$580

 

 

 

 

 

 

 8

$660

 

 

 

 

 

 

9

$750

 

 

 

 

 

 

10

$850

 

 

 

 

 

 

 

 Calculate the Marginal and Average Costs.

 Calculate the Total Revenue.

Draw the Average, and Marginal cost functions.

Draw the Marginal Revenue Curve.

  • Where do they meet and at what level of output?
  • At what level is profit maximized?
  • What are total revenue, total cost and the total amount of profit at that level?
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps with 2 images

Blurred answer
Knowledge Booster
Profit Maximization
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
Economics
ISBN:
9780190931919
Author:
NEWNAN
Publisher:
Oxford University Press
Principles of Economics (12th Edition)
Principles of Economics (12th Edition)
Economics
ISBN:
9780134078779
Author:
Karl E. Case, Ray C. Fair, Sharon E. Oster
Publisher:
PEARSON
Engineering Economy (17th Edition)
Engineering Economy (17th Edition)
Economics
ISBN:
9780134870069
Author:
William G. Sullivan, Elin M. Wicks, C. Patrick Koelling
Publisher:
PEARSON
Principles of Economics (MindTap Course List)
Principles of Economics (MindTap Course List)
Economics
ISBN:
9781305585126
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning
Managerial Economics: A Problem Solving Approach
Managerial Economics: A Problem Solving Approach
Economics
ISBN:
9781337106665
Author:
Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Publisher:
Cengage Learning
Managerial Economics & Business Strategy (Mcgraw-…
Managerial Economics & Business Strategy (Mcgraw-…
Economics
ISBN:
9781259290619
Author:
Michael Baye, Jeff Prince
Publisher:
McGraw-Hill Education