he following problem traces the relationship between firm decisions, market supply, and market equilibrium in a perfectly competitive market. Complete the cost table below. (Round your responses to two decimal places.) q TFC TVC TC AVC ATC MC 0 $4040 $0 $4040 long dash— long dash— long dash— 1 4040 125125 165165 125125 165165 125125 2 4040 167167 207207 83.583.5 103.5103.5 4242 3 4040 195195 235235 6565 78.3378.33 2828 4 4040 209209 249249 52.2552.25 62.2562.25 1414 5 4040 237237 277277 47.447.4 55.455.4 2828 6 4040 279279 319319 46.546.5 53.1753.17 4242 7 4040 335335 375375 47.8647.86 53.5753.57 5656 8 4040 405405 445445 50.6350.63 55.6355.63 7070 9 4040 489489 529529 54.3354.33 58.7858.78 8484 10 4040 587587 627627 58.758.7 62.762.7 9898 Using the information in the table, fill in the following supply schedule for this individual firm under perfect competition and indicate profit (positive, zero, or negative) at each output level. (Hint: At each hypotheticalprice, what is the MR of producing 1 more unit of output? Combine this with the MC of another unit to figure out the quantity supplied.) Price Quantity Supplied Profit $00 00 Zero Zero Negative Positive 1515 nothing ▼ Zero Positive Negative 3030 nothing ▼ Positive Negative Zero 4646 nothing ▼ Positive Negative Zero 5858 nothing ▼ Negative Positive Zero 7171 nothing ▼ Positive Zero Negative 8888 nothing ▼ Negative Zero Positive 102102 nothing ▼ Negative Positive Zero Enter your answer in the edit fields and then click Check Answer.

he following problem traces the relationship between firm decisions, market supply, and market equilibrium in a perfectly competitive market. Complete the cost table below. (Round your responses to two decimal places.) q TFC TVC TC AVC ATC MC 0 $4040 $0 $4040 long dash— long dash— long dash— 1 4040 125125 165165 125125 165165 125125 2 4040 167167 207207 83.583.5 103.5103.5 4242 3 4040 195195 235235 6565 78.3378.33 2828 4 4040 209209 249249 52.2552.25 62.2562.25 1414 5 4040 237237 277277 47.447.4 55.455.4 2828 6 4040 279279 319319 46.546.5 53.1753.17 4242 7 4040 335335 375375 47.8647.86 53.5753.57 5656 8 4040 405405 445445 50.6350.63 55.6355.63 7070 9 4040 489489 529529 54.3354.33 58.7858.78 8484 10 4040 587587 627627 58.758.7 62.762.7 9898 Using the information in the table, fill in the following supply schedule for this individual firm under perfect competition and indicate profit (positive, zero, or negative) at each output level. (Hint: At each hypotheticalprice, what is the MR of producing 1 more unit of output? Combine this with the MC of another unit to figure out the quantity supplied.) Price Quantity Supplied Profit $00 00 Zero Zero Negative Positive 1515 nothing ▼ Zero Positive Negative 3030 nothing ▼ Positive Negative Zero 4646 nothing ▼ Positive Negative Zero 5858 nothing ▼ Negative Positive Zero 7171 nothing ▼ Positive Zero Negative 8888 nothing ▼ Negative Zero Positive 102102 nothing ▼ Negative Positive Zero Enter your answer in the edit fields and then click Check Answer.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

he following problem traces the relationship between firm decisions, market supply, and market equilibrium in a perfectly competitive market.

Complete the cost table below.

(Round

your responses to two decimal

places.)

q	TFC	TVC	TC	AVC	ATC	MC
0	$4040	$0	$4040	long dash—	long dash—	long dash—
1	4040	125125	165165	125125	165165	125125
2	4040	167167	207207	83.583.5	103.5103.5	4242
3	4040	195195	235235	6565	78.3378.33	2828
4	4040	209209	249249	52.2552.25	62.2562.25	1414
5	4040	237237	277277	47.447.4	55.455.4	2828
6	4040	279279	319319	46.546.5	53.1753.17	4242
7	4040	335335	375375	47.8647.86	53.5753.57	5656
8	4040	405405	445445	50.6350.63	55.6355.63	7070
9	4040	489489	529529	54.3354.33	58.7858.78	8484
10	4040	587587	627627	58.758.7	62.762.7	9898

Using the information in the table, fill in the following supply schedule for this individual firm under perfect competition and indicate profit (positive, zero, or negative) at each output level.

(Hint:

At each hypotheticalprice, what is the MR of producing 1 more unit of output? Combine this with the MC of another unit to figure out the quantity supplied.)

Price	Quantity Supplied	Profit
$00	00	Zero Zero Negative Positive
1515	nothing	▼ Zero Positive Negative
3030	nothing	▼ Positive Negative Zero
4646	nothing	▼ Positive Negative Zero
5858	nothing	▼ Negative Positive Zero
7171	nothing	▼ Positive Zero Negative
8888	nothing	▼ Negative Zero Positive
102102	nothing	▼ Negative Positive Zero

Enter your answer in the edit fields and then click Check Answer.

Definition Video Formula Definition Phenomenon in which market supply and demand balance each other. Market equilibrium is the economic state in which the market demand curve intersects the market supply curve, giving us the equilibrium price and equilibrium quantity for which a commodity can be sold and purchased in an economy. When market equilibrium is achieved, it suggests that all resources have been allocated efficiently and that there is just a distribution of income and resources in the economy. Video Formula

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