industry. Total product is the Q of production. Total product TFC TVC TC AFC AVC ATC MC 1 40 95 75 15 4 150 135 6. 170 a. Complete the table above b. Applying the rule of profit maximization, if the product market price of $35, will this firm produce, why or why not c. At price $35, how much should this firm produce? d. How much will the profit/loss./break-even? e. How much is the marginal revenue? f. Show the situation graphically with MR, Demand, ATC, AVC, and MC graphs. Label the equilibrium Q and Price points
industry. Total product is the Q of production. Total product TFC TVC TC AFC AVC ATC MC 1 40 95 75 15 4 150 135 6. 170 a. Complete the table above b. Applying the rule of profit maximization, if the product market price of $35, will this firm produce, why or why not c. At price $35, how much should this firm produce? d. How much will the profit/loss./break-even? e. How much is the marginal revenue? f. Show the situation graphically with MR, Demand, ATC, AVC, and MC graphs. Label the equilibrium Q and Price points
Micro Economics For Today
10th Edition
ISBN:9781337613064
Author:Tucker, Irvin B.
Publisher:Tucker, Irvin B.
Chapter8: Perefect Competition
Section: Chapter Questions
Problem 5SQP
Related questions
Question
if questions d-f can be answered.
![Points are listed in the brackets in each part
Assume the short-run cost table above represents the cost for a firm in a purely competitive
industry. Total product is the Q of production.
Total product
TFC
TVC
TC
AFC
AVC
АТС
MC
1
40
95
2
75
15
4
150
135
6
170
a. Complete the table above
b. Applying the rule of profit maximization, if the product market price of $35, will this
firm produce, why or why not
c. At price $35, how much should this firm produce?
d. How much will the profit/loss./break-even?
e. How much is the marginal revenue?
f. Show the situation graphically with MR, Demand, ATC, AVC, and MC graphs. Label
the equilibrium Q and Price points](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F5d71c942-66e3-4235-8ac4-308b0e41577d%2Fc9c478a0-bf5b-4b3b-aae9-7ee5b9986b03%2F4owxwm_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Points are listed in the brackets in each part
Assume the short-run cost table above represents the cost for a firm in a purely competitive
industry. Total product is the Q of production.
Total product
TFC
TVC
TC
AFC
AVC
АТС
MC
1
40
95
2
75
15
4
150
135
6
170
a. Complete the table above
b. Applying the rule of profit maximization, if the product market price of $35, will this
firm produce, why or why not
c. At price $35, how much should this firm produce?
d. How much will the profit/loss./break-even?
e. How much is the marginal revenue?
f. Show the situation graphically with MR, Demand, ATC, AVC, and MC graphs. Label
the equilibrium Q and Price points
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