Market price = $50 Market price = $150 Market price = $250 Output Total revenue Profit (+) or loss (−) Total revenue Profit (+) or loss (−) Total revenue Profit (+) or loss (−) 0 $_____ $_____ $_____ $_____ $_____ $_____ 1 _____ _____ _____ _____ _____ _____ 2 _____ _____ _____ _____ _____ _____ 3 _____ _____ _____ _____ _____ _____ 4 _____ _____ _____ _____ _____ _____ 5 _____ _____ _____ _____ _____ _____ 6 _____ _____ _____ _____ _____ _____ 7 _____ _____ _____ _____ _____ _____ 8 _____ _____ _____ _____ _____ _____ 9 _____ _____ _____ _____ _____ _____ 10 _____ _____ _____ _____ _____ _____
Market price = $50 Market price = $150 Market price = $250 Output Total revenue Profit (+) or loss (−) Total revenue Profit (+) or loss (−) Total revenue Profit (+) or loss (−) 0 $_____ $_____ $_____ $_____ $_____ $_____ 1 _____ _____ _____ _____ _____ _____ 2 _____ _____ _____ _____ _____ _____ 3 _____ _____ _____ _____ _____ _____ 4 _____ _____ _____ _____ _____ _____ 5 _____ _____ _____ _____ _____ _____ 6 _____ _____ _____ _____ _____ _____ 7 _____ _____ _____ _____ _____ _____ 8 _____ _____ _____ _____ _____ _____ 9 _____ _____ _____ _____ _____ _____ 10 _____ _____ _____ _____ _____ _____
Microeconomics: Private and Public Choice (MindTap Course List)
16th Edition
ISBN:9781305506893
Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Chapter11: Price-searcher Markets With High Entry Barriers
Section: Chapter Questions
Problem 14CQ
Related questions
Question
Assume that a purely competitive firm has the schedule of costs given in the table below.
output | TFC | TVC | TC |
0 | $500 | $0 | $500 |
1 | 500 | 150 | 650 |
2 | 500 | 200 | 700 |
3 | 500 | 260 | 760 |
4 | 500 | 340 | 840 |
5 | 500 | 450 | 950 |
6 | 500 | 590 | 1090 |
7 | 500 | 770 | 1270 |
8 | 500 | 1000 | 1500 |
9 | 500 | 1290 | 1790 |
10 | 500 | 1650 | 2150 |
- Complete the table below to show the total revenue and total profit of the firm at each level of output the firm might produce. Assume market prices of $50, $150, and $250.
|
Market price = $50 |
|
Market price = $150 |
|
Market price = $250 |
|||
Output |
Total revenue |
Profit (+) or loss (−) |
|
Total revenue |
Profit (+) or loss (−) |
|
Total revenue |
Profit (+) or loss (−) |
0 |
$_____ |
$_____ |
|
$_____ |
$_____ |
|
$_____ |
$_____ |
1 |
_____ |
_____ |
|
_____ |
_____ |
|
_____ |
_____ |
2 |
_____ |
_____ |
|
_____ |
_____ |
|
_____ |
_____ |
3 |
_____ |
_____ |
|
_____ |
_____ |
|
_____ |
_____ |
4 |
_____ |
_____ |
|
_____ |
_____ |
|
_____ |
_____ |
5 |
_____ |
_____ |
|
_____ |
_____ |
|
_____ |
_____ |
6 |
_____ |
_____ |
|
_____ |
_____ |
|
_____ |
_____ |
7 |
_____ |
_____ |
|
_____ |
_____ |
|
_____ |
_____ |
8 |
_____ |
_____ |
|
_____ |
_____ |
|
_____ |
_____ |
9 |
_____ |
_____ |
|
_____ |
_____ |
|
_____ |
_____ |
10 |
_____ |
_____ |
|
_____ |
_____ |
|
_____ |
_____ |
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