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Please fill out the table attached and answer questions.

Please fill out the table attached and answer questions.

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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The table below shows Total Revenue and Costs for a Perfectly Competitive fırm. The firm, as a price taker, sells each unit of the good for the market price of $45. Complete the table below, calculating the Total Revenue (TR), Average Fixed Cost (AFC), Average Variable Cost (AVC), Average Total Cost (ATC), and Marginal Cost (MC) for each output level. Total Average Fixed Cost Average Variable Cost |($) ($) Average Total Cost |($) Quantity Total Revenue ($) Marginal Cost ($) Cost ($) 50 1 60 2 80 3 110 150 220 4-
Transcribed Image Text:The table below shows Total Revenue and Costs for a Perfectly Competitive fırm. The firm, as a price taker, sells each unit of the good for the market price of $45. Complete the table below, calculating the Total Revenue (TR), Average Fixed Cost (AFC), Average Variable Cost (AVC), Average Total Cost (ATC), and Marginal Cost (MC) for each output level. Total Average Fixed Cost Average Variable Cost |($) ($) Average Total Cost |($) Quantity Total Revenue ($) Marginal Cost ($) Cost ($) 50 1 60 2 80 3 110 150 220 4-
What is the firm's total fixed cost? $ What is the firm's marginal revenue? $ What will be this firm's profit-maximizing output level? units [Remember to find where MC=MR, or the last unit where MR>MC.] What is the firm's profit-per-unit at this level of output? $ What is its total profit? $
Transcribed Image Text:What is the firm's total fixed cost? $ What is the firm's marginal revenue? $ What will be this firm's profit-maximizing output level? units [Remember to find where MC=MR, or the last unit where MR>MC.] What is the firm's profit-per-unit at this level of output? $ What is its total profit? $
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