Please fill out the table attached and answer questions. The table below shows Total Revenue and Costs for a Perfectly Competitivefırm. The firm, as a price taker, sells each unit of the good for the marketprice of $45.Complete the table below, calculating the Total Revenue (TR), Average FixedCost (AFC), Average Variable Cost (AVC), Average Total Cost (ATC), andMarginal Cost (MC) for each output level.TotalAverage Fixed Cost Average VariableCost|($)($)Average Total Cost|($)Quantity Total Revenue ($)Marginal Cost ($)Cost ($)5016028031101502204- 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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Answered: Please fill out the table attached and…

Business

Economics

Please fill out the table attached and answer questions.

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

Please fill out the table attached and answer questions.

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? $

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