poard s Styles s Font 2. A perfectly competitive firm has the following fixed and variable costs in th The market price for the firm's product is $150. Output FC VC TC TR Profit/Loss $100 $ 0 100 100 1 100 100 200 150 -50 2 100 180 280 300 20 3 100 300 400 450 50 4 100 440 540 600 60 5 100 600 700 750 50 100 780 880 900 20 a.Complete the table. b.At what output rate does the firm maximize profit or minimize loss? 4. c.What is the firm's marginal revenue at each positive level of output? Its average revenue?

poard s Styles s Font 2. A perfectly competitive firm has the following fixed and variable costs in th The market price for the firm's product is $150. Output FC VC TC TR Profit/Loss $100 $ 0 100 100 1 100 100 200 150 -50 2 100 180 280 300 20 3 100 300 400 450 50 4 100 440 540 600 60 5 100 600 700 750 50 100 780 880 900 20 a.Complete the table. b.At what output rate does the firm maximize profit or minimize loss? 4. c.What is the firm's marginal revenue at each positive level of output? Its average revenue?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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