Answered: Price $150 $140 MC $140 $130 $120 $110…

Price $150 $140 MC $140 $130 $120 $110 $106 $100 $90 ATC $90 ៖ ៖ ៖ ៖ ៖ ៖ ៖ ៖ ៖ $10 $20 $40 $50 $80 $70 $60 $30 $30 AVC $60 $23.5 $4 $10 Quantity X 1 2 3 4 6 7 8 9 10 11

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

2. Graph below shows costs, price (vertical axis), and quantity of good X (horizontal axis) for firm A operating in a perfectly competitive market.

a. What is firm A’s approximate profit-maximizing level of output if market price is $80? __________Q.

b. Firm A’s total profit when market price is now $100 $ __________.

c. Firm A’s Average Fixed Cost at 3 units of X is $__________.

d. Firm A’s Total Cost at 4 units of X is $_____________.

Price
$150
$140
MC
$140
$130
$120
$110
$106
$100
$90
ATC
$90
៖ ៖ ៖ ៖ ៖ ៖ ៖ ៖ ៖
$10
$20
$40
$50
$80
$70
$60
$30
$30
AVC
$60
$23.5
$4
$10
Quantity X
1
2
3
4
6
7
8
9
10
11

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