Q5.(A)During the last few days the Superior Company has been running into problems with itscomputer system. The last run of the production cost schedule resulted in the incompletelisting shown below. From your knowledge of cost theory, fill in the blanks.TCTFCTVCATCAFCAVCMC401.5220321.3344015.677108.969.151045Q 5.(В)Sunrise Juice Company sells its output in a perfectly competitive market. The firm's totalcost function is given in the following schedule:Output(Units)Total Cost(S)50101202017030210402605033060430Total costs include a "normal" retum on the time (labor services) and capital that the ownerhas invested in the firm. The prevailing market price is S7 per unit.Prepare (i) marginal cost and (ii) average total cost schedules for the firm.(b) What is the firm's profit maximizing output level?(c) Is the industry in long-run equilibrium? Justify your answer.

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Q5. (A) During the last few days the Superior Company has been running into problems with its computer system. The last run of the production cost schedule resulted in the incomplete listing shown below. From your knowledge of cost theory, fill in the blanks. MC TC 40 TFC TVC ATC AFC AVC 1 52 20 21.33 4 40 6. 15.67 10 96 9. 15 10 45

Q5. (A) During the last few days the Superior Company has been running into problems with its computer system. The last run of the production cost schedule resulted in the incomplete listing shown below. From your knowledge of cost theory, fill in the blanks. MC TC 40 TFC TVC ATC AFC AVC 1 52 20 21.33 4 40 6. 15.67 10 96 9. 15 10 45

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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