TFC TVC TC AFC AVC ATC MC 60 15 3 4 50 5 8 22 140 8 60 9 300 10 50 a. Fill out the table (already done in the last homework. Copy from answer sheet) b. Assume the cost table is of the purely (perfectly) competitive firm. Price = $40. What is the equilibrium quantity at that price. c. How much is the Profit/or Loss/or breakeven point d. What is the Marginal Revenue for this question e. Draw the necessary graphs as shown in class. Identify Q, P at equilibrium, and identify the total revenue and total cost areas, and the Profit, or loss or breakeven area which is applicable to this question. 20
TFC TVC TC AFC AVC ATC MC 60 15 3 4 50 5 8 22 140 8 60 9 300 10 50 a. Fill out the table (already done in the last homework. Copy from answer sheet) b. Assume the cost table is of the purely (perfectly) competitive firm. Price = $40. What is the equilibrium quantity at that price. c. How much is the Profit/or Loss/or breakeven point d. What is the Marginal Revenue for this question e. Draw the necessary graphs as shown in class. Identify Q, P at equilibrium, and identify the total revenue and total cost areas, and the Profit, or loss or breakeven area which is applicable to this question. 20
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
Related questions
Question
![](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F414a56f0-1807-41a4-9fe6-6bc91c83c861%2Ff658a8dd-36e9-4587-b97f-305a6d0346e8%2Fgbdynm.png&w=3840&q=75)
![TFC
TVC
TC
AFC
AVC
ATC
MC
60
15
3
4
50
5
8
22
140
8
60
9
300
10
50
a. Fill out the table (already done in the last homework. Copy from answer sheet)
b. Assume the cost table is of the purely (perfectly) competitive firm. Price = $40.
What is the equilibrium quantity at that price.
c. How much is the Profit/or Loss/or breakeven point
d. What is the Marginal Revenue for this question
e. Draw the necessary graphs as shown in class. Identify Q, P at equilibrium, and identify the total
revenue and total cost areas, and the Profit, or loss or breakeven area which is applicable to this
question.
20](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F414a56f0-1807-41a4-9fe6-6bc91c83c861%2Ff658a8dd-36e9-4587-b97f-305a6d0346e8%2Fpfj21rt.png&w=3840&q=75)
Transcribed Image Text:TFC
TVC
TC
AFC
AVC
ATC
MC
60
15
3
4
50
5
8
22
140
8
60
9
300
10
50
a. Fill out the table (already done in the last homework. Copy from answer sheet)
b. Assume the cost table is of the purely (perfectly) competitive firm. Price = $40.
What is the equilibrium quantity at that price.
c. How much is the Profit/or Loss/or breakeven point
d. What is the Marginal Revenue for this question
e. Draw the necessary graphs as shown in class. Identify Q, P at equilibrium, and identify the total
revenue and total cost areas, and the Profit, or loss or breakeven area which is applicable to this
question.
20
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