The cost data in the following table are for Marshall's Meats, a perfectly competitive firm. Round your answers to 2 decimal places. Average Variable Cost Average Total Cost Marginal Cost Output Total Cost $ 70 20 90 %24 20 1 90 15 50 10 100 26.67 50 50 150 33.75 51.25 55 205 39 53 60 265 47.5 59.17 90 355 62.86 72.86 155 510 a. Complete above the table. b. What is the break-even price? Break-even price: $ c. What is the shutdown price? Shutdown price: $ d. If the market price of the product is $55, what quantity will Marshall's Meats produce? What will be its profit or loss? Quantity: [ Profit e. If the market price of the product is $90, what quantity willI Marshall's Meats produce? What will be its profit or loss? Quantity: profit
The cost data in the following table are for Marshall's Meats, a perfectly competitive firm. Round your answers to 2 decimal places. Average Variable Cost Average Total Cost Marginal Cost Output Total Cost $ 70 20 90 %24 20 1 90 15 50 10 100 26.67 50 50 150 33.75 51.25 55 205 39 53 60 265 47.5 59.17 90 355 62.86 72.86 155 510 a. Complete above the table. b. What is the break-even price? Break-even price: $ c. What is the shutdown price? Shutdown price: $ d. If the market price of the product is $55, what quantity will Marshall's Meats produce? What will be its profit or loss? Quantity: [ Profit e. If the market price of the product is $90, what quantity willI Marshall's Meats produce? What will be its profit or loss? Quantity: profit
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Please help with D and show calculation
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Transcribed Image Text:The cost data in the following table are for Marshall's Meats, a perfectly competitive firm.
Round your answers to 2 decimal places.
Average
Variable
Average
Total Cost
Marginal
Output
Total Cost
Cost
Cost
$ 70
20 $
06
20
1
90
2
15
50
10
100
26.67
50
50
3
150
33.75
51.25
55
205
39
53
60
5
265
47.5
62.86
59.17
90
355
72.86
155
510
a. Complete above the table.
b. What is the break-even price?
Break-even price: $|
c. What is the shutdown price?
Shutdown price: $
d. If the market price of the product is $55, what quantity will Marshall's Meats produce? What will be its profit or loss?
Quantity: [
:Profit
e. If the market price of the product is $90, what quantity will Marshall's Meats produce? What will be its profit or loss?
Quantity:
6: profit
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