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

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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