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The table below provides revenue and cost information for a perfectly competitive firm producing computers. How much are total costs if 3 computers are produced?  How much are total variable costs if 5 computers are produced?  What is the price of a computer?  What is the average revenue from producing computers?  What is the marginal revenue of producing computers?  Over what output range will firm earn economic profits?

The table below provides revenue and cost information for a perfectly competitive firm producing computers. How much are total costs if 3 computers are produced?  How much are total variable costs if 5 computers are produced?  What is the price of a computer?  What is the average revenue from producing computers?  What is the marginal revenue of producing computers?  Over what output range will firm earn economic profits?

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
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The table below provides revenue and cost information for a perfectly competitive firm producing computers.

  1. How much are total costs if 3 computers are produced? 
  2. How much are total variable costs if 5 computers are produced? 
  3. What is the price of a computer? 
  4. What is the average revenue from producing computers? 
  5. What is the marginal revenue of producing computers? 
  6. Over what output range will firm earn economic profits? 
The following table contains revenue and cost information for a perfectly competitive firm producing computers. Use the information provided by the table to answer the question below. Output Total Revenue ($) Total Variable Cost ($) Total Fixed Cost ($) 1 2 3 4 5 1,000 2,000 3,000 4,000 5,000 750 1,250 2,000 3,000 4,500 500 500 500 500 500 How much are total variable costs if 5 computers are produced? $ LL JL LL
Transcribed Image Text:The following table contains revenue and cost information for a perfectly competitive firm producing computers. Use the information provided by the table to answer the question below. Output Total Revenue ($) Total Variable Cost ($) Total Fixed Cost ($) 1 2 3 4 5 1,000 2,000 3,000 4,000 5,000 750 1,250 2,000 3,000 4,500 500 500 500 500 500 How much are total variable costs if 5 computers are produced? $ LL JL LL
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