Total Product12345678910Average FixedCost$ 150.0075.0050.0037.5030.0025.0021.4318.7516.6715.00Multiple ChoiceThe accompanying table gives cost data for a firm that is selling in a purely competitive market. If the market price for this firm'sproduct is $68.10, it will produce8 units at an economic profit of zero.6 units at a loss of $90.AverageVariable Cost$ 25.0023.0020.0021.0023.0025.0028.0033.0039.0048.009 units at an economic profit of $281.97.8 units at an economic profit of $130.72.Multiple Choice6 units at a loss of $150.6 units at a loss of $90.The accompanying table gives cost data for a firm that is selling in a purely competitive market. If the market price for this firm'sproduct is $35, it will produceAverage TotalCost$ 175.0098.0070.0058.5053.0050.0049.4351.7655.6763.009 units at an economic profit of $281.97.Marginal Cost$25.0021.0014.0024.0031.0035.0046.0168.0786.95128.978 units at an economic profit of $130.72.4

A Perfectly Competitive firm maximizes profit by producing output at a level where Price is equal to…

Total Product 1 2 3 4 5 6 7 8 9 10 Average Fixed Cost $ 150.00 75.00 50.00 37.50 30.00 25.00 21.43 18.75 16.67 15.00 Average Variable Cost $ 25.00 23.00 20.00 21.00 23.00 25.00 28.00 33.00 39.00 48.00 Average Total Cost $175.00 98.00 70.00 58.50 53.00 50.00 49.43 51.76 55.67 63.00 Marginal Cost $25.00 21.00 14.00 24.00 31.00 35.00 46.01 68.07 86.95 128.97

Total Product 1 2 3 4 5 6 7 8 9 10 Average Fixed Cost $ 150.00 75.00 50.00 37.50 30.00 25.00 21.43 18.75 16.67 15.00 Average Variable Cost $ 25.00 23.00 20.00 21.00 23.00 25.00 28.00 33.00 39.00 48.00 Average Total Cost $175.00 98.00 70.00 58.50 53.00 50.00 49.43 51.76 55.67 63.00 Marginal Cost $25.00 21.00 14.00 24.00 31.00 35.00 46.01 68.07 86.95 128.97

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter8: Perfect Competition

Section: Chapter Questions

Problem 41P: A computer company produces affordable, easy-to-use home computer systems and has fixed costs of...

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