Using the data in the following table, show what happens to the firm's output choice and profit if the fixed cost of production increases from $100 to $150 to $170, where q is quantity and C is total cost. Assume that the price of output is $62. MC q 0 1 2 3 4 5 COLOR= 6 7 8 9 10 11 If the fixed cost of production is $100, then output will be 50 28 20 14 18 20 22 38 45 55 65 C (FC = $100) 100 150 178 198 212 230 250 272 310 355 410 475 C (FC = $150) 150 200 228 248 262 280 300 322 360 405 460 525 units (enter your response using an integer) C (FC = $170) 170 220 248 268 282 300 320 342 380 425 480 545

Using the data in the following table, show what happens to the firm's output choice and profit if the fixed cost of production increases from $100 to $150 to $170, where q is quantity and C is total cost. Assume that the price of output is $62. MC q 0 1 2 3 4 5 COLOR= 6 7 8 9 10 11 If the fixed cost of production is $100, then output will be 50 28 20 14 18 20 22 38 45 55 65 C (FC = $100) 100 150 178 198 212 230 250 272 310 355 410 475 C (FC = $150) 150 200 228 248 262 280 300 322 360 405 460 525 units (enter your response using an integer) C (FC = $170) 170 220 248 268 282 300 320 342 380 425 480 545

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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