assume following cost data are purely competitive producer total product average fixed cost

Assume the following cost data are for a purely competitive producer. Total Product Average Fixed Cost Average Variable Cost Average Total Cost Marginal Cost 0 $0.00 $0.00 $0.00 na 1 $60.00 $45.00 $105.00 $45 2 30.00 42.50 72.50 40 3 20.00 40.00 60.00 35 4 15.00 37.50 52.50 30 5 12.00 37.00 49.00 35 6 10.00 37.50 47.50 40 7 8.57 38.57 47.14 45 8 7.50 40.63 48.13 55 9 6.67 43.33 50.00 65 10 6.00 46.50 52.50 75 Answer the questions in the first column in the table below for each of the prices listed at the top of each of the three columns, (a), (b), and (c). Instructions: Round your answers to two decimal places. Select “Not applicable” and enter “0” for output if the firm does not produce. (a) At a product price of $56 (b) At a product price of $41 (c) At a product price of $32 Will this firm produce in the short run? If it is preferable to produce, what will be the profit-maximizing or loss-minimizing output? output = units per firm output = units per firm output = units per firm What economic profit or loss will the firm realize per unit of output? per unit = $ per unit = $ = $ d. In the table below, complete the short-run supply schedule for the firm (columns 1 and 2) and indicate the profit or loss incurred at each output (column 3).
Looking for solution of this Assignment?


We deliver quality original papers

Our experts write quality original papers using academic databases.  

Free revisions

We offer our clients multiple free revisions just to ensure you get what you want.

Discounted prices

All our prices are discounted which makes it affordable to you. Use code FIRST15 to get your discount

100% originality

We deliver papers that are written from scratch to deliver 100% originality. Our papers are free from plagiarism and NO similarity

On-time delivery

We will deliver your paper on time even on short notice or  short deadline, overnight essay or even an urgent essay