A firm on competitive market has the data about cost as below Q,0, 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14 TC100160208254290320340355370390430475525580640 a. Form a table with numbers about: totalrevenue, average cost, average variable cost and marginal cost of this firm. Determine the quantity that thisfirm will shutdown b. To maximize the profit, what will be the output of this firm if the price of product is 45and if the price is 50. c. Determine the supply curve of this firm3. A firm on competitive market has the data about cost as belowQ 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14TC 100 160 208 254 290 320 340 355 370 390 430 475 525 580 640a. Form a table with numbers about: total revenue, average cost, average variablecost and marginal cost of this firm. Determine the quantity that this firm willshutdownb. To maximize the profit, what will be the output of this firm if the price ofproduct is 45 and if the price is 50.C. Determine the supply curve of this firm

Total Revenue: The total revenue a firm receives from selling a particular quantity of goods or…

A firm on competitive market has the data about cost as below Q,0, 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14 TC 100160208254290320340355370390430475525580640 a. Form a table with numbers about: total revenue, average cost, average variable cost and marginal cost of this firm. Determine the quantity that this firm will shutdown b. To maximize the profit, what will be the output of this firm if the price of product is 45 and if the price is 50. c. Determine the supply curve of this firm

A firm on competitive market has the data about cost as below Q,0, 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14 TC 100160208254290320340355370390430475525580640 a. Form a table with numbers about: total revenue, average cost, average variable cost and marginal cost of this firm. Determine the quantity that this firm will shutdown b. To maximize the profit, what will be the output of this firm if the price of product is 45 and if the price is 50. c. Determine the supply curve of this firm

Principles of Economics (MindTap Course List)

8th Edition

ISBN:9781305585126

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter14: Firms In Competitive Markets

Section: Chapter Questions

Problem 4PA

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