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

ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
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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
3. 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 100 160 208 254 290 320 340 355 370 390 430 475 525 580 640
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
Transcribed Image Text: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 3. 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 100 160 208 254 290 320 340 355 370 390 430 475 525 580 640 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
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