a. Complete the table by filling in the values for profit, marginal revenue, and marginal cost. b. Paulinia's firm's total fixed cost is $ c. If Paulina produces 2 pounds of beef, the average total cost (ATC) will be $ Average fixed cost (AFC) will be $ and average variable cost (AVC) $ d. What is this firm's profit-maximizing (or loss-minimizing) output level? pounds e. At this output level, the firm's total profit is $

ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
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Please answer sections a-e attached. 

a. Complete the table by filling in the values for profit, marginal revenue, and marginal cost.
b. Paulinia's firm's total fixed cost is $
c. If Paulina produces 2 pounds of beef, the average total cost (ATC) will be $
Average fixed cost (AFC) will be $
and average variable cost (AVC) $
d. What is this firm's profit-maximizing (or loss-minimizing) output level?
pounds
e. At this output level, the firm's total profit is $
Transcribed Image Text:a. Complete the table by filling in the values for profit, marginal revenue, and marginal cost. b. Paulinia's firm's total fixed cost is $ c. If Paulina produces 2 pounds of beef, the average total cost (ATC) will be $ Average fixed cost (AFC) will be $ and average variable cost (AVC) $ d. What is this firm's profit-maximizing (or loss-minimizing) output level? pounds e. At this output level, the firm's total profit is $
Paulina sells beef in a perfectly competitive market where the price is $7 per pound. Her total revenue and total costs are given in the
table below.
Quantity of
beef (lb.)
Total revenue
Total cost
Marginal
revenue ($)
Marginal cost
($)
($)
($)
Profit ($)
7
-7
1
7
9
-2
7
2
2
14
12
7
3
3
21
18
3
7
4
28
25
3
7
7
I (L
Transcribed Image Text:Paulina sells beef in a perfectly competitive market where the price is $7 per pound. Her total revenue and total costs are given in the table below. Quantity of beef (lb.) Total revenue Total cost Marginal revenue ($) Marginal cost ($) ($) ($) Profit ($) 7 -7 1 7 9 -2 7 2 2 14 12 7 3 3 21 18 3 7 4 28 25 3 7 7 I (L
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