Assume that a purely competitive firm has the schedule of costs given in the table below. output TFC TVC TC 0 $500 $0 $500 1 500 150 650 2 500 200 700 3 500 260 760 4 500 340 840 5 500 450 950 6 500 590 1090 7 500 770 1270 8 500 1000 1500 9 500 1290 1790 10 500 1650 2150 Indicate what output the firm would produce and its profits in the following table and transform the information of price and quantity supplied into a supply curve in a diagram. Price Quantity supplied Profit (+) or loss (−) $  50     150     250 _____ _____

ENGR.ECONOMIC ANALYSIS
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ISBN:9780190931919
Author:NEWNAN
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Chapter1: Making Economics Decisions
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Assume that a purely competitive firm has the schedule of costs given in the table below.

output TFC TVC TC
0 $500 $0 $500
1 500 150 650
2 500 200 700
3 500 260 760
4 500 340 840
5 500 450 950
6 500 590 1090
7 500 770 1270
8 500 1000 1500
9 500 1290 1790
10 500 1650 2150

Indicate what output the firm would produce and its profits in the following table and transform the information of price and quantity supplied into a supply curve in a diagram.

Price

Quantity supplied

Profit (+)

or loss (−)

$  50

 

 

150

 

 

250

_____

_____

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