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 _____ _____
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 _____ _____
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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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 |
Quantity supplied |
Profit (+) or loss (−) |
$ 50 |
|
|
150 |
|
|
250 |
_____ |
_____ |
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