Assume that the cost data in the following table are for a purely competitive producer:TotalProductAverageFixed CostAverageVariable CostAverageTotal CostMarginalCost01$ 60$ 45$ 105$ 4523042.572.54032040603541537.552.53051237493561037.547.54078.5738.5747.144587.540.6348.135596.6743.33506510646.552.575 Instructions: Enter your answers as a whole number. If you are entering any negative numbers, be sure to include a negative sign(-) in front of those numbers.d. In the table below, complete the short-run supply schedule for the firm (columns 1 and 2) and indicate the profit or loss incurred ateach output (column 3).(1) Price$27333944505868(2) QuantitySupplied,Single Firm(3) Profit (+) orLoss (-)(4) QuantitySupplied, 1,500Firms

We know that the supply curve is the rising portion of the MC curve, which is over and above the…

Assume that the cost data in the following table are for a purely competitive producer: Total Average Average Average Marginal Product Fixed Cost Variable Cost Total Cost Cost 0 1 $ 60 $ 45 $ 105 $ 45 2 30 42.5 72.5 40 3 20 40 60 35 4 15 37.5 52.5 30 5 12 37 49 35 6 10 37.5 47.5 40 7 8.57 38.57 47.14 45 8 7.5 40.63 48.13 55 9 6.67 43.33 50 65 10 6 46.5 52.5 75

Assume that the cost data in the following table are for a purely competitive producer: Total Average Average Average Marginal Product Fixed Cost Variable Cost Total Cost Cost 0 1 $ 60 $ 45 $ 105 $ 45 2 30 42.5 72.5 40 3 20 40 60 35 4 15 37.5 52.5 30 5 12 37 49 35 6 10 37.5 47.5 40 7 8.57 38.57 47.14 45 8 7.5 40.63 48.13 55 9 6.67 43.33 50 65 10 6 46.5 52.5 75

Exploring Economics

8th Edition

ISBN:9781544336329

Author:Robert L. Sexton

Publisher:Robert L. Sexton

Chapter11: The Firm: Production And Costs

Section: Chapter Questions

Problem 21P

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