Draw a graph and complete a short-run cost table by using the information provided.       (TP)   (TFC)     (AFC)    (TVC)    (AVC)      (ATC)      (TC)         (MC)        0        $          $          $         $             $            $             $        1                                           $12        2                    $12                 $10         3                                           $12        4                                           $14

Accounting profit is $1500 and the explicit cost is $450 Calculate the value of total revenue

When marginal cost equals average variable cost, average variable costiv (Click for List) falling constant at a maximum at a minimum rising

Total Average Average Average Margin Product Fixed Cost Variable Cost Total Cost Cost 1 $100.00 $17.00 $117.00 $17 50.00 16.00 66.00 15 33.33 15.00 48.33 13 25.00 14.25 39.25 12 20.00 14.00 34.00 13 16.67 14.00 30.67 14 7 14.29 15.71 30.00 26 8. 12.50 17.50 30.00 30 11.11 19.44 30.55 35 10 10.00 21.60 31.60 41 11 9.09 24.00 33.09 48 12 8.33 26.67 35.00 56 The accompanying table gives cost data for a firm that is selling in a purely competitive market. If there were 1,000 identical firms in this industry and total, or market, demand is as shown in the second table, equilibrium price will be Price Quantity Demanded $50 3,000 42 6,000 36 9,000 32 11,000 20 14,000 13 19,500 Multiple Choice • $32. • $42. • $36. • $20.