Problem #171 Given a firm's total cost at different quantities of output, fill in the table Output Level Total 1 2 3 4 5 6 7 8 35 59 75 95 120 150 190 245 330 430 Cost Marginal Cost Average Total Cost Average Variable Cost At each price P = 55, P = 25 and P = 20, calculate the following: a. The best output that the firm should produce at each price b. The firm's total profit/loss at each price

Problem #171 Given a firm's total cost at different quantities of output, fill in the table Output Level Total 1 2 3 4 5 6 7 8 35 59 75 95 120 150 190 245 330 430 Cost Marginal Cost Average Total Cost Average Variable Cost At each price P = 55, P = 25 and P = 20, calculate the following: a. The best output that the firm should produce at each price b. The firm's total profit/loss at each price

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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9. Firm's Cost Schedule Gilberto's Juice Bar has the following cost schedules: In the following table, complete the marginal cost, average variable cost, and average total cost columns. Quantity Variable Cost Total Cost Marginal Cost (Vats of juice) (Dollars) (Dollars) (Dollars) Average Variable Cost Average Total Cost (Dollars) (Dollars) о 0 30 1 2 3 4 5 100 135 ' བྷ ཐཱུ བྷཱུ ཋ ཏྟཱ ཤྲཱ 10 40 55 45 75 70 100 130 165 On the following graph, use the orange points (square symbol) to plot the marginal-cost curve for Gilberto's Juice Bar. (Note: Be sure to plot from left to right and to plot between integers. For example, if the marginal cost of increasing production from 1 vat of juice to 2 vats of juice is $5, then you would plot a point at (1.5, 5).) Then use the purple points (diamond symbol) to plot the average-variable cost curve starting at 1 vat of juice, and use the green points (triangle symbol) to plot the average-total-cost curve also starting at 1 vat of juice. Cast 8 20 я 20…
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Please check if CDE are right, thanks
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Answer a+b
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