The table below provides revenue and cost information for a perfectly competitive firm producing computers. How much are total costs if 3 computers are produced? How much are total variable costs if 5 computers are produced? What is the price of a computer? What is the average revenue from producing computers? What is the marginal revenue of producing computers? Over what output range will firm earn economic profits?
The table below provides revenue and cost information for a perfectly competitive firm producing computers. How much are total costs if 3 computers are produced? How much are total variable costs if 5 computers are produced? What is the price of a computer? What is the average revenue from producing computers? What is the marginal revenue of producing computers? Over what output range will firm earn economic profits?
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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The table below provides revenue and cost information for a
- How much are total costs if 3 computers are produced?
- How much are total variable costs if 5 computers are produced?
- What is the
price of a computer? - What is the average revenue from producing computers?
- What is the marginal revenue of producing computers?
- Over what output range will firm earn economic profits?
Transcribed Image Text:The following table contains revenue and cost information for a perfectly competitive
firm producing computers. Use the information provided by the table to answer the
question below.
Output Total Revenue ($) Total Variable Cost ($) Total Fixed Cost ($)
1
2
3
4
5
1,000
2,000
3,000
4,000
5,000
750
1,250
2,000
3,000
4,500
500
500
500
500
500
How much are total variable costs if 5 computers are produced? $
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