The following table shows cost data for a perfectly competitive firm. Output Ave
ID: 1117445 • Letter: T
Question
The following table shows cost data for a perfectly competitive firm.
Output
Average Fixed Cost
Average Variable Cost
Average Total Cost
Marginal Cost
1
$300
$100
$400
$100
2
150
75
225
50
3
100
70
170
60
4
75
73
148
82
5
60
80
140
108
6
50
90
140
140
7
43
103
146
182
8
38
119
157
234
9
33
138
171
283
10
30
160
190
361
If the product price is $283, the per-unit economic profit at the profit-maximizing output is
rev: 11_15_2017_QC_CS-109418
Multiple Choice
$0.
$76.
$112.
$152.
Output
Average Fixed Cost
Average Variable Cost
Average Total Cost
Marginal Cost
1
$300
$100
$400
$100
2
150
75
225
50
3
100
70
170
60
4
75
73
148
82
5
60
80
140
108
6
50
90
140
140
7
43
103
146
182
8
38
119
157
234
9
33
138
171
283
10
30
160
190
361
Explanation / Answer
Ans)
112
Output Average Fixed Cost Average Variable Cost Average Total Cost Marginal Cost Price TR=PQ Mr=TRn-TRn-1 Tc=ATC*Q Profit=Tr-Tc Per unti Economic Profit=Profit/Output 1 $300 $100 $400 $100 283 283 2 150 75 225 50 283 566 283 450 116 58 3 100 70 170 60 283 849 283 510 339 113 4 75 73 148 82 283 1132 283 592 540 135 5 60 80 140 108 283 1415 283 700 715 143 6 50 90 140 140 283 1698 283 840 858 143 7 43 103 146 182 283 1981 283 1022 959 137 8 38 119 157 234 283 2264 283 1256 1008 126 9 33 138 171 283 283 2547 283 1539 1008 112 10 30 160 190 361 283 2830 283 1900 930 93Related Questions
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