18. The WipeOut Ski Rental Manufacturing company makes skis for beginners.The fixed costs are $30. Fill in the following table for total cost, average variablecost, average total cost and marginal cost and answer the corresponding threerelated questions.Quantity Variable FixedCostCost01234560$10$25$45$70$100$135$30$30$30$30$30$30$30TotalCosta. Q*=2; profit = $16b. Q = 0; Profit=- $30c. Q = 4; Profit = 0d. Q=2; profit=-$25e. None of the aboveAverage Average MarginalVariable Total CostCostCostIf the price in the perfectly competitive market is $25, what is the profitmaximizing output and profits?

In the perfectly competitive market, firm produces where the P=MC. Firm can makes supernormal profit…

18. The WipeOut Ski Rental Manufacturing company makes skis for beginners. The fixed costs are $30. Fill in the following table for total cost, average variable cost, average total cost and marginal cost and answer the corresponding three related questions. Quantity Variable Fixed Total Cost Cost Cost 0 1 2 3 0 $10 $25 $45 $30 $30 $30 $30 Average Variable Cost Average Marginal Total Cost Cost

18. The WipeOut Ski Rental Manufacturing company makes skis for beginners. The fixed costs are $30. Fill in the following table for total cost, average variable cost, average total cost and marginal cost and answer the corresponding three related questions. Quantity Variable Fixed Total Cost Cost Cost 0 1 2 3 0 $10 $25 $45 $30 $30 $30 $30 Average Variable Cost Average Marginal Total Cost Cost

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter12: The Cost Of Production

Section: Chapter Questions

Problem 5CQQ

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