4 Assume that a purely competitive firm has the schedule of costs given in the table below.Output TFCTVCS500 $0 s 500TC150015065025002007003.50026076045003408405004509506.50059010907.50077012708.50010001500500129017901050016502150(a) Complete the table below to show the total revenue and total profit of the firm at each levelof output the firm might produce. Assume market prices of $50, SIS50, and $250.Market price = $50Market price - $150Market price - $250TotalProfit () orProfit () orTotal Profit (*) orloss (-)TotalOutput revenueloss (-)loss (-)revenuerevenue(b) Indicate what output the firm would produce and its profits in the following table.Quantity Profit (+)supplied or loss (-)$ 50Price150250

(a) When p=$50, TR=50*Q TC=Given Profit=TR-TC

Assume that a purely competitive firm has the schedule of costs given in the table below. Output TFC TVC TC $500 S 500 500 150 650 500 200 700 500 260 760 4 500 340 840 500 450 950 500 500 1090 500 770 1270 500 1000 1500 500 1290 1790 10 500 1650 2150 (a) Complete the table below to show the total revenue and total profit of the firm at each le of output the firm might produce. Assume market prices of $50, S150, and $250. Market price - 550 Market price - $150 Market price $250 Total Profit () or Output revenue loss (-) Total Profit (*) or Total loss (-) Profit (+) or loss (-) revenue revenue (b) Indicate what output the firm would produce and its profits in the following table. Quantity Profit (+) supplied or loss (-) Price $ 50 150 250

Assume that a purely competitive firm has the schedule of costs given in the table below. Output TFC TVC TC $500 S 500 500 150 650 500 200 700 500 260 760 4 500 340 840 500 450 950 500 500 1090 500 770 1270 500 1000 1500 500 1290 1790 10 500 1650 2150 (a) Complete the table below to show the total revenue and total profit of the firm at each le of output the firm might produce. Assume market prices of $50, S150, and $250. Market price - 550 Market price - $150 Market price $250 Total Profit () or Output revenue loss (-) Total Profit (*) or Total loss (-) Profit (+) or loss (-) revenue revenue (b) Indicate what output the firm would produce and its profits in the following table. Quantity Profit (+) supplied or loss (-) Price $ 50 150 250

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 1QR

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