Assume the following cost data are for a purely competitive producer Total Product AFC AVC ATC MC 0 1 $60 $45 $105 $45 2 $30 $42.50 $72.50 $40 3 $20 $40 $60 $35 4 $15 $37.50 $52.50 $30 5 $12 $37 $49 $35 6 $10 $37.50 $47.50 $40 7 $8.57 $38.57 $47.14 $45 8 $7.50 $40.63 $48.13 $55 9 $6.67 $43.33 $50 $65 10 $6.00 $46.50 $52.50 $75 In the table below, complete the short run supply schedule for the firm (columns 1 and 2) and indicate the profit or loss incurred at each output (column 3) 1 2 3 4 Price Quantity supplied, single firm Profit (+) or loss (-) Quantity supplied, 1500 firms $26 $32 $38 $41 $46 $56 $66
Assume the following cost data are for a purely competitive producer Total Product AFC AVC ATC MC 0 1 $60 $45 $105 $45 2 $30 $42.50 $72.50 $40 3 $20 $40 $60 $35 4 $15 $37.50 $52.50 $30 5 $12 $37 $49 $35 6 $10 $37.50 $47.50 $40 7 $8.57 $38.57 $47.14 $45 8 $7.50 $40.63 $48.13 $55 9 $6.67 $43.33 $50 $65 10 $6.00 $46.50 $52.50 $75 In the table below, complete the short run supply schedule for the firm (columns 1 and 2) and indicate the profit or loss incurred at each output (column 3) 1 2 3 4 Price Quantity supplied, single firm Profit (+) or loss (-) Quantity supplied, 1500 firms $26 $32 $38 $41 $46 $56 $66
Managerial Economics: Applications, Strategies and Tactics (MindTap Course List)
14th Edition
ISBN:9781305506381
Author:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris
Publisher:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris
Chapter10: Prices, Output, And Strategy: Pure And Monopolistic Competition
Section: Chapter Questions
Problem 3E
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Question
Assume the following cost data are for a purely competitive producer
Total Product |
AFC |
|
|
MC |
0 |
|
|
|
|
1 |
$60 |
$45 |
$105 |
$45 |
2 |
$30 |
$42.50 |
$72.50 |
$40 |
3 |
$20 |
$40 |
$60 |
$35 |
4 |
$15 |
$37.50 |
$52.50 |
$30 |
5 |
$12 |
$37 |
$49 |
$35 |
6 |
$10 |
$37.50 |
$47.50 |
$40 |
7 |
$8.57 |
$38.57 |
$47.14 |
$45 |
8 |
$7.50 |
$40.63 |
$48.13 |
$55 |
9 |
$6.67 |
$43.33 |
$50 |
$65 |
10 |
$6.00 |
$46.50 |
$52.50 |
$75 |
- In the table below, complete the short run supply schedule for the firm (columns 1 and 2) and indicate the profit or loss incurred at each output (column 3)
1 |
2 |
3 |
4 |
|
Quantity supplied, single firm |
Profit (+) or loss (-) |
Quantity supplied, 1500 firms |
$26 |
|
|
|
$32 |
|
|
|
$38 |
|
|
|
$41 |
|
|
|
$46 |
|
|
|
$56 |
|
|
|
$66 |
|
|
|
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