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Average Average Average Total Fixed Variable Total Marginal Product Cost Cost Cost Cost $45 $60.00 $45.00 $105.00 40 2 30.00 42.50 72.50 35 3 20.00 40.00 60.00 30 4 15.00 37.50 52.50 35 5 12.00 37.00 49.00 40 6 10.00 37.50 47.50 45 7 8.57 38.57 47.14 55 8 7.50 40.63 48. 13 65 9 6.67 43.33 50.00 75 10 6.00 46.50 52.50 (1) (2) Quantity Supplied, Single Firm (3) (4) Quantity Supplied, 1500 Firms Profit (+) or Loss (-) Price $26 $. 32 38 41 46 56 66 Total Quantity Price Demanded $26 17,000 32 15,000 38 13,500 41 12,000 46 10,500 56 9,500 66 8,000

Average Average Average Total Fixed Variable Total Marginal Product Cost Cost Cost Cost $45 $60.00 $45.00 $105.00 40 2 30.00 42.50 72.50 35 3 20.00 40.00 60.00 30 4 15.00 37.50 52.50 35 5 12.00 37.00 49.00 40 6 10.00 37.50 47.50 45 7 8.57 38.57 47.14 55 8 7.50 40.63 48. 13 65 9 6.67 43.33 50.00 75 10 6.00 46.50 52.50 (1) (2) Quantity Supplied, Single Firm (3) (4) Quantity Supplied, 1500 Firms Profit (+) or Loss (-) Price $26 $. 32 38 41 46 56 66 Total Quantity Price Demanded $26 17,000 32 15,000 38 13,500 41 12,000 46 10,500 56 9,500 66 8,000

EBK HEALTH ECONOMICS AND POLICY
EBK HEALTH ECONOMICS AND POLICY
7th Edition
ISBN:9781337668279
Author:Henderson
Publisher:Henderson
Chapter12: Medicare
Section: Chapter Questions
Problem 1QAP
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Assume the following cost data are for a purely competitive producer: 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).

Average Average Average Total Fixed Variable Total Marginal Product Cost Cost Cost Cost $45 $60.00 $45.00 $105.00 40 2 30.00 42.50 72.50 35 3 20.00 40.00 60.00 30 4 15.00 37.50 52.50 35 5 12.00 37.00 49.00 40 6 10.00 37.50 47.50 45 7 8.57 38.57 47.14 55 8 7.50 40.63 48. 13 65 9 6.67 43.33 50.00 75 10 6.00 46.50 52.50
Transcribed Image Text:Average Average Average Total Fixed Variable Total Marginal Product Cost Cost Cost Cost $45 $60.00 $45.00 $105.00 40 2 30.00 42.50 72.50 35 3 20.00 40.00 60.00 30 4 15.00 37.50 52.50 35 5 12.00 37.00 49.00 40 6 10.00 37.50 47.50 45 7 8.57 38.57 47.14 55 8 7.50 40.63 48. 13 65 9 6.67 43.33 50.00 75 10 6.00 46.50 52.50
(1) (2) Quantity Supplied, Single Firm (3) (4) Quantity Supplied, 1500 Firms Profit (+) or Loss (-) Price $26 $. 32 38 41 46 56 66 Total Quantity Price Demanded $26 17,000 32 15,000 38 13,500 41 12,000 46 10,500 56 9,500 66 8,000
Transcribed Image Text:(1) (2) Quantity Supplied, Single Firm (3) (4) Quantity Supplied, 1500 Firms Profit (+) or Loss (-) Price $26 $. 32 38 41 46 56 66 Total Quantity Price Demanded $26 17,000 32 15,000 38 13,500 41 12,000 46 10,500 56 9,500 66 8,000
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