Assume that a purely competitive firm has the schedule of costs given in the table below.outputTFCTVCTC0$500$0$5001500150650250020070035002607604500340840550045095065005901090750077012708500100015009500129017901050016502150Complete the table below to show the total revenue and total profit of the firm at each level of output the firm might produce. Assume market prices of $50, $150, and $250. Market price = $50 Market price = $150 Market price = $250 OutputTotal revenueProfit (+) or loss (−) Total revenueProfit (+) or loss (−) Total revenueProfit (+) or loss (−)0$_____$_____ $_____$_____ $_____$_____1__________ __________ __________2__________ __________ __________3__________ __________ __________4__________ __________ __________5__________ __________ __________6__________ __________ __________7__________ __________ __________8__________ __________ __________9__________ __________ __________10__________ __________ __________

The answer to the question is given in three tables below :

Answered: Market price = $50 Market price =…

ECON MICRO

5th Edition

ISBN:9781337000536

Author:William A. McEachern

Publisher:William A. McEachern

Chapter7: Production And Cost In The Firm

Section: Chapter Questions

Problem 1.3P

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Assume that a purely competitive firm has the schedule of costs given in the table below.

output	TFC	TVC	TC
0	$500	$0	$500
1	500	150	650
2	500	200	700
3	500	260	760
4	500	340	840
5	500	450	950
6	500	590	1090
7	500	770	1270
8	500	1000	1500

9	500	1290	1790
10	500	1650	2150

Complete the table below to show the total revenue and total profit of the firm at each level of output the firm might produce. Assume market prices of $50, $150, and $250.

	Market price = $50		Market price = $150		Market price = $250
Output	Total revenue	Profit (+) or loss (−)		Total revenue	Profit (+) or loss (−)	Total revenue	Profit (+) or loss (−)
0	$_____	$_____		$_____	$_____	$_____	$_____
1	_____	_____		_____	_____	_____	_____
2	_____	_____		_____	_____	_____	_____
3	_____	_____		_____	_____	_____	_____
4	_____	_____		_____	_____	_____	_____
5	_____	_____		_____	_____	_____	_____
6	_____	_____		_____	_____	_____	_____
7	_____	_____		_____	_____	_____	_____
8	_____	_____		_____	_____	_____	_____
9	_____	_____		_____	_____	_____	_____
10	_____	_____		_____	_____	_____	_____

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