The table below provides revenue and cost information for a perfectly competitive firm producing computers. How much are total costs if 3 computers are produced?  How much are total variable costs if 5 computers are produced?  What is the price of a computer?  What is the average revenue from producing computers?  What is the marginal revenue of producing computers?  Over what output range will firm earn economic profits?

Economics:
10th Edition
ISBN:9781285859460
Author:BOYES, William
Publisher:BOYES, William
Chapter23: Profit Maximization
Section: Chapter Questions
Problem 11E
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The table below provides revenue and cost information for a perfectly competitive firm producing computers.

  1. How much are total costs if 3 computers are produced? 
  2. How much are total variable costs if 5 computers are produced? 
  3. What is the price of a computer? 
  4. What is the average revenue from producing computers? 
  5. What is the marginal revenue of producing computers? 
  6. Over what output range will firm earn economic profits? 
The following table contains revenue and cost information for a perfectly competitive
firm producing computers. Use the information provided by the table to answer the
question below.
Output Total Revenue ($) Total Variable Cost ($) Total Fixed Cost ($)
1
2
3
4
5
1,000
2,000
3,000
4,000
5,000
750
1,250
2,000
3,000
4,500
500
500
500
500
500
How much are total variable costs if 5 computers are produced? $
LL
JL
LL
Transcribed Image Text:The following table contains revenue and cost information for a perfectly competitive firm producing computers. Use the information provided by the table to answer the question below. Output Total Revenue ($) Total Variable Cost ($) Total Fixed Cost ($) 1 2 3 4 5 1,000 2,000 3,000 4,000 5,000 750 1,250 2,000 3,000 4,500 500 500 500 500 500 How much are total variable costs if 5 computers are produced? $ LL JL LL
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