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1)Complete the following table: Total Marginal Average Average Output Cost Cost Total Cost Variable Cost 0 $100 5 110 10 130 15 170 20 220 25 290 30 380 35 490 According to the table above, ( a ) If the price is $8, how much output will the firm supply? ( b ) How much profit or loss will it make? ( c ) At what price will the firm shut down? 2) A firm has leased plant and equipment to produce video game cartridges, which can be sold in unlimited quantities at $21 each
1)Complete the following table:
Total Marginal Average Average
Output Cost Cost Total Cost Variable Cost
0 $100
5 110
10 130
15 170
20 220
25 290
30 380
35 490
According to the table above,
( a ) If the price is $8, how much output will the firm supply?
( b ) How much profit or loss will it make?
( c ) At what price will the firm shut down?
2) A firm has leased plant and equipment to produce video game cartridges, which can be sold in
unlimited quantities at $21 each. The following figures describe the associated costs of production:
Rate of output (per day) 0 1 2 3 4 5 6 7 8
Total cost (per day) $50 $55 $62 $75 $96 $125 $162 $203 $248
( a ) How much are fixed costs?
( b ) Draw total revenue and cost curves on the graphs here.
( c ) Draw the average total cost (ATC), marginal cost (MC), and demand curves of the firm. ATC is:
( d ) What is the profit-maximizing rate of output?
( e ) Should the producer stay in business?
( f ) What is the size of the loss if production continues?
( g ) How much is lost if the firm shuts down?
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