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Unit 3 assignment: 1) Complete the following cost schedules: Quantity 0 1 2 3 4 5 6 7 Total cost $9 $12 $16 $21 $30 $40 $52 $66 ATC MC Assuming the price of this product is $10, at what output rate is Total revenue maximized? ATC minimized? Profit per unit maximized? Total profit maximized? 2
Unit 3 assignment:
1) Complete the following cost schedules:
Quantity 0 1 2 3 4 5 6 7
Total cost $9 $12 $16 $21 $30 $40 $52 $66
ATC
MC
Assuming the price of this product is $10, at what output rate is
- Total revenue maximized?
- ATC minimized?
- Profit per unit maximized?
- Total profit maximized?
2 . Complete the following table:
|
Output |
Total Cost |
Marginal Cost |
Average Total Cost |
Average Variable Cost |
|
0 |
$100.00 |
|
|
|
|
5 |
$110.00 |
|
|
|
|
10 |
$130.00 |
|
|
|
|
15 |
$170.00 |
|
|
|
|
20 |
$220.00 |
|
|
|
|
25 |
$290.00 |
|
|
|
|
30 |
$380.00 |
|
|
|
|
35 |
$490.00 |
|
|
|
According to the table above,
- If the price is $8, how much output will the firm supply?
- How much profit or loss will it make?
(c) At what price will the firm shut down?
Expert Solution
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