question archive Profit Maximization/Loss Minimization QUESTION: Complete the table and answer the following questions
Profit Maximization/Loss Minimization QUESTION: Complete the table and answer the following questions
Subject:EconomicsPrice: Bought3
Profit Maximization/Loss Minimization
QUESTION: Complete the table and answer the following questions. The price for this perfectly competitive firm is $210.
|
QTY |
FC |
VC |
TC |
AFC |
AVC |
ATC |
MC |
MR |
|
0 |
700 |
|||||||
|
1 |
825 |
|||||||
|
2 |
975 |
|||||||
|
3 |
1045 |
|||||||
|
4 |
1120 |
|||||||
|
5 |
1200 |
|||||||
|
6 |
1285 |
|||||||
|
7 |
1375 |
|||||||
|
8 |
1540 |
|||||||
|
9 |
1750 |
|||||||
|
10 |
2205 |
-
Should this firm produce?
-
If so, how many units should it produce?
-
What is the economic profit or economic loss?
