Author Question: Assume the following total cost schedule for a perfectly competitive firm.OutputTVC ($)TFC ($)0 ... (Read 133 times)

allywil32 · **on:** Oct 12, 2022

Question 1

Assume the following total cost schedule for a perfectly competitive firm.

Output	TVC ($)	TFC ($)
0	0	100
1	40	100
2	70	100
3	120	100
4	180	100
5	250	100
6	330	100

TABLE 9-1

Refer to Table 9-1. If the market price were $75, this perfectly competitive firm wishing to maximize its profits would
◦ not produce because P < TFC.
◦ not produce because P < minimum of ATC.
◦ produce 6 units of output.
◦ produce 5 units of output.
◦ produce 2 units of output.

Question 2

Assume the following total cost schedule for a perfectly competitive firm.

Output	TVC ($)	TFC ($)
0	0	100
1	40	100
2	70	100
3	120	100
4	180	100
5	250	100
6	330	100

TABLE 9-1

Refer to Table 9-1. What is the marginal cost of producing the 2nd unit of output?
◦ $30
◦ $35
◦ $10
◦ $5
◦ $15

jojomac20 · **Reply #1 on:** Oct 12, 2022

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