Using the table calculate the following: a. How much are fixed costs (2 points)? b. In...
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Using the table calculate the following: a. How much are fixed costs (2 points)? b. In the short run, what is the firm's optimal production decision? Why does the firm choose this quantity (3 points)? c. At this level of production, does the firm make a profit or a loss? Why? (3 points) d. If SAVC = LAC, what are the returns to scale for this firm? (2 points) please clearly label each part a through d. Q 10 20 30 40 88 50 60 70 SVC 400 450 500 550 600 650 700 STC 500 550 600 650 700 750 800 SATC 50 27.5 20 16.25 14 12.5 11.43 SAVC 50 22.5 16.67 13.75 12 10.83 10 MC 50 50 50 50 50 50 TR 200 360 480 560 625 675 700 MR 160 120 80 65 50 25 P 20 18 16 14 12.5 11.25 10 Using the table calculate the following: a. How much are fixed costs (2 points)? b. In the short run, what is the firm's optimal production decision? Why does the firm choose this quantity (3 points)? c. At this level of production, does the firm make a profit or a loss? Why? (3 points) d. If SAVC = LAC, what are the returns to scale for this firm? (2 points) please clearly label each part a through d. Q 10 20 30 40 88 50 60 70 SVC 400 450 500 550 600 650 700 STC 500 550 600 650 700 750 800 SATC 50 27.5 20 16.25 14 12.5 11.43 SAVC 50 22.5 16.67 13.75 12 10.83 10 MC 50 50 50 50 50 50 TR 200 360 480 560 625 675 700 MR 160 120 80 65 50 25 P 20 18 16 14 12.5 11.25 10
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a Fixed costs Fixed costs are the costs that do not vary with the level of output in the short run T... View the full answer
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