Question: 14. FOR 20 EXTRA CREDIT POINTS: Complete the table and questions given a Total Fixed Cost of $50, Nitrogen (N2 = input) cost of $0.50/pound,

14. FOR 20 EXTRA CREDIT POINTS: Complete the table and questions

14. FOR 20 EXTRA CREDIT POINTS: Complete the table and questions given a Total Fixed Cost of $50, Nitrogen (N2 = input) cost of $0.50/pound, and Corn sale price of $5/bushel. (note: TPP is your bushels of corn/acre) TFC TR MPP MR MC TVC TC N2 0 AFC AVC ATC TPP 130 25 148 50 162 75 170 100 177 125 180 150 182 175 183 200 183 a) What is the maximum profit that can be made with the given prices? b) To continue production in the long run, the output price must remain equal to or above $ c) In the short run, production should stop whenever the output price falls below $ 14. FOR 20 EXTRA CREDIT POINTS: Complete the table and questions given a Total Fixed Cost of $50, Nitrogen (N2 = input) cost of $0.50/pound, and Corn sale price of $5/bushel. (note: TPP is your bushels of corn/acre) TFC TR MPP MR MC TVC TC N2 0 AFC AVC ATC TPP 130 25 148 50 162 75 170 100 177 125 180 150 182 175 183 200 183 a) What is the maximum profit that can be made with the given prices? b) To continue production in the long run, the output price must remain equal to or above $ c) In the short run, production should stop whenever the output price falls below $

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LO14.2 Discuss how game theory relates to oligopoly.

LO14.5 Discuss the efficiency of oligopoly from societys standpoint and whether it is more or less efficient than monopoly.

LO14.3 Explain the three main models of oligopoly pricing and output: kinked-demand theory, collusive pricing, and price leadership.