3. Given the following information:

Quantity	Average Fixed Cost	Average Variable Cost	Average Total Cost	Marginal Cost
1	300	100	400	100
2	150	75	225	50
3	100	70	170	60
4	75	73	148	80
5	60	80	140	110
6	50	90	140	140
7	43	103	146	180
8	38	119	157	230
9	33	138		290
10	30	160		360

a) If market price is $140, then…

1. the firm will produce quantity ___________

2. Total revenue = _____________

3. Total cost = _______________

4. Profit for this firm = _______________

b) If market price is $230, then…

1. the firm will produce quantity ___________

2. Total revenue = _____________

3. Total cost = _______________

4. Profit for this firm = _______________

c) If market price is $80, then…

1. the firm will produce quantity ___________

2. Total revenue = _____________

3. Total cost = _______________

4. Profit for this firm = _______________

Answer rating: 100% (QA)

a If market price is 140 then the firm will produce quantity 6 Total revenue 8... View the full answer