Question: Fill in the table below for a competitive firm that can sell its product for $7 a unit. 5 /12 + 85.8% BUS10407 Economics I

Fill in the table below for a competitive firm that can sell its product for $7 a unit.

5 /12 + 85.8% BUS10407 Economics I Tutorial Supplementary Questions (Student) Tutorial 5 (W5) (Ch13) Team C Ch.13 The Costs of Production Problems and Applications: 7 and 11 (Textbook) Supplementary Questions: 1 and 2 Supplementary Questions 1. Fill in the table below for a competitive firm that can sell its product for $7 a unit. Q TC FC VC ATC AVC MC TR MR Profit 8 3 4.5 (a) What quantities will this firm produce? Why? (b ) (c ) At that quantity level, what profits or losses will this firm make? Is this market in long-run equilibrium? Why or why not? (d) In the short run, at what price would this firm break even? At what price would the firm shut down? Explain briefly. 2. If the Marginal Product of labor is greater than that for machine, a producer can increase spending on labor and less on machine. Do you agree? Explain. 25 2 W

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