Question: Fixed costs = $50. Variable costs: 0 units, $ 0; 1 unit, $75; 2 units, $125; 3 units, $195; 4 units, $280. Not sure how

Fixed costs = $50. Variable costs: 0 units, $ 0; 1 unit, $75; 2 units, $125; 3 units, $195; 4 units, $280.

Not sure how to calculate profit and loss and how to figure out question 11.

EC2040: Principles of Microeconomics NAME: Using the numbers provided in the Quiz Question # 9, complete the following daily cost schedule for Company A. Total Average Average Average Variable Total Fixed Marginal Variable Fixed Total Quantity Cost Cost Total Cost Cost Cost Cost Cost 0 50 1 75 2 125 3 195 50 4 280 If Company A wants to maximize its profits and sells in a purely competitive industry at the price given in the Quiz Question# 9, how many should they produce? Quiz question #10: Calculate Company A's economic profit/loss. Quiz Question #11: Will firms enter or leave this industry or is this industry at long run equilibrium? Scan and upload a copy of this worksheet to the Quiz # 3 dropbox within ten minutes of completing the quiz. Spring 2020 Page 1

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