Homework #6 Chapter 9 Perfect Competition Fall 2020 (3) (Protected View) - Word (Unlicensed Product) Orczyk Chris X File Home Insert Design Layout References Mailings Review View Help Tell me what you want to do & Share i PROTECTED VIEW Be careful-files from the Internet can contain viruses. Unless you need to edit, it's safer to stay in Protected View. Enable Editing X i NOTICE Most features are disabled because your Office product is inactive. To use for free, sign in and use the Web version. 14. COMPLETE THE FOLLOWING TABLE: Activate Use free at Office.com x Assume the Price = $25 QUANTITY MPPI WAGE TFC TVC TC MC AFC AVC ATC P=MR Total Where MR Revenue = ATR/AQ TR =P*Q Total Marginal RATE total fixed total total marginal average average average variable fixed Physical Physical per day cost cost cost cost Cost variable total cost cos Product Product per worker TVC= (W*L) TC : ATC = AFC = (labor) AVC = ATC = (tfc+tvc Where MR TR =P*Q Atc/Aq ifc/q tvc/q tc/q = ATR/AQ MPL = AQ/AL 0 100 300 0 300 0 2 100 30 100 300 17 100 300 22 100 300 26 100 300 27 100 300 1. What market structure is this firm operating in? 2. What output level should the firm produce to maximize profits? 3. What is total revenue equal to? What is total cost equal to? What are the firm's Economic Profits equal to? 4. Should the firm produce in the short run or shut down? 511 word LO + 98% Type here to search O w 9 ENG 6:10 PM 11/11/2020