Question: Microeconomics 1. Fill in the cost function chart below: Q FC VC TC AFC AVC ATC 1 120 10 2 20 3 27 4 32

Microeconomics

1. Fill in the cost function chart below: Q FC VC TC AFC AVC ATC 1 120 10 2 20 3 27 4 32 5 5 40 2. Using the cost chart data from (1) above, maximize the firm's profits over the range of output levels listed using the following price information: Q TC Profit P TR 1 60 I 2 55 3 50 4 45 5 30

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