The following cost table is for a perfect competitor. Fill in the missing values in the...

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The following cost table is for a perfect competitor. Fill in the missing values in the template provided. Price column = 1 mark FC column = 1 mark All other cells = 1 mark. Note: Given numbers have been rounded off to the nearest whole number. A copy of the table has been pasted below. Quantity (total product) 0 1 2 3 4 5 6 7 8 Price 40 Total costs 50 60 90 110 150 230 350 510 710 Fixed Variable Marginal costs costs costs 0 50 10 10 40 60 100 180 300 460 660 20 40 80 160 200 Average total costs 60 45 37 38 58 73 89 Average fixed costs 50 17 13 8 7 6 Average variable costs 10 20 25 36 66 The following cost table is for a perfect competitor. Fill in the missing values in the template provided. Price column = 1 mark FC column = 1 mark All other cells = 1 mark. Note: Given numbers have been rounded off to the nearest whole number. A copy of the table has been pasted below. Quantity (total product) 0 1 2 3 4 5 6 7 8 Price 40 Total costs 50 60 90 110 150 230 350 510 710 Fixed Variable Marginal costs costs costs 0 50 10 10 40 60 100 180 300 460 660 20 40 80 160 200 Average total costs 60 45 37 38 58 73 89 Average fixed costs 50 17 13 8 7 6 Average variable costs 10 20 25 36 66

Answer rating: 100% (QA)

Answer We know that in a perfect competition Price Marginal Cost for profit maximization P MC Refer ... View the full answer