Question: Problem 5-3 (algo) Refer to the profit maximization table below. A fisher who sells his mackerel catch in a perfectly competitive market faces revenues and

 Problem 5-3 (algo) Refer to the profit maximization table below. A

fisher who sells his mackerel catch in a perfectly competitive market faces

Problem 5-3 (algo) Refer to the profit maximization table below. A fisher who sells his mackerel catch in a perfectly competitive market faces revenues and costs as shown in the table. a. Fill in the table, writing out dollars and cents e.g. $1.00 or $0.10. Remember to include a minus (-) sign for any negative entries and to round 0.005 up to 0.01. (1) (2) (7) (8 ) (4) ( 6) Average Fixed (9) Price Quantity (3) (5) Average (kilograms per Total Fixed Cost Variable Variable Cost Average Cos ($ per Total Cost Cost kilogram) Revenue ($) ($) Cost ($) ($) ($ per ($ per ($ per day) kilogram) kilogram) kilogram) 0. 50 0 100 0 0 . 50 50 100 20 0. 50 94 100 28 0.50 144 100 47 0 . 50 166 100 60 0 . 50 188 100 96 b. Draw the marginal revenue, marginal cost, average variable, and average cost curves in the graph below. Using the tools provided plot only the 2 endpoints for the marginal revenue curve at the quantities of 0 and 188. Plot 5 points each for the marginal cost, average variable and average cost curves for a total of 17 points. To manually enter plotting coordinates click on a line segment between 2 plotted points then click the widget icon. Enter coordinates for the curve in the properties box that appears. Remember that marginal values such as marginal cost are plotted halfway between the two relevant quantity levels on the

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Economics Questions!