Question: Quantity Total Cost (dollars) 0 500 1 600 2 680 3 720 4 800 5 890 6 1000 7 1140 8 1300 9 1500 10

Quantity

Total Cost

(dollars)

0

500

1

600

2

680

3

720

4

800

5

890

6

1000

7

1140

8

1300

9

1500

10

1750

from the table above that shows a perfectly competitive firm's TC at different output level. Answer the following questions If the market price of each unit is $200, fill the above table.

  1. what is the amount of TFC?
  2. what is the amount of TVC if the firm produces 2 units?
  3. what is the amount of AVC if the firm produces 3 units
  4. what is the amount of TR if the firm produces 3 units
  5. what is the amount of MC for the first unit produced?
  6. what is the amount of MR for the 6th unit of output?
  7. what is the amount of AR if the firm produces 3 units
  8. What is the optimal level of output?
  9. what is the profit at the optimal level of output?
  10. what is the amount of losses if the firm decide to shutdown

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