Refer to the profit maximization table below. A fisher who sells his mackerel catch in a...
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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 $0.10. Remember to include a minus (-) sign for any negative entries and to round 0.005 up to 0.01. (1) Price (2) Quantity (3) Total (4) Fixed Cost (5) Variable (6) Total Cost ($ per kilogram) (kilograms per (7) Average Fixed Cost Revenue ($) ($) Cost ($) ($) day) (8) Average Variable Cost ($ per kilogram) ($ per kilogram) (9) Average Cost ($ per kilogram) (10) Marginal Cost ($ per kilogram) 0 254 0 254 0.56 0.70 90 63 254 50 304 2.82 0.56 3.38 0.25 0.70 170 119 254 70 324 1.49 0.41 1.91 0.52 0.70 260 182 254 E 117 371 0.98 0.45 1.43 0.8 0.70 300 210 254 149 403 0.85 0.5 1.34 2.23 0.70 340 238 254 238 492 0.75 0.7 1.45 c. This fisher's profit-maximizing quantity is 260 -111 kilograms. At this quantity, the fisher is making a loss of $ 238. The fisher's shutdown point is at a d. The fisher's breakeven point is at a quantity of 340 kilograms and a price of $ quantity of kilograms and a price of $ 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 $0.10. Remember to include a minus (-) sign for any negative entries and to round 0.005 up to 0.01. (1) Price (2) Quantity (3) Total (4) Fixed Cost (5) Variable (6) Total Cost ($ per kilogram) (kilograms per (7) Average Fixed Cost Revenue ($) ($) Cost ($) ($) day) (8) Average Variable Cost ($ per kilogram) ($ per kilogram) (9) Average Cost ($ per kilogram) (10) Marginal Cost ($ per kilogram) 0 254 0 254 0.56 0.70 90 63 254 50 304 2.82 0.56 3.38 0.25 0.70 170 119 254 70 324 1.49 0.41 1.91 0.52 0.70 260 182 254 E 117 371 0.98 0.45 1.43 0.8 0.70 300 210 254 149 403 0.85 0.5 1.34 2.23 0.70 340 238 254 238 492 0.75 0.7 1.45 c. This fisher's profit-maximizing quantity is 260 -111 kilograms. At this quantity, the fisher is making a loss of $ 238. The fisher's shutdown point is at a d. The fisher's breakeven point is at a quantity of 340 kilograms and a price of $ quantity of kilograms and a price of $
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