1. Given the following information: Total Product (TP) Price 0 $6000 1 6000 2 6000 3 6000 4 6000 5 6000 6 6000 Fixed Cost (TFC) $4000 4000 4000 4000 4000 4000 4000 Variable Cost (TVC) $ 0 7000 10000 12000 16000 22000 33000 a. Based upon the numbers from the table above, is this firm is operating in the short-run or the long-run? How do you know which time period it is operating in? b. Based upon the numbers from the table above, how do you know that this firm exemplifies a purely competitive firm? c. Solve for total cost (TC), average fixed cost (AFC), average variable cost (AVC), average total cost (ATC), marginal cost (MC), total revenue (TR), and marginal revenue (MR) at every total product quantity.
1. Given the following information: Total Product (TP) Price 0 $6000 1 6000 2 6000 3 6000 4 6000 5 6000 6 6000 Fixed Cost (TFC) $4000 4000 4000 4000 4000 4000 4000 Variable Cost (TVC) $ 0 7000 10000 12000 16000 22000 33000 a. Based upon the numbers from the table above, is this firm is operating in the short-run or the long-run? How do you know which time period it is operating in? b. Based upon the numbers from the table above, how do you know that this firm exemplifies a purely competitive firm? c. Solve for total cost (TC), average fixed cost (AFC), average variable cost (AVC), average total cost (ATC), marginal cost (MC), total revenue (TR), and marginal revenue (MR) at every total product quantity.
Managerial Economics: Applications, Strategies and Tactics (MindTap Course List)
14th Edition
ISBN:9781305506381
Author:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris
Publisher:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris
Chapter11: Price And Output Determination: Monopoly And Dominant Firms
Section: Chapter Questions
Problem 6E
Related questions
Question
100%
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 4 steps
Follow-up Questions
Read through expert solutions to related follow-up questions below.
Follow-up Question
Please answer parts D, E , & F per 3 part guidline.
Solution
by Bartleby Expert
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.Recommended textbooks for you
Managerial Economics: Applications, Strategies an…
Economics
ISBN:
9781305506381
Author:
James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris
Publisher:
Cengage Learning
Managerial Economics: A Problem Solving Approach
Economics
ISBN:
9781337106665
Author:
Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Publisher:
Cengage Learning
Managerial Economics: Applications, Strategies an…
Economics
ISBN:
9781305506381
Author:
James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris
Publisher:
Cengage Learning
Managerial Economics: A Problem Solving Approach
Economics
ISBN:
9781337106665
Author:
Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Publisher:
Cengage Learning