If any of your answers are negative, put a minus sign in front of the number.You are given the following cost data for a perfectly competitive firm.QTFCTVC16161016181628161640547016Calculate TC, MC, AFC, AVC, and ATC when Q = 2.TC = S , MC = S. AFC = $AVC = $ ATC = $If the market price is $15, how many units of output will this firm produce?units of output.Calculate the firm's profit: $Will the firm operate or shut down in the short run? The firmIn the long run, the firm shouldO A. expand because short-run profits are negative.O B. expand because short-run profits are positive.OC. shut down because short-run profits are positive.O D. neither expand nor shut down because short-run profits are positive.O E. shut down because short-run profits are negative.

We know , TC = TFC + TVC MC = TCn - TCn-1 TFC = AFC * Q TVC = AVC*Q TC = ATC*Q

If any of your answers are negative, put a minus sign in front of the number. You are given the following cost data for a perfectly competitive firm. Q TFC TVC 16 1 16 10 16 18 16 28 4 16 40 16 54 16 70 Calculate TC, MC, AFC, AVC, and ATC when Q 2. TC = SMC S AFC = $AVC = $ ATC = $ 56

If any of your answers are negative, put a minus sign in front of the number. You are given the following cost data for a perfectly competitive firm. Q TFC TVC 16 1 16 10 16 18 16 28 4 16 40 16 54 16 70 Calculate TC, MC, AFC, AVC, and ATC when Q 2. TC = SMC S AFC = $AVC = $ ATC = $ 56

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

If any of your answers are negative, put a minus sign in front of the number.
You are given the following cost data for a perfectly competitive firm.
Q
TFC
TVC
16
16
10
16
18
16
28
16
16
40
54
70
16
Calculate TC, MC, AFC, AVC, and ATC when Q = 2.
TC = S , MC = S. AFC = $
AVC = $ ATC = $
If the market price is $15, how many units of output will this firm produce?
units of output.
Calculate the firm's profit: $
Will the firm operate or shut down in the short run? The firm
In the long run, the firm should
O A. expand because short-run profits are negative.
O B. expand because short-run profits are positive.
OC. shut down because short-run profits are positive.
O D. neither expand nor shut down because short-run profits are positive.
O E. shut down because short-run profits are negative.

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