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Cost of Production
Output (Q)
SRTC
AVC
TR
0
350
1
400
2
425
3
465
4
505
5
560
6
635
7
730
AVC is Average Variable Cost
TR is Total Revenue
SRTC is Short Run Total Cost
SRTC = FC + VC (Total Cost = Fixed Cost + Variable Costs)
Suppose the fixed cost (FC) of production is $350 and Price (P) is $55, complete the table above. (Cut and paste the table into a separate document).
- Suppose you are producing 2 units of output (Q = 2), if you want to produce one extra unit of output (Q = 3), what would be the marginal cost? (Show your work.)
- If the market price is given as $55, how much output will the perfectly competitive firm produce to maximize profits? (Show your work.)
- Calculate the profit or loss. (Show your work.)
- Should the firm always shut down in the short run when it experiences a loss? Explain.
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