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ECO202 Microeconomics
Table 1 Output Average Fixed cost Average Variable Cost Average Total Cost Marginal Cost Price Total Revenue Marginal Revenue 0 $ 345.00 1 mce_markernbsp; 180.00 $ 135.00 mce_markernbsp; 315.00 $ 300.00 2 mce_markernbsp; 90.00 $ 127.50 mce_markernbsp; 217.50 $ 249.00 3 mce_markernbsp; 60.00 $ 120.00 mce_markernbsp; 180.00 $ 213.00 4 mce_markernbsp; 45.00 $ 112.50 mce_markernbsp; 157.50 $ 189.00 5 mce_markernbsp; 36.00 $ 111.00 mce_markernbsp; 147.00 $ 165.00 6 mce_markernbsp; 30.00 $ 112.50 mce_markernbsp; 142.50 $ 144.00 7 mce_markernbsp; 25.71 $ 115.70 mce_markernbsp; 141.41 $ 126.00 8 mce_markernbsp; 22.50 $ 121.90 mce_markernbsp; 144.40 $ 111.00 9 mce_markernbsp; 20.00 $ 130.00 mce_markernbsp; 150.00 mce_markernbsp; 99.00 10 mce_markernbsp; 18.00 $ 139.50 mce_markernbsp; 157.50 mce_markernbsp; 87.00
Address the following:
Complete Table-1. Summarize your calculations. Prepare a chart showing: Average Fixed Costs Average Variable Costs Average Total Costs Marginal Revenue Marginal Costs Using the data in the table and on your graph, explain the profit maximizing, or loss minimizing level of output. Define a normal profit and an economic profit. Are normal profits being earned in this example? Are economic profits present for this firm in this example? Explain your answers. Given the data in the table and the graph, what type of market structure could this be in the short run? Explain your answers. If the data in Table-1 represents the long run, what type of firm must this data represent? Explain your answers.
The firm had two consultations with this client and required 130 administrative labor hours. What additional costs will be charged to this customer?
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A company rewards its production department employees for meeting budgeted cost levels by giving out bonuses. If department's cost exceeds the budget, employees don't get a bonus. What problems may arise with such a plan?
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