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John operates a small business out of his home and has very little in terms of fixed costs. Answer the next questions (Parts A and B) on the basis of the following cost data for John's firm operating in pure competition:
OUTPUT TFC TVC 0 $30.00 0.00 1 30.00 70.00 2 30.00 120.00 3 30.00 150.00 4 30.00 200.00 5 30.00 270.00 6 30.00 360.00
(a.) Refer to the above data. If the product price is $60, at its optimal output, will the firm realize an economic profit, break even, or incur an economic loss? How much will the profit or loss be? Show all calculations.
(b.) Refer to the above data. If the product price is $55 at its optimal output, will the firm realize an economic profit, break even, or incur an economic loss? How much will the profit or loss be? Show all calculations.
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Upon entering college, Meena borrowed the limit of $5000 on her credit card to help pay expenses. The credit card company charges 19.95% annual interest, compounded continuously. how much will meena owe when she graduates in four years?
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