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Assume that the cost data in the top table of the next column are for a purely competitive producer (LO3).
Total Product
Average Fixed Cost
Average Variable Cost
Average Total Cost
Marginal Cost
0
1
$60.00
$45.00
$105.00
2
30.00
42.50
72.50
40.00
3
20.00
60.00
35.00
4
15.00
37.50
52.50
5
12.00
37.00
49.00
6
10.00
47.50
7
8.57
38.57
47.14
45.00
8
7.50
40.63
48.13
55.00
9
6.67
43.33
50.00
65.00
10
6.00
46.50
75.00
(1)
Price
(2)
Qty Supplied, Single Form
(3)
Profit (+) or
Loss (-)
(4)
Qty Supplied
I500 Firms
$26
32
38
41
46
56
66
Total Qty Demanded
17,000
15,000
13,500
12,000
10,500
9500
8000
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