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Questions 23 - 27 are based upon the following table, production costs for a perfectly competitive firm. Output Fixed Variable Cost Cost Total Cost Average Fixed Cost Average Variable Average Total Cost Marginal Cost Cost 80 80 70 110 160 220 295 400 540 700 150 190 240 300 375 480 620 780 26. At the long run equilibrium, this firm will produce a. 0. b. 4. os

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Related questions

Questions 23 - 27 are based upon the following table, production costs for a perfectly competitive firm. Output Fixed Variable Cost Cost Total Cost Average Fixed Cost Average Variable Average Total Cost Marginal Cost Cost 80 80 70 110 160 220 295 400 540 700 150 190 240 300 375 480 620 780 25. If the price was $105 per unit, the short run profits are a. -80. b. 0. c. 50. d. 150. e. 630.

Questions 23 - 27 are based upon the following table, production costs for a perfectly competitive firm. Output Fixed Variable Cost Cost Total Cost Average Fixed Cost Average Variable Average Total Cost Marginal Cost Cost 80 80 70 110 160 220 295 400 540 700 150 190 240 300 375 480 620 780 24. If the price is $140 per unit, then the short run profit maximizing output is a. 0. b. 4. c. 5. d. 7. e. 8.

I have done the charts can any one help me with the questions below.
c. Determine the profit maximizing level of output. Explain how you arrived at that conclusion.
d. What is the total profit at the profit maximizing level of output? How does that compare to profit at other levels of output?
e. What is the lowest price that Winsome Widgets will accept and continue to produce in the short run? Explain.
f. Is Winsome Widgets in long-run equilibrium? Explain

Consider the following table of costs for the Winsome Widget Factory, which operates in a perfectly competitive market. The market price faced by this firm is $6.00 per widget.
0
10
20
30
40
50
60
70
80
90
100

Total Fixed Cost
100
100
100
100
100
100
100
100
100
100
100











Total Variable Cost
0
50
80
100
140
200
275
375
500
650
900

Total Cost
$100
150
180
200
240
300
375
475
600
750
1,000
Average Fixed Cost
n/a
10
5
3.33
2.5
2
1.67
1.43
1.25
1.11
1

Average Variable Cost
n/a
5
4
3.33
3.5
4
4.58
5.36
6.25
7.22
9

Average Total Cost
n/a
5
4
3.33
3.5
4
4.58
5.36
6.25
7.22
9

Marginal Cost
n/a
50
30
20
40
60
75
100
125
150
250

Total Revenue
0
60
120
180
240
300
360
420
480
540
600

Marginal Revenue
n/a
60
60
60
60
60
60
60
60
60
60

Total Profit
-100
-90
-60
-20
0
0
-15
-55
-120
-210
-400

T Fixed Cost
100
100
100
100
100
100
100
100
100
100
100

Variable cost
50
80
100
140
200
275
375
500
650
900

AFC
n/a
10
5
3.33
2.5
2
1.67
1.43
1.25
1.11
1


AVC
n/a
5
4
3.33
3.5
4
4.58
5.36
6.25
7.22
9


AVC
n/a
5
4
3.33
3.5
4
4.58
5.36
6.25
7.22
9


MC
n/a
50
30
20
40
60
75
100
125
150
250



TR
0
60
120
180
240
300
360
420
480
540
600



MR
n/a
60
60
60
60
60
60
60
60
60
60



TP
-100
-90
-60
-20
0
0
-15
-55
-120
-210
-400
c. Determine the profit maximizing level of output. Explain how you arrived at that conclusion.
d. What is the total profit at the profit maximizing level of output? How does that compare to profit at other levels of output?
e. What is the lowest price that Winsome Widgets will accept and continue to produce in the short run? Explain.
f. Is Winsome Widgets in long-run equilibrium? Explain

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