ECO100Y1 Lecture : Q2 ATC and Output (Medium)
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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.
Output | Total Cost |
0 | 100 |
10 | 150 |
20 | 180 |
30 | 200 |
40 | 240 |
50 | 300 |
60 | 375 |
70 | 475 |
80 | 600 |
90 | 750 |
100 | 1,000 |
a. Fill in the formula for AFC, AVC, ATC, MC, TR, MR, and Total Profit.
b. Fill in the missing values for TFC, TVC, AFC, AVC, ATC, MC, TR, MR, and Total Profit.