Assume that a purely competitive firm has the schedule of costs given in the table below. output TFC TVC TC 0 $500 $0 $500 1 500 150 650 2 500 200 700 3 500 260 760 4 500 340 840 5 500 450 950 6 500 590 1090 7 500 770 1270 8 500 1000 1500 9 500 1290 1790 10 500 1650 2150 Indicate what output the firm would produce and its profits in the following table and transform the information of price and quantity supplied into a supply curve in a diagram. Price Quantity supplied Profit (+) or loss (−) $  50     150     250 _____ _____

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Q: Assume that the purely competitive firm operates as described below: Q TFC TVC TC AC MC TR MR Profit…

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Q: 7 62 10.00 8.00 8 8 64 9.00 7.00 9 9 67 8.00 6.10 10 10 72 7.00 5.00 11 11 79…

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A: Let X = 40 and Y = 800 MC = AC = 40 Q = 800 – 2P P = 400 – Q/2 P = 400 – Q a/2 – Q b/2

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Q: $12.5 MC АТС $10.0 P-MR 8.0 $7.5 $5.0 $2.5 $0.0 0 10 20 30 40 50 60 70 80 90 100110120 130 Quantity…

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Q: Figure 3-1 Price (dollars per unit) 25 24 18 ∞ 43 14 13 16 Di 19 25 MC AVC Quantity AC MR

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A: Given : TC = $16, Q= 11 units, P=$8Therefore, TR= P*Q = 8*11 = $88Profit = TR-TC=88-16=$72

Q: Figure A Competitive Firm1.2 MC ATC Given P1 =$5.00 P2 = $6.00 P3 =$7.00 Q1 =110.00 AVC P3 P2 P1 MR…

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Q: Output Total Total (Q) Price Revenue Cost 1 $20.00 $2.50 2 $15.00 $5.00 3 $10.00 $7.50 4 $5.00…

A: Q40 TR=P*Q TR(1)=1*20=20 and so on MR=change in TR MR(1)=20-0=20 and so on MC=change in TC…

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Q: Output (Q) Total Total Price Revenue Cost 10 $12.00 $140 20 $12.00 $220 30 $12.00 $380 40 $12.00…

A: Total revenue is the product of price and quantity. Total revenue = PQ

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A: As per the honor code, we are allowed to attempt only first three sub-parts of the question. If you…

Q: COSI MC ATC AVC MR 15 14 11 750 1,100 1,350 1,800 Quantity Figure 12-5 shows cost and demand curves…

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Q: Market price = $50   Market price = $150   Market price = $250   Output Total revenue Profit…

A: The answer to the question is given in three tables below :

Q: Assume that a purely competitive firm has the schedule of costs given in the table below. Output TFC…

A: (a) When p=$50, TR=50*Q TC=Given Profit=TR-TC

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Q: Two firms A and B produce an identical product (Note: Industry Output = Q). The firms have to decide…

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Q: 2. Suppose that a market consists of 650 identical fims, all with the same cost curve: TC(q) = 325q²…

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Q: The table below shows the weekly marginal cost (MC) and average total cost (ATC) for Buddies, a…

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A: The firm produces at P=MC or the nearest lower MC MC=change in VC/ change in Q MC(10)=200-010-0=20…

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Q: Table 1 shows the total cost schedule for a competitive firm. Price per unit of output is £7.…

A: Since you have posted question with multiple subparts, we will solve the first three subparts for…