Fixed Variable Total Marginal Output Cost Cost Cost AVC ATC Cost 1 $400 2 $700 3 $918 4 $1200 5 $1650 6 $2352 Given: Fixed cost =$1000; price=$550. Fill in table On a piece of graph paper, draw a graph of the demand, marginal revenue, ATC, AVC, and MC curves. The demand curve would be perfectly elastic and it would be the same as the Marginal Revenue Curve and equal to the price. How much is the best level of output? Find total Profit. State the minimum point of the ATC curve in dollars and cents. State the minimum point of the AVC curve in dollars and cents.
Fixed Variable Total Marginal Output Cost Cost Cost AVC ATC Cost 1 $400 2 $700 3 $918 4 $1200 5 $1650 6 $2352 Given: Fixed cost =$1000; price=$550. Fill in table On a piece of graph paper, draw a graph of the demand, marginal revenue, ATC, AVC, and MC curves. The demand curve would be perfectly elastic and it would be the same as the Marginal Revenue Curve and equal to the price. How much is the best level of output? Find total Profit. State the minimum point of the ATC curve in dollars and cents. State the minimum point of the AVC curve in dollars and cents.
Chapter18: Asymmetric Information
Section: Chapter Questions
Problem 18.3P
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![Answer questions using table
TABLE
Fixed
Variable
Total
Marginal
Output
Cost
Cost
Cost
AVC
ATC
Cost
1
$400
2
$700
3
$918
4
$1200
5
$1650
$2352
Given: Fixed cost =$1000; price=$550. Fill in table
On a piece of graph paper, draw a graph of the demand, marginal revenue, ATC, AVC, and MC curves. The demand curve would
be perfectly elastic and it would be the same as the Marginal Revenue Curve and equal to the price.
How much is the best level of output?
Find total Profit.
State the minimum point of the ATC curve in dollars and cents.
State the minimum point of the AVC curve in dollars and cents.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F5cf35b77-ed44-4596-abf3-73103fc17797%2F462d5951-3d6c-4d07-ad42-e2b84a57f600%2Fetjajod_processed.png&w=3840&q=75)
Transcribed Image Text:Answer questions using table
TABLE
Fixed
Variable
Total
Marginal
Output
Cost
Cost
Cost
AVC
ATC
Cost
1
$400
2
$700
3
$918
4
$1200
5
$1650
$2352
Given: Fixed cost =$1000; price=$550. Fill in table
On a piece of graph paper, draw a graph of the demand, marginal revenue, ATC, AVC, and MC curves. The demand curve would
be perfectly elastic and it would be the same as the Marginal Revenue Curve and equal to the price.
How much is the best level of output?
Find total Profit.
State the minimum point of the ATC curve in dollars and cents.
State the minimum point of the AVC curve in dollars and cents.
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