31 May Question ECO/365 — WEEK 3 QUIZ
Question
ECO/365 — WEEK 3 QUIZ
(Please use some other color than black for your font.)
#1 Short Run Cost Structure of Joe’s Barbe$hop
Complete the cost structure on this page; then explain when a firm would produce (and at what level, with what consequence) and when it would shut down. Assume a perfectly competitive market, the point of this exercise is to decide how much should Joe produce of barbering services when the market price is as the following questions propose. (Use textbook jargon and explain the typical actions of the firm.)
| Quantity | FC | VC | TC | AFC | AVC | ATC | MC | ||
| 0 | $ 50.00 | ||||||||
| 10 | $ 50.00 | ||||||||
| 20 | $ 50.00 | ||||||||
| 30 | $ 50.00 | ||||||||
| 40 | $ 50.00 | ||||||||
| 50 | $ 50.00 | ||||||||
| 60 | $ 50.00 | ||||||||
| 70 | $ 50.00 | ||||||||
| 80 | $ 50.00 | ||||||||
| 90 | $ 50.00 | ||||||||
| 100 | $ 50.00 |
Continued on next page…
What quantity would be produced? When would Joe shut down his barbe$hop?
A) $1? Why?
B) $2? Why?
C) $3? Why?
D) $4? Why?
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