06 May QuestionOutputs Price TFC TVC TC AVC ATC 0 125 50 1 120 160 2 115 260 3 110 350 4 105 430
Question
Outputs Price TFC TVC TC AVC ATC 0 125 50 1 120 160 2 115 260 3 110 350 4 105 430 5 100 500 6 95 560 7 90 610 8 85 650 9 80 750 10 75 950
| fixed costs FC are easy. What are the total costs TC when Q=0 that is fixed costs. | ||||||||||||||||
| TVC are what are the TC minus FC | ||||||||||||||||
| AVC what is the AVC / Q | ||||||||||||||||
| TFC = TC when Q=0 | ||||||||||||||||
| TVC = TC – FC | ||||||||||||||||
| AVC = VC / Q | ||||||||||||||||
| finally max profits is where MC = MR or as close as you can get. If you could set 2 < Q < 3 you could increase profits but if you can’t then 2 or 3 gets the same profit | ||||||||||||||||
| marginal revenue, marginal cost and profit. | ||||||||||||||||
| Outputs | Price | TFC | TVC | TC | AVC | ATC | Total Revenue | Marginal Revenue | Marginal Cost | Breakeven price |
| 0 | 125 | 50 | 0 | 50 | 0 | 0 | 0 | 0 | 50 | -50 |
| 1 | 120 | 50 | 110 | 160 | 110 | 160 | 120 | 120 | 110 | -40 |
| 2 | 115 | 50 | 210 | 260 | 105 | 130 | 230 | 110 | 100 | -30 |
| 3 | 110 | 50 | 300 | 350 | 100 | 116.67 | 330 | 100 | 90 | -20 |
| 4 | 105 | 50 | 380 | 430 | 95 | 107.5 | 420 | 90 | 80 | -10 |
| 5 | 100 | 50 | 450 | 500 | 90 | 100 | 500 | 80 | 70 | 0 |
| 6 | 95 | 50 | 510 | 560 | 85 | 93.333 | 570 | 70 | 60 | 10 |
| 7 | 90 | 50 | 560 | 610 | 80 | 87.143 | 630 | 60 | 50 | 20 |
| 8 | 85 | 50 | 600 | 650 | 75 | 81.25 | 680 | 50 | 40 | 30 |
| 9 | 80 | 50 | 700 | 750 | 77.77778 | 83.333 | 720 | 40 | 100 | -30 |
| 10 | 75 | 50 | 900 | 950 | 90 | 95 | 750 | 30 | 200 | -200 |
| fixed costs FC are easy. What are the total costs TC when Q=0 that is fixed costs. | |||||||||||||||||
| TVC are what are the TC minus FC | |||||||||||||||||
| AVC what is the AVC / Q | |||||||||||||||||
| TFC = TC when Q=0 | |||||||||||||||||
| TVC = TC – FC | |||||||||||||||||
| AVC = VC / Q | |||||||||||||||||
| finally max profits is where MC = MR or as close as you can get. If you could set 2 < Q < 3 you could increase profits but if you can’t then 2 or 3 gets the same profit | |||||||||||||||||
| marginal revenue, marginal cost and profit. | |||||||||||||||||
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