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## Economics

 Basic Economics Macroeconomics Microeconomics Business Economics Econometrics International Economics Managerial Economics Game Theory Public Economics

Compute product equilibrium price, output and profit.

Suppose a single company in a purely competitive company has variable costs as indicated in the subsequent table in column 2. Complete the table and answer the problems.

 (1) Total product (2) Total var. cost (3) Total  cost (4)AFC (5) AVC (6) ATC (7) MC 0 \$    0 \$   40 \$_____ \$_____ \$_____ 1 55 _____ _____ _____ _____ \$_____ 2 75 _____ _____ _____ _____ _____ 3 90 _____ _____ _____ _____ _____ 4 110 _____ _____ _____ _____ _____ 5 135 _____ _____ _____ _____ _____ 6 170 _____ _____ _____ _____ _____ 7 220 _____ _____ _____ _____ _____ 8 290 _____ _____ _____ _____ _____

a) At a product price of \$52, will this company capable to produce in the short run?  describe.  Illustrate what will its profit or loss is?

b) At a product price of \$28, will this company capable to produce in the short run?  describe.  Illustrate what will its profit or loss is?

c) At a product price of \$22, will this company capable to produce in the short run?  describe.  Illustrate what will its profit or loss is?

d) Complete the subsequent short-run supply schedule for this company.

 Product Quantity Profit (+) price supplied or loss (-) \$72 _____ _____ 52 _____ _____ 45 _____ _____ 28 _____ _____ 22 _____ _____ 15 _____ _____

Suppose there are 500 identical companies in this company, which they have identical cost data as the company above, and which the company demand schedule is as follows:

 Price Quantity demanded \$72 2500 52 3500 45 4000 28 5200 22 5900 15 6700

e)Illustrate what will the equilibrium price be?

f)Illustrate what will the equilibrium output for each company be?

g)Illustrate what will profit or loss be per unit?

h)Illustrate what will profit or loss be per company?

• Reference No.:- M917226

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