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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?

Business Economics, Economics

  • Category:- Business Economics
  • Reference No.:- M917226

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