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Finding the optimal production level

Output Average Fixed cost Average Variable Cost Average Total Cost Marginal Cost Price Total Revenue Marginal Revenue

0 $ 345.00
1 $ 180.00 $ 135.00 $ 315.00 $ 300.00
2 $ 90.00 $ 127.50 $ 217.50 $ 249.00
3 $ 60.00 $ 120.00 $ 180.00 $ 213.00
4 $ 45.00 $ 112.50 $ 157.50 $ 189.00
5 $ 36.00 $ 111.00 $ 147.00 $ 165.00
6 $ 30.00 $ 112.50 $ 142.50 $ 144.00
7 $ 25.71 $ 115.70 $ 141.41 $ 126.00
8 $ 22.50 $ 121.90 $ 144.40 $ 111.00
9 $ 20.00 $ 130.00 $ 150.00 $ 99.00
10 $ 18.00 $ 139.50 $ 157.50 $ 87.00

Using Excel, draw one graph showing average fixed costs, average variable costs, average total costs, marginal revenue, and marginal costs.

Using the data in the table and on your graph, what is the profit maximizing, or loss minimizing level of output? describe and justify your answers.

What is a normal profit? What is an economic profit? describe your answer using exs. Are normal profits being earned in this ex? Are economic profits present for this firm in this ex? describe your answers.

Given the data in the table and the graph, how could you determine or identify the optimal plant size?

What is the difference between explicit and implicit cost? describe your answers.

How would we determine if a cost is a fixed cost or a variable cost?

 

Business Economics, Economics

  • Category:- Business Economics
  • Reference No.:- M928810

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