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Unformatted text preview: a perfectly competitive market. Q FC VC TC MC AVC AFC ATC 150 NA NA NA NA 1 15 2 14 3 40 4 202 5 43 6 14 7 95 8 263 9 21 10 15.9 a) Fill in the missing items in the following table. I would suggest completing the table, cut it out, and paste it (either electronically or physically) into your sheet you turn in. (2 points) b) Find the firms output and profit if the market price is 19. (1 point) c) Explain why the price must be greater than 25 for the firm to produce in the long run and greater than 12 to produce in the short run. (2 points)...
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This note was uploaded on 10/21/2008 for the course CH 54130 taught by Professor Sparks,s during the Spring '08 term at University of Texas at Austin.
- Spring '08