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For questions 1 - 3 use the following information. The following incomplete table shows a firm's various costs of producing up to 4 units of output.
Solved by Expert Tutors
Question

These are questions linked to each other!

For questions 1 - 3 use the following information.
The following incomplete table shows a firm's various costs of producing up to 4 units of output.
Q
FC
TVC
TC
MC
AFC
AVC
ATC
0
12
0
0
0
1
60
2
30
30
4
31.5
1. What is the Total Cost (TC) associated with 4 units of output?
A. 114
B. 102
C. 126
D. 90
For questions 1 - 3 use the following information.
The following incomplete table shows a firm's various costs of producing up to 4 units of output.
Q
FC
TVC
TC MC
AFC
AVC ATC
0
12
0
0
0
1
60
30
30
4
31.5
2. If the firm whose cost structure is given in Question 3 can sell any whole number amount 0, 1, 2, 3, or 4,
at a fixed price of \$40, what is the quantity that maximizes its profit?
A. 0
B. 4
C. 3
D. 2
For questions 1 - 3 use the following information.
The following incomplete table shows a ﬁrm’s various costs of producing up to 4 units of output. 3. If the ﬁrm whose cost structure is given in Question 3 can sell any whole number amount 0, 1, 2, 3, or 4,
at a fixed price of \$30, what is the quantity that maximizes its proﬁt? A.0
3.1 0.2
D.3

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