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Review Output 0 1 2 3 4 5 6 7 Name: _______________________________________ Price $200 200 200 200 200 200 200 200 TC $400 500 550 610 700 830 1030

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Review Name: _______________________________________ Output Price TC FC VC ATC AFC AVC MC TR MR Profit 0 $200 $400 1 200 500 2 200 550 3 200 610 4 200 700 5 200 830 6 200 1030 7 200 1305 1. Complete the Table. 2. How are TC, FC, and VC related to each other and to output? 3. How are ATC, AFC, and AVC related to each other and to output? (What shape are these curves and why?) 4. Why is the MC curve shaped the way it is? At which unit of output do diminishing returns set in? 5. What is the relationship between ATC, AVC, and MC? 6. How many units should be produced to maximize profit? What are the two ways can you determine where to maximize profit? 7. What type of market structure is this firm? How can you tell? 8. If the price of the product fell to $130, how many units should the firm produce? Will they continue to produce or shut down at this price?
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Economics- 8204164.doc

Review Output
0
1
2
3
4
5
6
7
1. Name: _______________________________________ Price
$200
200
200
200
200
200
200
200 TC
$400
500
550
610
700
830
1030
1305 FC ATC AFC AVC MC TR MR MR Profit...

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