538 EXERCISES 1. Cost figures for a hypothetical firm are given in the fol- lowing table. Use them to answer questions a

[answerhappygod]

538 Exercises 1 Cost Figures For A Hypothetical Firm Are Given In The Fol Lowing Table Use Them To Answer Questions A 1 (54.25 KiB) Viewed 13 times

538 EXERCISES 1. Cost figures for a hypothetical firm are given in the fol- lowing table. Use them to answer questions a through d. The firm is selling in a perfectly competitive market. Output 1 2 3 45 Fixed Cost $50 $50 $50 $50 $50 Chapter 24 Perfect Competition AFC Variable Cost $ 30 $50 $ 80 $120 $170 Total AVC Cost ATC MC a. Fill in the blank columns. b. What is the minimum price needed by the firm to break even? c. What is the shutdown price? d. At a price of $40, what output level would the firm produce? What would its profits be? 5. 6. 7. 8