PERFECT COMPETITION SHORT RUN COST STRUCTURE & REVENUE STRUCTURE 6. Complete the "perfect competition" immediately below

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Perfect Competition Short Run Cost Structure Revenue Structure 6 Complete The Perfect Competition Immediately Below 1 (581.93 KiB) Viewed 21 times

PERFECT COMPETITION SHORT RUN COST STRUCTURE & REVENUE STRUCTURE 6. Complete the "perfect competition" immediately below table by calculating all the values. (It is worth spending 30 minutes to learn some Microsoft Excel or Google Sheets skills to complete this assignment. Get some help.) 7. 8. What is the rule for determining the daily output (production level) that will maximize short run profits? Identify the daily output that the firm would produce if prices were a) $2, b) $4, c) $6, d) $8. Report daily output, price, marginal cost, and profit at that daily output. Explain. What will the long run equilibrium be given this cost structure? Report daily output, price, marginal cost, and profit at that daily output. Explain. 10. Provide two graphs: i) daily output on the x-axis and on the y-axis total daily fixed costs, total daily variable costs, total daily costs, and total revenue when price equals $6; ii) daily output on the x-axis and on the y-axis daily average fixed costs, daily average variable costs, daily average total costs, and price equals $6. 9. Total Daily Output and Sales of Pizzas 0 1 2 3 4 5 6 7 8 9 10 Total Daily Fixed Costs 10 10 10 10 10 10 10 10 10 10 10 Total Daily Variable Costs 4 6 7 9 13 19 27 37 49 63 Total Daily Costs 10 Average Fixed Costs Average Average Variable Total Costs Costs Marginal Costs Price = Marginal Revenue Total Revenue (When Price = $?) Total Profits (When Price = $?) (10)