1. Calculate missing values in the table below. a. Graph the fixed, variable and total cost curves. b. Graph the margina

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1 Calculate Missing Values In The Table Below A Graph The Fixed Variable And Total Cost Curves B Graph The Margina 1 (60.44 KiB) Viewed 31 times

1. Calculate missing values in the table below. a. Graph the fixed, variable and total cost curves. b. Graph the marginal, average variable and average total cost curves. TC FC 3,780.00 AVC NA AFC NA ATC NA MC NA 9 0 1 2 3 4 5 6 7 8 9 10 VC 0.00 400.00 700.00 900.00 1,000.00 1,050.00 1,200.00 1,400.00 2,000.00 2,700.00 4,000.00 2. Consider a perfectly competitive industry where each firm has the cost structure described above. The industry supplies machines for the market with market demand D: P = 1900 - Q. a. Find the profit maximizing quantity q* each firm chooses to produce at the market price P = $1,320. Calculate economic profit of a firm. Find the market demand and calculate the number of firms in the market b. Repeat the above exercise for the market price P = $720. c. Repeat the above exercise for the market price P = $620. d. Repeat the above exercise for the market price P = $190. e. In the graph you developed in part 1.b. above, show a typical firm in the long run equilibrium. f. In a separate graph, show the market demand and market supply (approximately) in the long run equilibrium.