Question 2 (total product is Q of production) Total product TFC AFC TVC AVC TC MC $. $. 1 $_ $12 2 12 10 3 60 4 56 a. Fill out the table (already done in the last homework. Copy from answer sheet) b....

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Question 2 (total product is Q of production)<br>Total<br>product<br>TFC<br>AFC<br>TVC<br>AVC<br>TC<br>MC<br>$.<br>$.<br>1<br>$_<br>$12<br>2<br>12<br>10<br>3<br>60<br>4<br>56<br>a. Fill out the table (already done in the last homework. Copy from answer sheet)<br>b. Assume the cost table is of the purely (perfectly) competitive firm. Price = $16.<br>What is the equilibrium quantity at that price.<br>c. How much is the Profit/or Loss/or breakeven point<br>d. What is the Marginal Revenue for this question<br>e. Draw the necessary graphs as shown in class. Identify Q, P at equilibrium, and identify the total<br>revenue and total cost areas, and the Profit, or loss or breakeven area which is applicable to this<br>question.<br>%24<br>

Extracted text: Question 2 (total product is Q of production) Total product TFC AFC TVC AVC TC MC $. $. 1 $_ $12 2 12 10 3 60 4 56 a. Fill out the table (already done in the last homework. Copy from answer sheet) b. Assume the cost table is of the purely (perfectly) competitive firm. Price = $16. What is the equilibrium quantity at that price. c. How much is the Profit/or Loss/or breakeven point d. What is the Marginal Revenue for this question e. Draw the necessary graphs as shown in class. Identify Q, P at equilibrium, and identify the total revenue and total cost areas, and the Profit, or loss or breakeven area which is applicable to this question. %24

Jun 11, 2022

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Question 2 (total product is Q of production) Total product TFC AFC TVC AVC TC MC $. $. 1 $_ $12 2 12 10 3 60 4 56 a. Fill out the table (already done in the last homework. Copy from answer sheet) b....

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