# Macroeconomics help accounting/economic profit

Anonymous
timer Asked: Mar 31st, 2015

Question description

.  (10 points) Assume the following cost data for a perfectly competitive firm:

 Q TFC TVC TC AVC ATC MC 0 100 0 100 1 100 30 130 30 130 30 2 100 50 150 25 20 3 100 60 160 20 53.33 4 100 72 172 18 43 12 5 100 85 185 17 37 13 6 100 210 18.33 35 25 7 100 140 240 20 34.29 30 8 100 22.5 35 40 9 100 230 330 25.56 36.67 50 10 100 290 390 29 39 60

A. Fill in the boxes with the appropriate values.

B. If there are 1200 identical firms in the industry, use the following table to determine the market equilibrium price and quantity:

 Quantity Supplied Qd P Firm Market 10800 15 10400 25 10000 34.29 9600 40 9200 50 8800 60

Qe =  _______________  Pe ____________________

C. What is the individual firm’s profit or loss at the current equilibrium price?

D. What is the individual firm’s profit or loss if P = 25?

E. What is the individual firm’s profit or loss if P = 15?

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