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Macroeconomics help accounting/economic profit

fnuneevfba
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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