Fixed Variable Total Marginal Output Cost Cost Cost AVC ATC Cost 1 $400 2 $700 3 $918 4 $1200 5 $1650 6 $2352 Given: Fixed cost =$1000; price=$550. Fill in table On a piece of graph paper, draw a graph of the demand, marginal revenue, ATC, AVC, and MC curves. The demand curve would be perfectly elastic and it would be the same as the Marginal Revenue Curve and equal to the price. How much is the best level of output? Find total Profit. State the minimum point of the ATC curve in dollars and cents. State the minimum point of the AVC curve in dollars and cents.

Fixed Variable Total Marginal Output Cost Cost Cost AVC ATC Cost 1 $400 2 $700 3 $918 4 $1200 5 $1650 6 $2352 Given: Fixed cost =$1000; price=$550. Fill in table On a piece of graph paper, draw a graph of the demand, marginal revenue, ATC, AVC, and MC curves. The demand curve would be perfectly elastic and it would be the same as the Marginal Revenue Curve and equal to the price. How much is the best level of output? Find total Profit. State the minimum point of the ATC curve in dollars and cents. State the minimum point of the AVC curve in dollars and cents.

Microeconomic Theory

12th Edition

ISBN:9781337517942

Author:NICHOLSON

Publisher:NICHOLSON

Chapter18: Asymmetric Information

Section: Chapter Questions

Problem 18.3P

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