Short run product and cost Scenario 6: a. Use a numerical table and show different worker and output levels (TP) and calculate MP & AP in the short run. b. Draw and show the behavior of TP, MP and AP curves. c. Use a numerical table and show different output and cost (TC) in the short run and calculate TFC, TVC, AC, AVC, AFC, MC. d. Draw and show the behavior of TC, TFC, TVC in the short run in a separate graph. Draw AC, AFC, AVC, MC in separate graph. Show the profit maximization point in the graph.
Short run product and cost Scenario 6: a. Use a numerical table and show different worker and output levels (TP) and calculate MP & AP in the short run. b. Draw and show the behavior of TP, MP and AP curves. c. Use a numerical table and show different output and cost (TC) in the short run and calculate TFC, TVC, AC, AVC, AFC, MC. d. Draw and show the behavior of TC, TFC, TVC in the short run in a separate graph. Draw AC, AFC, AVC, MC in separate graph. Show the profit maximization point in the graph.
Essentials of Economics (MindTap Course List)
8th Edition
ISBN:9781337091992
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter12: The Cost Of Production
Section: Chapter Questions
Problem 4PA
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Please help me to solve it as soon as possible I will upvote your answer
Transcribed Image Text:I choose IKEA COMPANY
Short run product and cost
Scenario 6:
a. Use a numerical table and show different worker and output levels (TP) and calculate MP & AP in
the short run.
b. Draw and show the behavior of TP, MP and AP curves.
c. Use a numerical table and show different output and cost (TC) in the short run and calculate TFC,
TVC, AC, AVC, AFC, MC.
d. Draw and show the behavior of TC, TFC, TVC in the short run in a separate graph. Draw AC, AFC,
AVC, MC in separate graph. Show the profit maximization point in the graph.
Scenario7:
a. Is your company operating in a perfect market? If yes/no give reasons.
b. Use a numerical data to show your firms output and revenue in a perfect market in the short run.
Calculate TR, MR, AR, total profits, TC, MC and ATC.
c. Draw TC and TR curves in one graph.
d. Draw MC, ATC, AVC and MR in one graph. Show profit maximization, shutdown point and losses in
the graph
Page VI of 11
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