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    Micro Eportfolio Data Spread Competition-Spg 2022-Assignment 1

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    The document is an economics assignment that includes tables and graphs analyzing costs, revenues, and profits for a firm under perfect competition. The tables show total costs increasing with output quantity. Marginal cost is initially low but increases sharply. Total revenue and profit are maximized where marginal cost equals marginal revenue at an output of 5 units. The graphs visualize the relationships between costs, revenues, and quantities that maximize profits.

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    Micro Eportfolio Data Spread Competition-Spg 2022-Assignment 1

    Uploaded by

    api-494804187
    47 views2 pages
    The document is an economics assignment that includes tables and graphs analyzing costs, revenues, and profits for a firm under perfect competition. The tables show total costs increasing with output quantity. Marginal cost is initially low but increases sharply. Total revenue and profit are maximized where marginal cost equals marginal revenue at an output of 5 units. The graphs visualize the relationships between costs, revenues, and quantities that maximize profits.

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    micro eportfolio data spread competition-spg 2022-assignment 1

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    The document is an economics assignment that includes tables and graphs analyzing costs, revenues, and profits for a firm under perfect competition. The tables show total costs increasing with output quantity. Marginal cost is initially low but increases sharply. Total revenue and profit are maximized where marginal cost equals marginal revenue at an output of 5 units. The graphs visualize the relationships between costs, revenues, and quantities that maximize profits.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    47 views2 pages

    Micro Eportfolio Data Spread Competition-Spg 2022-Assignment 1

    Uploaded by

    api-494804187
    The document is an economics assignment that includes tables and graphs analyzing costs, revenues, and profits for a firm under perfect competition. The tables show total costs increasing with output quantity. Marginal cost is initially low but increases sharply. Total revenue and profit are maximized where marginal cost equals marginal revenue at an output of 5 units. The graphs visualize the relationships between costs, revenues, and quantities that maximize profits.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
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    Microeconomics Spr 2022 Name Morgan Erwin Perfect Competition Assignment

    Signature Assignment Hour 8:30-9:50


    ePortfolio Day M/W

    Average
    Total Total Average Variable Average Market Price Marginal
    Total Fixed Cost Variable Total Cost Fixed Cost Cost Total Cost Marginal Perfect Total Total Revenue
    Output/hr (TFC) Cost (TVC) (TC) (AFC) (AVC) (ATC) Cost (MC) Competition Revenue Profit (MR)

    0 $ 10.00 $ - $ 10.00 $ 7.00 $ (10.00)

    1 $ 10.00 $ 6.00 $ 16.00 $ 10.00 $ 6.00 $ 16.00 $ 6.00 $ 7.00 $ 7.00 $ (9.00) $ 7.00

    2 $ 10.00 $ 9.00 $ 19.00 $ 5.00 $ 4.50 $ 9.50 $ 3.00 $ 7.00 $ 14.00 $ (5.00) $ 7.00

    3 $ 10.00 $ 11.00 $ 21.00 $ 3.33 $ 3.67 $ 7.00 $ 2.00 $ 7.00 $ 21.00 $ - $ 7.00

    4 $ 10.00 $ 12.00 $ 22.00 $ 2.50 $ 3.00 $ 5.50 $ 1.00 $ 7.00 $ 28.00 $ 6.00 $ 7.00

    5 $ 10.00 $ 14.00 $ 24.00 $ 2.00 $ 2.80 $ 4.80 $ 2.00 $ 7.00 $ 35.00 $ 11.00 $ 7.00

    6 $ 10.00 $ 17.00 $ 27.00 $ 1.67 $ 2.83 $ 4.50 $ 3.00 $ 7.00 $ 42.00 $ 15.00 $ 7.00

    7 $ 10.00 $ 21.00 $ 31.00 $ 1.43 $ 3.00 $ 4.43 $ 4.00 $ 7.00 $ 49.00 $ 18.00 $ 7.00

    8 $ 10.00 $ 26.00 $ 36.00 $ 1.25 $ 3.25 $ 4.50 $ 5.00 $ 7.00 $ 56.00 $ 20.00 $ 7.00

    9 $ 10.00 $ 32.00 $ 42.00 $ 1.11 $ 3.56 $ 4.67 $ 6.00 $ 7.00 $ 63.00 $ 21.00 $ 7.00

    10 $ 10.00 $ 39.00 $ 49.00 $ 1.00 $ 3.90 $ 4.90 $ 7.00 $ 7.00 $ 70.00 $ 21.00 $ 7.00

    11 $ 10.00 $ 47.00 $ 57.00 $ 0.91 $ 4.27 $ 5.18 $ 8.00 $ 7.00 $ 77.00 $ 20.00 $ 7.00
    PROFIT MAXIMIZATION PROFIT MAXIMIZATION RULE
    Total Cost (TC) Total Revenue Marginal Cost (MC) Marginal Revenue (MR)

    $90.00 $9.00
    $80.00 $8.00
    $70.00 $7.00
    $60.00 $6.00
    $50.00 $5.00
    $40.00 $4.00
    $30.00 $3.00
    $20.00 $2.00
    $10.00 $1.00
    $- $-
    1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11

    SHORT-RUN COST CURVES PROFIT MAXIMIZATION OPERATION


    Average Fixed Cost (AFC) Average Variable Cost (AVC) Average Fixed Cost (AFC) Average Variable Cost (AVC) Average Total Cost (ATC)
    Average Total Cost (ATC) Marginal Cost (MC) Marginal Cost (MC) Total Profit Marginal Revenue (MR)
    $18.00 $25.00
    $16.00 $20.00
    $14.00
    $15.00
    $12.00
    $10.00
    $10.00
    $8.00 $5.00
    $6.00 $-
    $4.00 1 2 3 4 5 6 7 8 9 10 11 12
    $(5.00)
    $2.00
    $(10.00)
    $-
    1 2 3 4 5 6 7 8 9 10 11 $(15.00)

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