question # 1 with a brif explanation. 538EXERCISES1. Cost figures for a hypothetical firm are given in the fol-lowing table. Use them to answer questions a throughd. The firm is selling in a perfectly competitive market.Output1234534FixedCost AFCChapter 24 Perfect Competition$50$50$50$50$50VariableCost$30$ 50$ 80$120$170TotalAVC Cost ATC MCa.Fill in the blank columns.b. What is the minimum price needed by the firm tobreak even?c. What is the shutdown price?d. At a price of $40, what output level would the firmproduce? What would its profits be?56.7.8.

Total Cost is the sum total of both fixed and variable cost.Fixed Cost remains fixed at all units of…

a. Fill in the blank columns. b. What is the minimum price needed by the firm to break even? c. What is the shutdown price? d. At a price of $40, what output level would the firm produce? What would its profits be?

a. Fill in the blank columns. b. What is the minimum price needed by the firm to break even? c. What is the shutdown price? d. At a price of $40, what output level would the firm produce? What would its profits be?

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter13: Firms In Competitive Markets

Section: Chapter Questions

Problem 7PA

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