Total

Total

Average

Average

Average

Total

Fixed

Variable

Total

Fixed

Variable

Total

Marginal

Market Price

Output/

Costs

Costs

Costs

Costs

Costs

Costs

Costs

Perfect

hr

(TFC)

(TVF)

(TC)

(AFC)

(AVC)

(ATC)

(MC)

Competition

$10

$0

10

0.00

--

$5

$10

17

10

17.00

$5

$10

10

20

10.00

$5

$10

12

22

7.33

$5

$10

13

23

5.75

$5

$10

15

25

5.00

$5

$10

18

28

4.67

$5

$10

22

32

4.57

$5

$10

27

37

4.63

$5

$10

33

43

4.78

$5

10

$10

40

50

5.00

$5

11

$10

48

58

5.27

$5

18
16

$70

Average Costs of Production

$60

12
10
8
6
4
2

Average Fixed Costs

(AFC)
Average Variable Costs
(AVC)

$50
Dollar Costs

Production Costs

14

$40
$30

Average Total Costs

(ATC)

$20

Marginal Costs (MC)

$10

Total Costs of Production

Marginal Costs (MC)

$10
$0

0
1

9 10 11

Profit Maximaization
$70
Revenue and Costs

$60
$50
$40
$30

Total Revenue

$20

Total Costs (TC)

$10
$0
2

10

11

12

Output

18.00

Measuring Total Profits

16.00
Price and Cost per unit

14.00
12.00
10.00

Average Total Costs (ATC)

8.00
6.00
4.00
2.00

Output

Output

Marginal Costs (MC)

Marginal Revenue (MR)

2.00
0.00
1

Output

10

11

Marginal
Total

Total

Revenue

Revenue

Profit

(MR)

$0

($10)

--

$5

($12)

$10

($10)

$15

($7)

$20

($3)

$25

$0

$30

$2

$35

$3

$40

$3

$45

$2

$50

$0

$55

($3)

of Production
Total Fixed Costs (TFC)
Total Variable Costs
(TVF)
Total Costs (TC)

10 11 12