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)