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Microeconomics 2024 Name Abbie Price Perfect Competition

10:00 -
Signature Assignment Hour 11:20
ePortfolio Day 4/8/2024

(AVC) (MR)
(TFC) (TVC) (AFC) Averag (ATC) Market Margina
Total Total (TC) Averag e Average (MC) Price Total l
Fix Variabl Total e Fix Variabl Total Margina Perfect Revenu Total Revenu
Total Output/hr Costs e Costs Costs Costs e Costs Costs l Costs Competition e Profit e
$ $
0 $8.00 $0.00 $8.00 - - - $ - 7.00 $0.00 ($8.00) 7.00
$ $ $ $ $ $
1 $8.00 $6.00 $14.00 8.00 6.00 14.00 6.00 7.00 $7.00 ($7.00) 7.00
$ $ $ $ $ $
2 $8.00 $9.00 $17.00 4.00 4.50 8.50 3.00 7.00 $14.00 ($3.00) 7.00
$ $ $ $ $ $
3 $8.00 $11.00 $19.00 2.67 3.67 6.33 2.00 7.00 $21.00 $2.00 7.00
$ $ $ $ $ $
4 $8.00 $12.00 $20.00 2.00 3.00 5.00 1.00 7.00 $28.00 $8.00 7.00
$ $ $ $ $ $
5 $8.00 $14.00 $22.00 1.60 2.80 4.40 2.00 7.00 $35.00 $13.00 7.00
$ $ $ $ $ $
6 $8.00 $17.00 $25.00 1.33 2.83 4.17 3.00 7.00 $42.00 $17.00 7.00
$ $ $ $ $ $
7 $8.00 $21.00 $29.00 1.14 3.00 4.14 4.00 7.00 $49.00 $20.00 7.00
$ $ $ $ $ $
8 $8.00 $26.00 $34.00 1.00 3.25 4.25 5.00 7.00 $56.00 $22.00 7.00
$ $ $ $ $ $
9 $8.00 $32.00 $40.00 0.89 3.56 4.44 6.00 7.00 $63.00 $23.00 7.00
$ $ $ $ $ $
10 $8.00 $39.00 $47.00 0.80 3.90 4.70 7.00 7.00 $70.00 $23.00 7.00
$ $ $ $ $ $
11 $8.00 $47.00 $55.00 0.73 4.27 5.00 8.00 7.00 $77.00 $22.00 7.00
 Total Cost and Total Revenue Profit Maximization Rule
$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
$0.00 $-
1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11

(TC) Total Costs Total Revenue (MC) Marginal Costs (MR) Marginal Revenue

Short Run Cost Profit Maximizing Operation

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