Consider the Following Table of Numbers,which Represents Demand and Cost

question 148

Essay

Consider the following table of numbers,which represents demand and cost conditions for a competitive firm.The price of the product this firm produces is $50. $$\begin{array} { | c | c | c | c | c | c | c | c | } \hline \text { Q } & \text { TFC } & \text { MC } & \text { TVC } & \text { TC } & \text { TR } & \text { MR } & \text { Total Profit } \\\hline 0 & 30 & 0 & & & & & \\\hline 1 & & 20 & & & & & \\\hline 2 & & 30 & & & & & \\\hline 3 & & 40 & & & & & \\\hline 4 & & 50 & & & & & \\\hline 5 & & 60 & & & & & \\\hline 6 & & 70 & & & & & \\\hline\end{array}$$ (a)Fill in the missing values.
(b)What level of output should the firm produces? Why?
(c)What do you predict will happen to the number of firms in the industry? Why?
(d)What do you predict will happen to supply and the market price?
(e)At which price must the firm shut down?

Understand the role of existing social relationships and norms in structuring collective action.

Recognize the complex motivations behind collective action and the role of well-integrated community members.

Understand the processes through which a group increases collective action through resource access.

Acknowledge the contributions and challenges of labor movements in American history.

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