This Problem Should Be Done in Four Steps A the Minimum Price the Firm Would Accept in the in the Table

question 171

Essay

This problem should be done in four steps. First, fill in the table directly below. Assume that fixed cost is $100 and price is $79. Second, on the graph paper draw the graphs of the firm's demand, marginal revenue, average variable cost, average total cost, and marginal cost curves. Be sure you label the graph correctly. Indicate the firm's short-run and long-run supply curves, and the break-even and shutdown points. Third, calculate total profit in the space below and then answer questions A–D. Fourth, complete the second table.
$$\begin{array} { | c | c | c | c | c | c | } \hline \text { Output } & \begin{array} { c } \text { Variable } \\\text { Cost }\end{array} & \begin{array} { c } \text { Total } \\\text { Cost }\end{array} & \begin{array} { c } \text { Average } \\\text { Variable } \\\text { Cost }\end{array} & \begin{array} { c } \text { Average } \\\text { Total } \\\text { Cost }\end{array} & \begin{array} { c } \text { Marginal } \\\text { Cost }\end{array} \\\hline 1 & 100 & & & & \\\hline 2 & 150 & & & & \\\hline 3 & 180 & & & & \\\hline 4 & 225 & & & & \\\hline 5 & 290 & & & & \\\hline 6 & 380 & & & & \\\hline\end{array}$$
A. The minimum price the firm would accept in the short run would be $___________.
B. The minimum price the firm would accept in the long run would be $___________.
C. The output at which the firm would operate most efficiently would be __________.
D. The output at which the firm would maximize profits would be __________.
Table 2
$$\begin{array}{l}\begin{array} { l } &&\text { How much would }\\\text { if the}&\text { What would the firm do in the}&\text { output be in } \\\text { price were:}&\text { Long run? ~~~~~~~~~~~~~~~~~~~~~~~~~~~~Short run?}&\text { the short run? } \\\$ 90 \\60 \\40\end{array}\\\end{array}$$

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Definitions:

Plant Expansion

The process of increasing the capacity or capabilities of a manufacturing or production facility.

Sinking Fund Deposits

Money regularly set aside by a company to repay a debt or replace an asset in the future.

Compounded Annually

An investment or loan interest calculation method where interest is added to the principal sum at the end of each year, with future interest then earned on the new total.

Present Value

Today's value of future cash flows or a lump sum, calculated using an established return rate.