Answer all questions in the doc and show work...
Part II Exam II - Required Assessment
Profit Maximization/Loss Minimization
QUESTION: Complete the table and answer the following questions. The price for this perfectly competitive firm is $210.
| QTY | FC | VC | TC | AFC | AVC | ATC | MC | MR |
| 0 | 700 | |||||||
| 1 | 825 | |||||||
| 2 | 975 | |||||||
| 3 | 1045 | |||||||
| 4 | 1120 | |||||||
| 5 | 1200 | |||||||
| 6 | 1285 | |||||||
| 7 | 1375 | |||||||
| 8 | 1540 | |||||||
| 9 | 1750 | |||||||
| 10 | 2205 |
Should this firm produce?
If so, how many units should it produce?
What is the economic profit or economic loss?
