Asked by Logan Robinson on May 11, 2024
Verified
Fill in the table.
Marginal Revenue
The additional income received from selling one more unit of a good or service.
Total Cost
The sum of fixed and variable costs.
ATC
Stands for Average Total Cost, which is the sum of all production costs divided by the quantity of output produced, encompassing both variable and fixed costs.
- Apply economic principles to calculate firm outputs, prices, and profits in different market structures.
Verified Answer
TV
Tessa VanderwerfMay 12, 2024
Final Answer :
Output Total Price Total Revenue MR Total Cost ATC MC 14040403636−23978386331.5027338114369632334351402613734.25415321602018737.40506291741424841.3361726182833347.5785\begin{array} { c c c c c c c } \text { Output } & \begin{array} { c c c c c } \text { Total } \\\text { Price }\end{array} & \begin{array} { c } \text { Total } \\\text { Revenue }\end{array} & \text { MR } & \begin{array} { c } \text { Total } \\\text { Cost }\end{array} & \text { ATC } & \text { MC } \\1 & 40 & 40 & 40 & 36 & 36 & - \\2 & 39 & 78 & 38 & 63 & 31.50 & 27 \\3 & 38 & 114 & 36 & 96 & 32 & 33 \\4 & 35 & 140 & 26 & 137 & 34.25 & 41 \\5 & 32 & 160 & 20 & 187 & 37.40 & 50 \\6 & 29 & 174 & 14 & 248 & 41.33 & 61 \\7 & 26 & 182 & 8 & 333 & 47.57 & 85\end{array} Output 1234567 Total Price 40393835322926 Total Revenue 4078114140160174182 MR 4038362620148 Total Cost 366396137187248333 ATC 3631.503234.2537.4041.3347.57 MC −273341506185
Learning Objectives
- Apply economic principles to calculate firm outputs, prices, and profits in different market structures.