60.1K

Verified Solution

Link Copied!

PLEASE ANSWER ALL PARTS! THANK YOU

5*10 = 50) Please answer true or false and brieflyexplain, or fill in the blank

1. If at Q =15, AVC = $10, TFC = $100, then ATC at Q = 15 is equalto $_____. Show computations.

1. If at L = 2, Q = 125, and at L = 3 AP_L = 90, then atL = 3, MP_L = _____. Showcomputations.

1. Suppose TFC = $20. At Q = 3, TC = $110, and at Q = 4, AVC =$25. Then at Q = 4,

MC = $______. Showcomputations.

1. If hourly wage for a worker is equal to $20 and the marginalproduct of the worker (MPL) during that hour is 30 units, then theMC of each additional unit produced by the worker is $_____ . Showcomputations.

1. State True or False and briefly explain: The MC Curve is Ushaped.

f. State True or False and brieflyexplain: The ATC Curve achieves its minimum at an output lower thanthe output at minimum average variable cost curve.

g.. State True or False and brieflyexplain: A firm in a perfectly competitive market is a pricetaker

1. State True or False and briefly explain: For a firm in acompetitive market, P = MR..

1. State True or False and briefly explain: If MC is increasing,ATC will be increasing as well.

j. . State True or False and brieflyexplain: A competitive firm wishing to maximize short run profitwill choose that output where MR = MC on the rising segment of theMC curve.