Consider the following table of costs for the Winsome Widget Factory, which oper
ID: 1233475 • Letter: C
Question
Consider the following table of costs for the Winsome Widget Factory, which operates in a perfectly competitive market. The market price faced by this firm is $6.00 per widget.a. Fill in the formula for AFC, AVC, ATC, MC, TR, MR, and Total Profit
b. Fill in the missing values for TFC, TVC, AFC, AVC, ATC, MC, TR, MR, and Total Profit
Hi already did the chart my question is did i do it correct if not can you tell me what is wrong and how do i fix it
Thank you
Output
0
10
20
30
40
50
60
70
80
90
100
Total Fixed Cost
100
100
100
100
100
100
100
100
100
100
100
Total Variable Cost
0
50
80
100
140
200
275
375
500
650
900
Total Cost
$100
150
180
200
240
300
375
475
600
750
1,000
Average Fixed Cost
n/a
10
5
3.33
2.5
2
1.67
1.43
1.25
1.11
1
Average Variable Cost
n/a
5
4
3.33
3.5
4
4.58
5.36
6.25
7.22
9
Average Total Cost
n/a
5
4
3.33
3.5
4
4.58
5.36
6.25
7.22
9
Marginal Cost
n/a
50
30
20
40
60
75
100
125
150
250
Total Revenue
0
60
120
180
240
300
360
420
480
540
600
Marginal Revenue
n/a
60
60
60
60
60
60
60
60
60
60
Total Profit
-100
-90
-60
-20
0
0
-15
-55
-120
-210
-400
T Fixed Cost
100
100
100
100
100
100
100
100
100
100
100
Variable cost
50
80
100
140
200
275
375
500
650
900
AFC
n/a
10
5
3.33
2.5
2
1.67
1.43
1.25
1.11
1
AVC
n/a
5
4
3.33
3.5
4
4.58
5.36
6.25
7.22
9
AVC
n/a
5
4
3.33
3.5
4
4.58
5.36
6.25
7.22
9
MC
n/a
50
30
20
40
60
75
100
125
150
250
TR
0
60
120
180
240
300
360
420
480
540
600
MR
n/a
60
60
60
60
60
60
60
60
60
60
TP
-100
-90
-60
-20
0
0
-15
-55
-120
-210
-400
Explanation / Answer
c., the profit maximizing level is when P=MC at output of 50, MC=6. Hence, the firm will produce output of 50