GWCCD Fixed Cost Marginal Cost, Variable Cost Questions 1. What is the firm’s fixed cost? 2. Compute marginal cost, average variable costs, and average tot

GWCCD Fixed Cost Marginal Cost, Variable Cost Questions 1. What is the firm’s fixed cost? 2. Compute marginal cost, average variable costs, and average total costs for the above table? 3. If the market price is $50 (MR=$50), calculate how may units will the firm produces?4. Calculate the firms profit/loss, if the market price is $50 (MR=$50). 5. Draw the three cost curves: (Average total cost, Average variable cost and marginal cost). **********Please see the attached file for more information. Thank you!*********** Consider a firm with the following short-run costs:
Quantity
Variable
Cost
Total
Cost
1
30
90
2
50
110
3
90
150
4
140
200
5
200
260
1. What is the firm’s fixed cost?
2. Compute marginal cost, average variable costs, and average total costs for the
above table?
3. If the market price is $50 (MR=$50), calculate how may units will the firm
produces?
4. Calculate the firms profit/loss, if the market price is $50 (MR=$50).
5. Draw the three cost curves: (Average total cost, Average variable cost and
marginal cost).

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