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September 11, 2020

fill the table and answer the questions. Please check the at

fill the table and answer the questions. Please check the attached documents for more details. 1.Complete the Table.2.How are TC, FC, and VC related to each other and to output?3.How are ATC, AFC, and AVC related to each other and to output? (What shape are these curves and why?)4.Why is the MC curve shaped the way it is? At which unit of output does diminishing returns set in?5.What is the relationship between ATC, AVC, and MC?6.How many units should be produced to maximize profit? What are the two ways can you determine where to maximize profit?7.What type of market structure is this firm? How can you tell?8.If demand decreases causing the price of the product fall to $130, how many units should the firm produce? How much profit are they making? Will they continue to produce or shut down at this price?9.Draw a graph for the market and a graph for the firm showing the original situation and then the change from #8.10.What is the firms short run shut down price? What is the firms long run shut down price?

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