ECO/365 -- WEEK 3 QUIZ

Question # 00002449 Posted By: expert-mustang Updated on: 10/18/2013 01:31 AM Due on: 10/18/2013
Subject Economics Topic General Economics Tutorials:
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ECO/365 -- WEEK 3 QUIZ

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#1 Short Run Cost Structure of Joe’s Barbe$hop

Complete the cost structure on this page; then explain when a firm would produce (and at what level, with what consequence) and when it would shut down. Assume a perfectly competitive market, the point of this exercise is to decide how much should Joe produce of barbering services when the market price is as the following questions propose. (Use textbook jargon and explain the typical actions of the firm.)

Quantity

FC

VC

TC

AFC

AVC

ATC

MC

0

$ 50.00

10

$ 50.00

20

$ 50.00

30

$ 50.00

40

$ 50.00

50

$ 50.00

60

$ 50.00

70

$ 50.00

80

$ 50.00

90

$ 50.00

100

$ 50.00

Continued on next page…


What quantity would be produced? When would Joe shut down his barbe$hop?

A) $1? Why?

B) $2? Why?

C) $3? Why?

D) $4? Why?

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Tutorials for this Question
  1. Tutorial # 00002256 Posted By: expert-mustang Posted on: 10/18/2013 01:32 AM
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