Fall 2022 Name Gavin West Perfect Competition

Signature Assignment Hour 10:00 AM

ePortfolio Day Mon/Wed
(TFC) (TVC) (AFC) (AVC) (ATC)
Total Total Average Average Average (MC) Market Price (MR)
Total Fixed Variable (TC) Total Fixed Variable Total Marginal Perfect Total Total Marginal
Output/hr Costs Costs Cost Cost Cost Costs Costs Competition Revenue Profit Revenue

0 $11 $0.00 $11.00 $ - $ - $ - $ - $ 5.00 $ - ($11.00) $ -

1 $11 $6.00 $17.00 $ 11.00 $ 6.00 $ 17.00 $ 6.00 $ 5.00 $5.00 ($12.00) $ 5.00

2 $11 $9.00 $20.00 $ 5.50 $ 4.50 $ 10.00 $ 3.00 $ 5.00 $10.00 ($10.00) $ 5.00

3 $11 $11.00 $22.00 $ 3.67 $ 3.67 $ 7.33 $ 2.00 $ 5.00 $15.00 ($7.00) $ 5.00

4 $11 $12.00 $23.00 $ 2.75 $ 3.00 $ 5.75 $ 1.00 $ 5.00 $20.00 ($3.00) $ 5.00

5 $11 $14.00 $25.00 $ 2.20 $ 2.80 $ 5.00 $ 2.00 $ 5.00 $25.00 $0.00 $ 5.00

6 $11 $17.00 $28.00 $ 1.83 $ 2.83 $ 4.67 $ 3.00 $ 5.00 $30.00 $2.00 $ 5.00

7 $11 $21.00 $32.00 $ 1.57 $ 3.00 $ 4.57 $ 4.00 $ 5.00 $35.00 $3.00 $ 5.00

8 $11 $26.00 $37.00 $ 1.38 $ 3.25 $ 4.63 $ 5.00 $ 5.00 $40.00 $3.00 $ 5.00

9 $11 $32.00 $43.00 $ 1.22 $ 3.56 $ 4.78 $ 6.00 $ 5.00 $45.00 $2.00 $ 5.00

10 $11 $39.00 $50.00 $ 1.10 $ 3.90 $ 5.00 $ 7.00 $ 5.00 $50.00 $0.00 $ 5.00

11 $11 $47.00 $58.00 $ 1.00 $ 4.27 $ 5.27 $ 8.00 $ 5.00 $55.00 ($3.00) $ 5.00

Total Cost and Total Short-Run Costs

Revenue 16

$60.00 12

$40.00 8

4
$20.00
0
$- 1 2 3 4 5 6 7 8 9 10 11
0 1 2 3 4 5 6 7 8 9 10 11
(AFC) Average Fixed Costs (AVC) Average Variable Costs
 $60.00 12

$40.00 8

4
$20.00
0
$- 1 2 3 4 5 6 7 8 9 10 11
0 1 2 3 4 5 6 7 8 9 10 11
(AFC) Average Fixed Costs (AVC) Average Variable Costs
TC Total Cost Total Revenue (ATC) Average Total Costs (MC) Marginal Costs

Profit Maximization Rule Profit Maximizing Operation

9 $20.00
8 $15.00
7 $10.00
6 $5.00
5 $-
4 $(5.00) 1 2 3 4 5 6 7 8 9 10 11
3 $(10.00)
2 $(15.00)
1
0 (AFC) Average Fixed Costs (AVC) Average Variable Costs
1 2 3 4 5 6 7 8 9 10 11
(ATC) Average Total Costs (MC) Marginal Costs
(MC) Marginal Costs (MR) Marginal Revenue Total Profit (MR) Marginal Revenue
9 10 11

e Variable Costs
 9 10 11

e Variable Costs
al Costs

10 11

e Variable Costs
al Costs
al Revenue