Compute the company total costs

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Reference no: EM1357391

Consider a competitive market for house painting. The market price for painting a house is $10000. The House-Painting Company has xed costs of $4000 for ladders, brushes, and so on, and the company's variable costs for house painting follow this pattern:

Output 2 3 4 5 6 7 8 9 10
(houses painted)
Variable costs 26 32 36 42 50 60 72 86 102
(in thousands of $)

Compute the company's total costs, and graph the revenue curve and the total cost curve. Do the curves have the shape you expect? Over what range of production is the company making pro ts?

Reference no: EM1357391

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