Firms produce in the short run

Assignment Help Microeconomics

Reference no: EM13106992

Question :

You are given the following data about two firms:

FIRM A

Quantity	0		1		2		3		4		5		6
Total revenue ($)	0		10		20		30		40		50		60
Average revenue ($)	___		___		___		___		___		___		___
Marginal revenue ($)		___		___		___		___		___		___
Total cost ($)	30		42		50		60		76		100		140
Marginal cost ($)		___		___		___		___		___		___
Average cost ($)	¥		___		___		___		___		___		___

FIRM B

Quantity	0		1		2		3		4		5		6
Total cost ($)	100		134		154		177		216		266		366
Average cost ($)	¥		___		___		___		___		___		___
Marginal cost ($)		___		___		___		___		___		___
Price ($)	140		130		120		110		100		90		80
Marginal revenue ($)		___		___		___		___		___		___
Total revenue ($)	___		___		___		___		___		___		___

(a) Complete the two tables above.

(b) Are these firms operating in the short or the long run? Firm A: short run / long run

Firm B: short run / long run

Firm B: perfect / imperfect

Firm B:.............................

(d) How would you describe their profit positions?

Firm A:.....................................................................................................................................

Firm B:.....................................................................................................................................

Reference no: EM13106992

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