How many boots should rafferty produce

Reference no: EM132208297

Question: Matthew Rafferty produces hiking boots in the perfectly competitive hiking boot market.

Output per Week	Total Cost	AFC	AVC	ATC	MC
0	115.00	-	-	-	-
1	190.00	$115	$75	$190	$75
2	250.00	57.5	67.5	125	60
3	300.00	38.33	61.66	150	50
4	355.00	28.75	60	88.75	55
5	415.00	23	60	83	60
6	480.00	19.17	60.83	80	65
7	560.00	16.43	63.57	80	80
8	660.00	14.38	68.13	82.5	100
9	780.00	12.78	73.89	86.67	120
10	920.00	11.5	80.5	92	140

a. Fill in the missing values in the table above.

b. Suppose the equilibrium price in the hiking boot market is $100. How many boots should Rafferty produce, what price should he charge, and how much profit will he make?

c. If next week the equilibrium price of boots drops to $65, how many boots should Rafferty produce, what price should he charge, and how much profit (or loss) will he make?

d. If the equilibrium price of boots falls to $50, how many boots should Rafferty produce, what price should he charge, and how much profit (or loss) will he make?

Reference no: EM132208297

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