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No Pain No Gain (NPNG), Inc., is a dental practice advocating a "natural" approach to dentistry. Namely NPNG specializes in providing root canal operations without the administration of pain-killing drugs such as Novocain. Output (Q) is measured as the number of root canals performed on a daily basis. Consider the following spotty information on NPNG short run cost curves.
Q TFC TVC TC MC AFC AVC ATC
1 $100 $50
2 $30
3 $40
4 $270
5 $70
a. Complete the following table.
b. If NPNG operates in a competitive market, how many root canals will they perform per day if the price of a root canal is $50.00? Are they earning a profit or loss? Illustrate graphically and explain.
c. Would it be better for NPNG to keep producing or should they shut down? Why? Illustrate.
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