Microeconomics Fall 2019 Name TuBinh Luong

Signature Assignment Hours 11:20 - 12:50

Perfec
E-Portfolio Days Tuesday - Thursday

Total Total Average Average Average

Fixed Variable Fixed Variable Total
Costs Costs Total Costs Costs Costs
Total Output/hr (TFC) (TVC) Costs (TC) (AFC) (AVC) (ATC)
0 $11 $0 $11 0 0 0.00
1 $11 $6.00 $17 $11.00 $6.00 17.00
2 $11 $9.00 $20 $5.50 $4.50 10.00
3 $11 $11.00 $22 $3.67 $3.67 7.33
4 $11 $12.00 $23 $2.75 $3.00 5.75
5 $11 $14.00 $25 $2.20 $2.80 5.00
6 $11 $17.00 $28 $1.83 $2.83 4.67
7 $11 $21.00 $32 $1.57 $3.00 4.57
8 $11 $26.00 $37 $1.38 $3.25 4.63
9 $11 $32.00 $43 $1.22 $3.56 4.78
10 $11 $39.00 $50 $1.10 $3.90 5.00
11 $11 $47.00 $58 $1.00 $4.27 5.27

Average Costs of Production

$18.00

$16.00
Average Fixed Costs (AFC)
$14.00

$12.00
Average Variable Costs
Production Costs

(AVC)
$10.00

$8.00
Average Total Costs (ATC)
$6.00

$4.00 Marginal Costs (MC)

$2.00

$0.00
1 2 3 4 5 6 7 8 9 10 11
Output

Profit Maximization
$70

$60

$50
 Profit Maximization
$70

$60

$50

Revenue and COsts

$40
Total Costs (TC)
Total Revenue
$30

$20

$10

$0
1 2 3 4 5 6 7 8 9 10 11 12
Output
 Perfect Competition

Marginal Marginal
Costs Market Price Perfect Total Total Revenue
(MC) Competition Revenue Profit (MR)
0 $5 0 (11) 0
6 $5 5 (12) 5
3 $5 10 (10) 5
2 $5 15 (7) 5
1 $5 20 (3) 5
2 $5 25 0 5
Marignal Costs = Marignal Revenue
3 $5 30 2 5
4 $5 35 3 5
5 $5 40 3 5
6 $5 45 2 5
7 $5 50 0 5 Maximum Profit At Profit
8 $5 55 (3) 5 Maximizing Output

Total Costs of Production

$70

$60
age Fixed Costs (AFC)

$50
age Variable Costs
C) $40
Dollar COsts

Total Fixed Costs (TFC)

Total Variable Costs (TVC)
$30
age Total Costs (ATC) Total Costs (TC)

$20
ginal Costs (MC)
$10

$0
1 2 3 4 5 6 7 8 9 10 11 12
Output

Measuring Total Profits

18.00

16.00

14.00
it
 Measuring Total Profits
18.00

16.00

14.00

Price And Costs oer Unit

12.00

10.00 Average Total Costs (ATC)

Total Costs (TC)
Marginal Costs (MC)
Total Revenue 8.00
Marginal Revenue (MR)
6.00

4.00

2.00

0.00
1 2 3 4 5 6 7 8 9 10 11
Output
 Marignal Revenue

At Profit
utput

al Fixed Costs (TFC)

al Variable Costs (TVC)
al Costs (TC)
 verage Total Costs (ATC)
Marginal Costs (MC)
Marginal Revenue (MR)