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ECO/365 -- WEEK 3 QUIZ




Question;ECO/365 -- WEEK 3 QUIZ;(Please use some other color than black for your font.);#1 Short Run Cost Structure of Joe?s;Barbe$hop;Complete the;cost structure on this page, then explain when a firm would produce (and at;what level, with what consequence) and when it would shut down. Assume a perfectly competitive market, the;point of this exercise is to decide how much should Joe produce of barbering;services when the market price is as the following questions propose. (Use textbook jargon and explain the typical;actions of the firm.);Quantity;FC;VC;TC;AFC;AVC;ATC;MC;0;$;50.00;10;$;50.00;20;$;50.00;30;$;50.00;40;$;50.00;50;$;50.00;60;$;50.00;70;$;50.00;80;$;50.00;90;$;50.00;100;$;50.00;Continued on next page?;What quantity would;be produced? When would Joe shut down;his barbe$hop?;A) $1?;Why?;B) $2? Why?;C) $3? Why?;D) $4? Why?


Paper#58028 | Written in 18-Jul-2015

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