Exercise: (Marginal Costs): Kevin's Majestic Cookies - Price taking firm
I could use help on figuring out how to start and finish this assignment. Please post directions in order to aid me on the direction of the answers. Please graph the last portion.
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Quantity
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Fixed
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Variable
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Total
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Average
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Average
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Average
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Produced
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Cost
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Cost
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Cost
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Fixed Cost
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Variable Cost
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Total Cost
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Marginal
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(1000's)
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($1000's)
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($1000's)
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($1000's)
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($1000's)
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($1000's)
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($1000's)
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Cost
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0
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$50
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$0
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100
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$50
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$125
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200
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$50
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$150
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300
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$50
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$170
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400
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$50
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$200
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500
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$50
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$250
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600
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$50
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$321
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700
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$50
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$410
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800
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$50
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$520
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900
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$50
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$650
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1000
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$50
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$800
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1) Fill in the missing data
2) At a price of $1.20 calculate the total revenue and profit at each level of production. Where do they Maximize Profits?
3) Graph the Average Variable cost, Average total cost, Average fixed costs and Marginal costs of production.