Microeconomics and Macroeconomics
Assume that a firm in a competitive market can sell its product for $35 (ie price per unit of output). Futhermore, it faces the following costs:
Output (Q) Total Cost
0 25
1 50
2 100
3 120
4 155
5 190
6 250
7 390
Calculate Total revenue (TR), Marginal Cost (MC), Fixed Cost (FC), Variable Cost (VC) and Average Cost (AC).