question you are

Question

Question :

        You are given the following data about two firms:

                FIRM A

Quantity	0		1		2		3		4		5		6
Total revenue ($)	0		10		20		30		40		50		60
Average revenue ($)	___		___		___		___		___		___		___
Marginal revenue ($)		___		___		___		___		___		___
Total cost ($)	30		42		50		60		76		100		140
Marginal cost ($)		___		___		___		___		___		___
Average cost ($)	¥		___		___		___		___		___		___

        FIRM B

Quantity	0		1		2		3		4		5		6
Total cost ($)	100		134		154		177		216		266		366
Average cost ($)	¥		___		___		___		___		___		___
Marginal cost ($)		___		___		___		___		___		___
Price ($)	140		130		120		110		100		90		80
Marginal revenue ($)		___		___		___		___		___		___
Total revenue ($)	___		___		___		___		___		___		___

(a) Complete the two tables above.

(b) Are these firms operating in the short or the long run? Firm A: short run / long run

                                                                                                                      Firm B: short run / long run

(c) Are these firms operating under perfect or imperfect competition? Firm A: perfect / imperfect

                                                                                                                    Firm B: perfect / imperfect

(c) What level of output will these firms produce in the short run? Firm A:.............................

                                                                                                                  Firm B:.............................

(d) How would you describe their profit positions?

        Firm A:.....................................................................................................................................

        Firm B:.....................................................................................................................................