# Given the table below. This table displays the costs and total revenue (in $) of a perfectly...

## Question:

Given the table below. This table displays the costs and total revenue (in $) of a perfectly competitive firm. Also, the market price is currently $500.

q (output per hour) | VC (in $) | TC (in $) | MC (in $) | AVC (in $) | ATC (in $) | TR (in $) |
---|---|---|---|---|---|---|

0 | 0 | 1,080 | ----- | ----- | ----- | |

1 | 400 | 1,480 | 400 | 400 | ||

2 | 450 | 965 | ||||

3 | 1,350 | 2,430 | ||||

4 | 1900 | 475 | ||||

5 | 2,500 | 3,580 | ||||

6 | 3,200 | 700 |

Give the values of MC for q = 3, q = 4, q = 5.

## Marginal Cost:

The marginal cost can be derived using the total variable cost function. The upward sloping part of the marginal cost curve is referred to as the supply function of a firm. The area below the curve is used to show the total variable cost of the firm.

## Answer and Explanation: 1

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View this answerAs the variable cost is zero at zero units, so the total cost is equal to the fixed cost, i.e. $1,080.

The formulas used to calculate the values in...

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Chapter 3 / Lesson 12What is marginal cost? Learn how to calculate marginal cost with the marginal cost formula. See the definition, behavior, and marginal cost examples.

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