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Supply and Marginal Costs… Perfect Competition

Supply and Marginal Costs… Perfect Competition. QTY. TFC. TVC. TC. ATC. AVC. MC. 0. $30. $ 0. $30. $5. $5. 5. $35. 1. 30. 35. 4.50. 4. 9. 19.50. 30. 2. 39. 5. 6. 15. 30. 3. 15. 45. 5.50. 7. 13. 30. 4. 22. 52. 6. 8. 12. 30. 5. 30. 60. 7.50. 15.

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Supply and Marginal Costs… Perfect Competition

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  1. Supply and Marginal Costs… Perfect Competition

  2. QTY TFC TVC TC ATC AVC MC 0 $30 $ 0 $30 $5 $5 5 $35 1 30 35 4.50 4 9 19.50 30 2 39 5 6 15 30 3 15 45 5.50 7 13 30 4 22 52 6 8 12 30 5 30 60 7.50 15 12.50 30 6 45 75 9.71 23 14 30 7 68 98

  3. QTY TFC TVC TC ATC AVC MC 0 $30 $ 0 $30 $5 $5 5 $35 1 30 35 4.50 4 9 19.50 30 2 39 5 6 15 30 3 15 45 5.50 7 13 30 4 22 52 6 8 12 30 5 30 60 7.50 15 12.50 30 6 45 75 9.71 23 14 30 7 68 98 WHAT IF P IS $15?

  4. PRICE QUANTITY $15 6

  5. QTY TFC TVC TC ATC AVC MC 0 $30 $ 0 $30 $5 $5 5 $35 1 30 35 4.50 4 9 19.50 30 2 39 5 6 15 30 3 15 45 5.50 7 13 30 4 22 52 6 8 12 30 5 30 60 7.50 15 12.50 30 6 45 75 9.71 23 14 30 7 68 98 WHAT IF PRICE WERE $23?

  6. PRICE QUANTITY $15 6 $23 7

  7. QTY TFC TVC TC ATC AVC MC 0 $30 $ 0 $30 $5 $5 5 $35 1 30 35 4.50 4 9 19.50 30 2 39 5 6 15 30 3 15 45 5.50 7 13 30 4 22 52 6 8 12 30 5 30 60 7.50 15 12.50 30 6 45 75 9.71 23 14 30 7 68 98 WHAT IF PRICE WERE $8?

  8. PRICE QUANTITY $8 5 $15 6 $23 7

  9. QTY TFC TVC TC ATC AVC MC 0 $30 $ 0 $30 $5 $5 5 $35 1 30 35 4.50 4 9 19.50 30 2 39 5 6 15 30 3 15 45 5.50 7 13 30 4 22 52 6 8 12 30 5 30 60 7.50 15 12.50 30 6 45 75 9.71 23 14 30 7 68 98 WHAT IF PRICE WERE $7?

  10. PRICE QUANTITY $7 4 $8 5 $15 6 $23 7

  11. QTY TFC TVC TC ATC AVC MC 0 $30 $ 0 $30 $5 $5 5 $35 1 30 35 4.50 4 9 19.50 30 2 39 5 6 15 30 3 15 45 5.50 7 13 30 4 22 52 6 8 12 30 5 30 60 7.50 15 12.50 30 6 45 75 9.71 23 14 30 7 68 98 WHAT IF PRICE WERE $6?

  12. PRICE QUANTITY $6 3 $7 4 $8 5 $15 6 $23 7

  13. QTY MC 0 $5 1 2 4 3 6 4 7 5 8 15 6 23 7

  14. SUPPLY QTY MC 0 PRICE QUANTITY $5 1 2 4 $6 3 3 6 4 $7 4 7 5 $8 5 8 $15 15 6 6 7 $23 23 7

  15. SUPPLY SUPPLY FIRM A FIRM B PRICE QUANTITY PRICE QUANTITY 10 $6 $6 3 $7 $7 11 4 $8 5 $8 12 $15 $15 13 6 7 $23 $23 14

  16. SUPPLY SUPPLY FIRM A FIRM B PRICE QUANTITY PRICE QUANTITY 10 $6 $6 3 $7 $7 11 4 $8 5 $8 12 $15 $15 13 6 7 $23 $23 14 TOTAL SUPPLY PRICE QUANTITY 13 $6 15 $7 $8 17 $15 19 $23 21

  17. COST ATC AVC MC ATC AVC MC OUTPUT

  18. COST MC MC OUTPUT

  19. COST MC MR = 23 MR = 15 MR = 8 MC 6 7 5 OUTPUT

  20. PRICE S QUANTITY

  21. PRICE S PRICE = 23 PRICE = 15 PRICE = 8 6 5 7 QUANTITY

  22. COST = SUPPLY MC MR = 23 MR = 15 = P MR = 8 MC 6 7 5 = QUANTITY SUPPLIED OUTPUT

  23. COST = SUPPLY AVC MC MR = 23 MR = 15 = P AVC MR = 8 MC 6 7 5 OUTPUT

  24. COST ATC AVC MC ATC AVC MC P = MR SHUTDOWN OUTPUT

  25. DRIVING RANGE IMPLICIT EXPLICIT COSTS COSTS PER MONTH PER MONTH $5000 LAND LABOR $1000 $2000 $1000 CAPITAL ENTRE- $500 PRENEURIAL ABILITY RAW $500 MATERIALS _ _ + $7500 $2500 $10000 Total Economic Cost

  26. QTY MC 0 $5 1 2 4 3 6 4 7 5 8 15 6 23 7

  27. SUPPLY QTY MC 0 PRICE QUANTITY $5 1 2 4 $6 3 3 6 4 $7 4 7 5 $8 5 8 $15 15 6 6 7 $23 23 7

  28. S PRICE QUANTITY WHEAT

  29. S PRICE QUANTITY WHEAT

  30. S PRICE MC QUANTITY WHEAT

  31. S PRICE MC QUANTITY WHEAT

  32. (AND MARGINAL S SOCIAL COSTS) PRICE QUANTITY WHEAT

  33. (AND MARGINAL S SOCIAL COSTS) PRICE $3 MC=$3 7000 QUANTITY CORN

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