Fish platter international faces a demand curve given by =10 – and has a constant marginal and average cost of $3 per fish platter produced.
Fish platter international faces a demand curve given by =10 – and has a constant marginal and average cost of $3 per fish platter produced. Complete the following table for the various production levels, given that is price per fish platter in dollars and Q is output in inputs. Q p TR (PXQ) MR MC AC TC Profit 1 2 3 4 5 6 8 9 10 How many fish platter will the firm produce in order to maximize profits? Explain briefly why this is so? 2. The total production costs of a manufacturing firm at various levels of output are given below: Output (Units) Total Cost ($) 0 1000 20 1200 40 1300 60 1380 Calculate the firm’s average cost (AVC), average fixed costs (AFC) and marginal cost 3. With the aid of a diagram, distinguish between internal economies of scale and internal diseconomies of scale. Give two examples of each
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