Homework Answers
Answer
The firm produces at MR=MC
Where
Q=30 units and P=$7
Profit=TR-TC
TC=ATC*Q=6*30=180
TR=7*30=210
Profit=210-180=$30
========
TC=ATC*Q=6*30=180
=====
Labour cost =variable cost =AVC*Q=5*30=$150
As labour is variable in the short run.
=====
Capital cost=fixed cost =TC-VC=180-150=$30
Capital is fixed in the short run
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