The table below shows the cost of production and output of maize. The price of maize is fixed $20.00. Use the information to answer the questions that follow.

Maize (bags)  Total Variables ($) Total cost ($) Total Revenue ($)
0 0 10 0
1 8 w 20
2 10 x 40
3 u 25 y
4 v 32 z
5 28 38 100

a. what is the value of total cost? Give a reason for your answer.
b. Calculate the values of u,v,w,x,y and z
c. Calculate the profit levels 1 and 4
d. In what market structure is the firm operating? Give a reason for your answer.

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QuaintBrake5
3 years ago

It's total fixed cost not total cost.

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