1. Bill's Bakery has a fire and Bill loses some of his cost data. The bits of paper that he recovers after the fire provide the information in the following table (all the cost numbers are dollars).
|
TP
|
AFC
|
AVC
|
ATC
|
MC
|
|
10
|
120
|
100
|
220
|
80
|
|
20
|
A
|
B
|
150
|
90
|
|
30
|
40
|
90
|
130
|
130
|
|
40
|
30
|
C
|
D
|
E
|
|
50
|
24
|
108
|
132
|
Bill asks you to come to his rescue and provide the missing data in the five spaces identified as A, B, C, D, and E.
2. What is the lowest price at which a firm produces an output? Explain why.