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Subject Solutions Code Description Price Delete

## In a table format for the range of output (Q) provided determine; average total costs, average fixed cost, average variable cost, and marginal costs.

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2000 words For the first Question of the assignment, reference should refer from government online resources. Australian government websites regarding tobacco taxes 2 a) Assume a perfectly competitive firm's total cost (TC) for a different level of output Q is Q TC 0 50 1 100 2 140 3 170 4 190 5 210 6 230 7 260 8 300 9 350 10 410 In a table format for the range of output (Q) provided determine; average total costs, average fixed cost, average variable cost, and marginal costs. At a price of \$35 how many units we will be produced in the short ru...

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#### Question Preview:

2000 words For the first Question of the assignment, reference should refer from government online resources. Australian government websites regarding tobacco taxes 2 a) Assume a perfectly competitive firm's total cost (TC) for a different level of output Q is Q TC 0 50 1 100 2 140 3 170 4 190 5 210 6 230 7 260 8 300 9 350 10 410 In a table format for the range of output (Q) provided determine; average total costs, average fixed cost, average variable cost, and marginal costs. At a price of \$35 how many units we will be produced in the short run? At this price how many units will be produced in the long run? b) Explain the differences between a monopolisticallycompetitive market and an oligopolistic market? Give examples of industrieswith these market structures to explain your answer.

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## Solution Preview

In accordance with the cited article above, the excise taxes on the cigarettes increased by thirteen per cent (13 %) in the month of September during the year 2017 (NewsComAu, 2018). Therefore, if the standard packet of twenty (20) cigarettes is sold for a price of 30 dollars at present, the price before the imposition of this tax was

Old price + [13 * (Old price)] / 100 = 30

Or, Old price = 3000/113

Or, Old price = 26.55

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