Lucky Cheese is one of the 250 firms making cheesecake in the Country Lalaland with the market price of $90 per cheesecake. The firm's fixed cost is $6,000 while its variable cost schedule is shown as below: Quantity Produced(Cakes per day) 0 50 100 150 200 250 300
Total Variabel Cost ($)
0 4,500 5,700 8,000 11,000 15,500 21,000
(c) Use a set of market-firm diagram to illustrate the above circumstances with all relevant key data related to price, quantity, cost and profit (loss) condition. Label them on your graph. No explanation is needed.