012345Problem 1. Fill out the missing data.QuantityTotal CostMarginal CostFixed CostVariable CostAverage Total Cost-Average Variable Cost7103722.510.5015The market price for the firm's output is $14.50.a) What quantity will the firm produce?Q =b) What is the firm's profit?Profit=P =P =c) What is the breakeven price?d) What is the shutdown price?f) Are consumers or producers affected by the tax more? Explain.

To fill out the missing data and answer the questions:a) Marginal Cost when Quantity = 0:Since…

Answered: 0 1 2 3 4 5 Problem 1. Fill out the…

Microeconomics: Principles & Policy

14th Edition

ISBN:9781337794992

Author:William J. Baumol, Alan S. Blinder, John L. Solow

Publisher:William J. Baumol, Alan S. Blinder, John L. Solow

Chapter10: The Firm And The Industry Under Perfect Competition

Section: Chapter Questions

Problem 4TY

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The figure shows a bakery's marginal and average cost curves, and its isoprofit curves. The bakery is a price-taker in a large bread market. Suppose the current market price is P₁. Based on this information, which of the following statements is correct? Price, Cost €6 (5 20 40 60 80 Quantity MC hoprofits AC 100 120 140 160 180 number of loaves Select one or more: a. The bakery would be better off raising its price up to its AC level. O b. The bakery would be minimising its loss at A. Oc. If the bakery is not yet in the market then it would not enter the market. d. If the bakery is already in the market, then it would always immediately exit the market because it is making a loss.
The table below displays cost information for the production of volleyballs. Fill in the missing values corresponding to the empty cells. Quantity Average Variable Cost Fixed Cost Variable Cost Total Cost Marginal Cost 30 30 n/a 1 12 12 25 D 3 A 72 14 F A = type your answer. B = type your answer. C= type your answer. D= type your answer. E = type your answer.. F = type your answer.
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Find market price if factor cost is$10and NIT is $20?
Price and cost (dollars) 70 60 50 40 30 20 10 0 MC₁ 50 Quantity MC₂ 100 Demand 150 The demand for dishwashers facing the AllClean Co. is given in the figure above. The firm manufactures dishwashers in two plants. MC₁ and MC2 are the marginal cost curves for those two plants. How should the firm allocate total output between the two plants in order to maximize profit?
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What is the total revenue when output is 1, total cost is 35, marginal cost is 10, fixed cost is 25, average cost is 35.
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50 MC ATC 30 MR 10 10 20 30 40 Quantity (per day) How much profit or loss does the firm make at the selected output level? 40 20 Price and costs (dollars)
10 ATC ATC2 ATC3 ATC, 2 2 4 6 8 10 Quantity (thousands of copies per day) A copy shop is choosing between four different operational sizes (ie, plant size). The average total cost curve for each option is shown in the graph. If the market demand for copies is 12,000 copies per day, how many copy shops would you expect to see in this market? The answer depends on the price of a copy, which is unknown. O 1 (because the copy shop will become a monopoly with a large quantity demanded) O (because the copy shop can't produce 12,000 copies efficiently and will shutdown) 3 (with each shop supplying 4000 copies per day) 8, 6 Average cost (cents per copy)

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