(1) (2) (3) (4) (5) (6) Total Quantity Supplied 1 (7) (8) Total Total Quantity Demanded Total Total Cost($) 8 O Profit(+)/ Loss(-)(5) Quantity Supplied 2 Price($) Output Revenue ($) -8 672 21 24 360 7 576 480 O 36 31 480 55 42 13 600 11 384 96 O 18 O 720 54 13 288 d) Suppose that there are a total of 120 farms in the barley market, including and identical to Farmer Mills. Show the total supply in column 6 of table(b). e) If the market demand for barley is as shown in column 7, what will be the equilibrium price and quantity traded? Price: $ Quantity traded: 480 f) At the equilibrium price, what quantity will Farmer Mill produce, and what will be her profit? What will be the industry profit? Quantity: Firm profit: $ : Industry profit: $
(1) (2) (3) (4) (5) (6) Total Quantity Supplied 1 (7) (8) Total Total Quantity Demanded Total Total Cost($) 8 O Profit(+)/ Loss(-)(5) Quantity Supplied 2 Price($) Output Revenue ($) -8 672 21 24 360 7 576 480 O 36 31 480 55 42 13 600 11 384 96 O 18 O 720 54 13 288 d) Suppose that there are a total of 120 farms in the barley market, including and identical to Farmer Mills. Show the total supply in column 6 of table(b). e) If the market demand for barley is as shown in column 7, what will be the equilibrium price and quantity traded? Price: $ Quantity traded: 480 f) At the equilibrium price, what quantity will Farmer Mill produce, and what will be her profit? What will be the industry profit? Quantity: Firm profit: $ : Industry profit: $
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Question
Please provide answer for the red x and for Question F . there is more than one part to this question so need all infomation to be able to comple please complete and give explanation how I have sent this question 6 times thank you
Transcribed Image Text:Table (a) shows the cost data for Farmer Mill, a barley farmer. Round your answers to 2 decimal places.
a) Complete table (a).
Total
Average
Total Cost
Average
Variable
Total
Variable
Marginal
Cost ($)
Quantity
Cost ($)
Cost ($)
($)
Cost ($)
8
14
14
6.
5
18
10
2
4
5.33
24
16
3
6
6.
32
24
8.4
6.8
42
34
5
10
7.67
54
46
6
12
9.71
8.57
68
60
7
14
b) What are the values of the break-even and shutdown prices? Round your answer to 2 decimal places.
Break-even price: $
8
Shutdown price: $
c) Given the prices shown in column 1 of the following table, complete columns 2, 3. 4, and 5. (Assume that partial units cannot be
produced.)
Transcribed Image Text:(1)
(2)
(3)
(4)
(5)
(6)
Total
(7)
(8)
Total
Total
Profit(+)/
Loss(-)($)
Quantity
Supplied 1
Quantity
Demanded
Quantity
Supplied 2
Total
Total
Price($)
Revenue ($)
Cost($)
8 O
Output
-8
672
24 O
360
21
7
576
36
31
480
480
55
42
13
600
11
384
96 O
18 O
720
54
13
288
d) Suppose that there are a total of 120 farms in the barley market, including and identical to Farmer Mills. Show the total supply in
column 6 of table(b).
e) If the market demand for barley is as shown in column 7, what will be the equilibrium price and quantity traded?
Price: $
Quantity traded:
480
f) At the equilibrium price, what quantity will Farmer Mill produce, and what will be her profit? What will be the industry profit?
Quantity:
Firm profit: $
| : Industry profit: $
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