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(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: $

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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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 

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: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.)
(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: $
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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