Use the following information to answer questions 1 through 4:The table below shows data for the production of Apples for an individual firm operating as amonopoly.01020304050607080Quantity of Apples Price Total Costs6003000550375050047504506000400 850035012500300 20000250 3200020043500Monopoly Problem Set¹1. Given this data, complete the table:ProfitQuantity ofApple Price01020304050Total TCRevenue (TR)MarginalRevenue(MR)MarginalCosts (MC)2. At what quantity are marginal revenues equal to marginal costs?

Profit is the excess revenue generated after paying off all the expenses incurred in generating the…

1. Given this data, complete the table: Profit Quantity of Apple Price 0 10 20 30 40 50 TC Total Revenue (TR) Marginal Revenue (MR) Marginal Costs (MC) 2. At what quantity are marginal revenues equal to marginal costs?

1. Given this data, complete the table: Profit Quantity of Apple Price 0 10 20 30 40 50 TC Total Revenue (TR) Marginal Revenue (MR) Marginal Costs (MC) 2. At what quantity are marginal revenues equal to marginal costs?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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What is the firms profit or loss?
why the answer is 150. Please answer correct calculation asap plz Don't answer by pen paper plz
MC ATC MR 100 200 300 400 500 Quantity (bottles per week) Figure 2 (a) The figure 2 shows the situation facing Well Done, Inc., a producer of steak sauce. i. What quantity does Well Done produce? 11. What does it charge? How much profit does Well Done make? 111. (b) If all steak sauce firms have identical cost curves and face identical demand curves, what happens to the number of firms in the market in the long run? Price and cost (dollars per bottle) |
The figure below shows the demand and costs facing Mike's Bikes, a producer of mountain bikes. What quantity does the firm produce and what is its price? Calculate the firm's economic profit or economic loss. Price and cost (dollars per bike) 400 350 300 250 200 150 100 50 MC ATC MR 100 200 Quantity (mountain bikes per week) Quantity produced is 100 mountain bikes per week, price of a mountain bike is $200 per bike, and economic loss is $10,000. Quantity produced is 100 mountain bikes per week, price of a mountain bike is $250 per bike, and economic loss is $5,000. Quantity produced is 100 mountain bikes per week, price of a mountain bike is $200 per bike, and economic profit is $5,000. Quantity produced is 100 mountain bikes per week, price of a mountain bike is $250 per bike, and economic profit is $5,000.
24) What are shut-down losses (if the firm shuts down)?
Please follow instructions and follow graph. Show work
5. Restaurants offer related but differentiated products to their consumers. In the long run, new restaurants enter the market and imitate the cuisine and atmosphere of successful competitors. How would you expect a restaurant to set its prices in the long run? Describe the relationship between price and average total cost. Does a restaurant earn economic profits?
A firm that is producing the quantity at which marginal cost exceeds both average total cost and the market price will increase its economic profit by a. producing a smaller quantity b. producing a smaller quantity c. raising the price to equal marginal cost d. producing the quantity that minimises average total cost e. producing a larger quantity
Concept: Revenue of a Firm Farmer Jones grows oranges in Florida. Suppose the market for oranges is perfectly competitive and that the market price for a crate of oranges is $11 per crate. Fill in total revenue, average revenue, and marginal revenue in the table below. (Enter your responses as integers.) Average Marginal Revenue Crates of Market Price Total Revenue Revenue (per crate) $11 Oranges (TR) (AR) (MR) $ 1 11 $ $ 2 11 3 11 4 11 5 11
The graph shows the revenue and cost curves for an individual producer in the maple syrup industry. The demand for maple syrup increases and the market price rises to $40 a gallon. On the graph, draw the maple grower's marginal revenue curve and label it MR₁. Draw a point to show the grower's profit-maximizing price and quantity in the short run. Also show the grower's economic profit or economic loss in the short run and label it. >>> Draw only the objects specified in the question. Price and cost (dollars per gallon) 60 55- 50- 45- 40-40 35- 30- 25 100 200 300 400 500 MC ATC MRO 600 600 700 800 900 Quantity (thousands of gallons per year) B Select Line Point ☐ Rectangle
Koki's problem: a. A firm named "Koki" operating in pork market (perfectly competitive market) has the following short-run total cost. Fill in the cost table below Quantity 0 Total costs (Baht) 5 1 10 2 13 3 18 4 25 5 6 FC VC AVC ATC MC 34 45 b. Market's quantity demand for pork is given by the following table: Price (Baht) 11 10 8 6 2.5 Market's quantity demanded 300 500 800 1200 2500 Suppose there are 100 firms in this market (including Koki) that have identical costs to those of Koki. Find Koki's quantity supplied and the market's quantity supplied at each price Note: quantity supplied is the quantity that a firm is willing and able produce and sell at a price. Price (Baht) Koki's quantity Supplied 11 10 Market's quantity Supplied 8 6 2.5 c. Based on the answers in b., find the equilibrium price and equilibrium quantity in the market and how much profits(losses) does Koki make at equilibrium? d. In long run, what will be the market price and market quantity?