1. The following company is in a price taking situation. Price (=marginal revenue) on the market for its products is equal to $3 per unit. Fixed cost is $1000 Fill in the table for all the columns. ( ) At which point should the company stop producing? At this point what is the per unit profit (mark- up or margin) for the company? Qty 0 100 200 300 400 500 600 VC $100 $300 $500 $700 $800 $1200 FC TC AVC ATC MC per unit MR per unit

1. The following company is in a price taking situation. Price (=marginal revenue) on the market for its products is equal to $3 per unit. Fixed cost is $1000 Fill in the table for all the columns. ( ) At which point should the company stop producing? At this point what is the per unit profit (mark- up or margin) for the company? Qty 0 100 200 300 400 500 600 VC $100 $300 $500 $700 $800 $1200 FC TC AVC ATC MC per unit MR per unit

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Assume the following unit cost data are for a purely competitive producer. Required A. How much would be the total revenue? B. What will be the profit-maximizing or loss-minimizing output? C. how much would be the total cost?
QUESTION 20 Study the table below which represents the cost and price schedules facing a perfectly competitive firm that manufactures bulbs. Use this information to answer the question. Quantity of the product 0 1 2 3 4 Price per unit (R) 10 10 10 10 10 10 c) d) 38022222 Total revenue Total profit (R) -10 -9 -5 -6 Marginal cost (R) . 9 6 8 10 13 Average variable cost (R) 9,00 7,50 7,67 8,25 9,20 This perfectly competitive firm will produce a) 3 bulbs, since losses are minimised. b) 4 bulbs, but it will consider shutting down in the short run. 4 bulbs, since at this production level it earns normal profit. 4 bulbs and will stay in operation.
Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.
Lisa lawn Company (LLC) is a lawn mowing business in a perfectly competitive market for lawn mowing services. The following table sets out Lisa's cost Quantity(lawns per hour) Total cost (dollars per lawn 0 $30 1 40 2 55 3 75 4 100 5 130 6 175 when Lisa shuts down, what will be her economic loss?
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1. A firm in a perfectly competitive industry has fixed costs of FC = 15, marginal costs of MC = 5 + 14g, and average variable costs of AVC = 5 + 7q. (a) What are the firm's variable costs (VC)? (b) What is the firm's total cost function? (c) If the price is $75, how much does the firm supply? (d) Does the firm continue to supply this quantity in the short-run? (e) Suppose there exists a standard market demand function from consumers (downward slopping). Please provide a logical discussion about how the market achieves short-run equilibrium.
Q3 need in 10 minutes
ntQu102spring22 (1) - Protected View • Saved to this PC - O Search (Alt+Q) Faridatu Pafadnam References Mailings Review View Help t Defender Advanced Threat Protection and it hasn't detected any threats. If you need to edit this file, click enable editing, Enable Editing 3) Consider the following short-run cost curves for a profit-maximizing firm in a perfectly competitive industry. MC SRATC 4 SRAVC 1.5 1 100 200 300 400 Quantity FIGURE 1 a) Refer to Figure 1. If the current market price is $6, what is the profit-maximizing output for this firm? b) Refer to Figure 1. If the price is $6 and the firm is producing at its profit-maximizing output, then what are total costs for the firm? c) Refer to Figure 1. If the market price is $1, the firm will produce short run. units of output in the d) Refer to Figure 1. If the market price is $2, what the firm will do? Price $