11. Refer to the table belowOutputTotal Variable CostTotal Cost012345678$0$100$100.$200$140$240$190$290$250$350$320$420$400$500$490$590$590$690Suppose the firm has maximized profit based on the market price at the output of 8 units. What is the marginalrevenue earned from the eighth unit?A) $100B) $90C) $590D) $110E) $690

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Answered: 11. Refer to the table below Output…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Price of Corn $7 MC $6 $5 ATC $4 $3 AVC $2 $1 0. 1000 2000 3000 4000 5000 6000 7000 8000 Bushels of Corn (a) If the market price for corn in this market was $5, how many bushels of corn would Cornwallis produce in the short-run in order to maximize his profits? [ Select ] (b) At the market price of $5, what is the total REVENUE Cornwallis will collect in the short-run? 1Select ] (c) At the market price of $5, what is the total PROFIT Cornwallis will earn in the short-run? Select
8. A firm is earning an accounting profit of $5,000. Its implicit costs are $3,000, explicit costs are $8,000, and its economic profit is $2,000. What must its total revenue be? A-$7,000 B-$10,000 C-$13,000 D-$18,000 E-Indeterminate 9. If a firm is maximizing its profit and is earning positive economic profit, which of the following must be true? A- Average total cost < price; marginal cost = marginal revenue B-Average total cost > price; marginal cost = marginal revenue C-Average total cost < average revenue; marginal cost > marginal revenue D-Total cost > total revenue; marginal cost > marginal revenue E- Total cost = total revenue; marginal cost > marginal revenue
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.
Total Product 1 2 3 4 5 6 7 8 9 10 Average Fixed Cost $ 150.00 75.00 50.00 37.50 30.00 25.00 21.43 18.75 16.67 15.00 Multiple Choice The accompanying table gives cost data for a firm that is selling in a purely competitive market. If the market price for this firm's product is $68.10, it will produce 8 units at an economic profit of zero. 6 units at a loss of $90. Average Variable Cost $ 25.00 23.00 20.00 21.00 23.00 25.00 28.00 33.00 39.00 48.00 9 units at an economic profit of $281.97. 8 units at an economic profit of $130.72. Multiple Choice 6 units at a loss of $150. 6 units at a loss of $90. The accompanying table gives cost data for a firm that is selling in a purely competitive market. If the market price for this firm's product is $35, it will produce Average Total Cost $ 175.00 98.00 70.00 58.50 53.00 50.00 49.43 51.76 55.67 63.00 9 units at an economic profit of $281.97. Marginal Cost $25.00 21.00 14.00 24.00 31.00 35.00 46.01 68.07 86.95 128.97 8 units at an economic profit…
section C and D No A and B
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Price and costs (dollars per unit) 25 820 15 10 5 O PER A MR The restaurant capacity output is 12 16 20 24 Quantity (units per day) MC ATC meals, the restaurant produces profit, therefore the restaurant capacity is underutilized by. a) 8, 4, $60, 4 meals b) around 12, 8, $80, 4 meals c) 16, 8, normal profit, 8 meals d) 20, 8, $80, 12 meals meals and earns meals.
Logout Successful Quiz Exam #2 (GRADED; 84-Point Max If a firm has total revenue of $100,000, the owner's labor in the firm is valued at $20,000, and the firm has explicit costs of $90,000, then the firm has earned a(n) negative economic profit of $10,000 O accounting profit of $20,000. economic profit of $10,000. O accounting loss of $10,000. 3 pt
$150 $145 $140 MC $135 $130 $125 $120 $115 ATC $110 $105 $100 $95 $90 $85 $80 AVC $75 $70 $65 $60 $55 $50 $45 $40 $35 $30 $25 0 1 2 3 5 6 Quantity Produced 7 8 9 10 11 The graph above shows the cost functions for a perfectly competitive profit maximizing firm. If the market price of the product is $70 per unit, the firm will produce units, will cover make an economic profit of dollars. dollars of its fixed cost, and will
2. For the following total revenue and total cost functions of a firm: TR = 800Q – 10Q2 TC = (2/3)Q3 -30Q2 + 672Q +4000 (a) Determine the level of output at which the firm maximizes total profit (b) Calculate the profit (need step by step, please)
Gloria decided to open her own business and earns $50,000 in accounting profit the first year. When deciding to open her own business, she turned down three separate job offers with annual salaries of $50,000, $60,000, and $70,000. What is Gloria's economic profit from running her own business? Question 5 options: a) -$75,000 b) -$20,000 c) $20,000 d) none of the above

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