15. Given the data provided in the table below, what will the marginal revenue equal for production at quantity (Q) level 4? DATA TABLE QP TC TR MR MC Profit 0 $5 $9 1 $5 $10 2 $5 $12 3 $5 $15 4 $5 $19 5 $5 $24 6 $5 $30 7 $5 $45 A. $20.00 B. $15.00 C. $5.00 D. $1.00 16. Given the data provided in the table below, what will the marginal cost equal for production at quantity (Q) level 4? DATA TABLE QP TC TR MR MC Profit 0 $5 $9 1 $5 $10 2 $5 $12 3 $5 $15 4 $5 $19 5 $5 $24 6 $5 $30 7 $5 $45 A. $5.00 B. $4.00 C. $1.00 D. $3.00 17. A natural monopoly occurs when the quantity demanded is the minimum quantity it takes to be at the bottom of the long-run average cost curve. A. greater than B. less than C. equal to D. a or c above

15. Given the data provided in the table below, what will the marginal revenue equal for production at quantity (Q) level 4? DATA TABLE QP TC TR MR MC Profit 0 $5 $9 1 $5 $10 2 $5 $12 3 $5 $15 4 $5 $19 5 $5 $24 6 $5 $30 7 $5 $45 A. $20.00 B. $15.00 C. $5.00 D. $1.00 16. Given the data provided in the table below, what will the marginal cost equal for production at quantity (Q) level 4? DATA TABLE QP TC TR MR MC Profit 0 $5 $9 1 $5 $10 2 $5 $12 3 $5 $15 4 $5 $19 5 $5 $24 6 $5 $30 7 $5 $45 A. $5.00 B. $4.00 C. $1.00 D. $3.00 17. A natural monopoly occurs when the quantity demanded is the minimum quantity it takes to be at the bottom of the long-run average cost curve. A. greater than B. less than C. equal to D. a or c above

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Exhibit 23-8 Price and Cost (dalars) Price and Cost (dalan) 11 10 ATC 8 ** AVC 7 11 10 0 70 90 100 150 Quantity -$600 $270 Fim A $600 $400 Fim B Refer to Exhibit 23-8. What is the profit (loss) of firm B at the profit-maximizing (or loss-minimizing) level of production? -$400 100 150 200 Quantity ATC AVC
175 125 100 80 Price 270 322 C. $25,750. d. $20,375. 515 MC ATC AVC When the price of the good is $175, the firm's maximum profit is a. $16,500. b. $90,125. Quantity
BEHIND THE SUPPLY CURVE: INPUTS AND COSTS The accompanying table shows a boat manufacturer’s total cost of producing boats.Quantity of Boats Total Cost 0 $450,000 1 $490,000 2 $510,000 3 $520,000 4 $540,000 5 $570,00 6 $610,000 7 $670,000 8 $750,000 9 $870,000 a.What is this manufacturer’s fixed cost?b.For each level of output, calculate the variable cost (VC). For each level of output except zero output, calculate the average variable cost (AVC), average total cost (ATC), and average fixed cost (AFC)Qty of boats Total Cost Variable Costs Average Variable Costs Average Total Costs Average Fixed Costs 0 $450,000 - - - -
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Price MC $5.50 ATC $5.00 $4.50 $3.00 $2.00 $1.75 55 110 MR 165 a. If this firm wants to maximize profits or minimize losses, be produced. (4 Points) b. The price charged would be (4 Points) c. The profit or loss incurred would be (4 Points) AVC Demand Quantity units of output should d. Is this firm likely to continue producing in the long run? Why? (4 Points)
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12. A current shortage is due to a price ceiling. If the price ceiling is removed, a. price would increase, quantity supplied would increase, and quantity demanded would decrease b. price would increase, quantity supplied would decrease, and quantity demanded would increase c. price would decrease, quantity supplied would increase, and quantity demanded would decrease d. price would decrease, quantity supplied would decrease, and quantity demanded would increase 13. Adverse selection refers to a. the phenomenon that occurs when one party in an exchange takes advantage of knowing more than another party b. the tendency for individuals to alter their behaviour once they are insured against loss c. the tendency for individuals to engage in insurance fraud d. both the tendency for individuals to alter their behaviour once they are insured against loss and the tendency for individuals to engage in insurance fraud
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Fill in the price and the total, marginal, and average revenue Falero earns when it produces 0, 1, 2, or 3 boxes each day. Quantity Price Total Revenue Marginal Revenue Average Revenue (Boxes) (Dollars per box) (Dollars) (Dollars) (Dollars per box) 1 2 The demand curve that Falero faces is identical to which of its other curves? Check all that apply. Marginal cost curve Supply curve Marginal revenue curve O Average revenue curve 3.
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