2. Fill in the following table for a product in a perfectly competitive market. The market price for the good is $32. Use the total revenue-total cost approach to evaluate at what quantity the firm can maximize its profits. Total Total product fixed output cost 5056 A WN - O 2 3 4 7 8 $50 50 ggggggg 50 50 50 50 50 50 50 Total variable Total cost cost $0 $ 5 15 30 50 75 105 140 185 Total revenue $ Profit/Loss $

2. Fill in the following table for a product in a perfectly competitive market. The market price for the good is $32. Use the total revenue-total cost approach to evaluate at what quantity the firm can maximize its profits. Total Total product fixed output cost 5056 A WN - O 2 3 4 7 8 $50 50 ggggggg 50 50 50 50 50 50 50 Total variable Total cost cost $0 $ 5 15 30 50 75 105 140 185 Total revenue $ Profit/Loss $

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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(? 100 90 80 70 60 50 40 АТС 30 20 AVC 10 MC O 10 20 30 40 50 60 70 80 90 100 QUANTITY (Thousands of pounds) COSTS (Dollars per pound)
Click on the table icon that shows the fixed costs, variable costs, and total costs for different output levels. Then use this data to help fill in the missing information in the table below. Quantity 0 1 2 3 Average Average Fixed Cost Variable Cost 4.67 - $5.00 Average Total Cost $ 15.00 C Price Quantity B
Suppose that a firm in a competitive market has the following cost curves: PRICE 20 18 16 4 13 12 10 14 8 6 4 2 MC 1 2 3 QUANTITY ATC AVC 5 Refer to Figure 14-1. If the market price is $5, the firm will earn a. negative economic profits in the short run but remain in business. b. negative economic profits and shut down. c. zero economic profits in the short run. O d. positive economic profits in the short run.
ASAP
Output 1 2 3 4 5 6 7 8 9 10 AFC $ 300 150 100 75 60 50 43 38 33 30 Multiple Choice AVC $ 100 75 production of 4 units. produce 6 units. shut down. 70 73 80 90 103 119 138 160 The accompanying table shows cost data for a firm that is selling in a purely competitive market. If the market price for the firm's product is $80, the firm will produce 5 units. ATC $ 400 225 170 148 140 140 146 156 171 190 MC $100 50 60 80 110 140 180 230 290 360
Figure 14-1 Suppose that a firm in a competitive market has the following cost curves: PRICE 20 18 16 14 432 10 8 6 4 2 MC 2 3 QUANTITY ATC AVC 5 Refer to Figure 14-1. If the market price is $5, the firm will earn a. negative economic profits in the short run but remain in business. O b. negative economic profits and shut down. c. zero economic profits in the short run. O d. positive economic profits in the short run.
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40 The following cost data is for a firm which in nelling in a perfectly competitive market It the market price for the firm's product is $32, the competitive firm will: t of Total Average Average variable Average total Marginal product fixed cost cost cost cost $100.00 $17.00 $117.00 $17 50.00 16.00 66.00 15 3. 33.33 15.00 47.33 13 25.00 14.25 39.25 12 20.00 14.00 34.00 13 9. 16.67 14.00 30.67 14 7. 14,29 15.71 30.00 26 8. 12.50 17.50 30.00 30 9. 11.11 19.44 30.55 35 10 10.00 21.60 31.60 41 11 9.09 24,00 33.09 48 7.33 26.67 35.00 56 12 Select one: O a. produce 8 units at an economic profit of $16. O b. produce 8 units at a loss equal to the firm's total fixed cost. O c. produce 5 units at a loss of $10. nd produce 7 units at an economic profit of $41.50.
If the market price were $8, what would be the profit for this firm? a. 120 b. 180 c. 0 d. $960
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3 The figure below shows the cost curves for a profit-maxmizing firm in a periecny competitive narket. If the market price is $30 and if the firm is producing outpul. the amount of its total variable cost? Price TVC and cost TO ATCHO MC ATC AVC PAL $40.50 36.00 30.00 MR 22.00 7LEE 20.00 130 180 240 Quantity O S7,200 b. $6,480 C. $5,400 d. $3,960
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