2. (n) The Table below is for a farm operating in a perfectly competitive marke Complete the Table and answer the following questions based on the r provide in the Table. rs that you Table: A farm operating in a perfectly competitive market 9. Input Output MPP Output TR MR Input APP 2. usage PI price price 5: sh u85 270-215 70 18 18 360 8.0 3.33 1200 xXx3. 7 XXX 50 25 9.7 3.33 1615. 3.33 3 18 60 4.5 3:33 899.3.33 3.33 140-13 5 32 18 2.0 3-33 3-33 able: ntinue FC TC MC ATC AVC AFC P it int 2.25 u.69 320.4 69.4310 877.1 69.1 69.1 >80 u9a 37 | 4.255 69.11 2. (b) 2.44 4,3 XXX 900 969-10-72/1.4998 1.855 3.85 G45.9 8.255 18.49/-852.9 (-250 260 1329-1-1-3,8 9.u93 om the Table aboove the profit-maximizing level of output will be how many units? RE MC Why?

2. (n) The Table below is for a farm operating in a perfectly competitive marke Complete the Table and answer the following questions based on the r provide in the Table. rs that you Table: A farm operating in a perfectly competitive market 9. Input Output MPP Output TR MR Input APP 2. usage PI price price 5: sh u85 270-215 70 18 18 360 8.0 3.33 1200 xXx3. 7 XXX 50 25 9.7 3.33 1615. 3.33 3 18 60 4.5 3:33 899.3.33 3.33 140-13 5 32 18 2.0 3-33 3-33 able: ntinue FC TC MC ATC AVC AFC P it int 2.25 u.69 320.4 69.4310 877.1 69.1 69.1 >80 u9a 37 | 4.255 69.11 2. (b) 2.44 4,3 XXX 900 969-10-72/1.4998 1.855 3.85 G45.9 8.255 18.49/-852.9 (-250 260 1329-1-1-3,8 9.u93 om the Table aboove the profit-maximizing level of output will be how many units? RE MC Why?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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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
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4. Fill in the table below. Assume that the firm uses 5 machines that have a price of $200 each per period. Output TFC TVC TC AFC AVC ATC MC 1 600 1000 3 2000 4 3500 5500
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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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