2.) Production, Inputs, and Cost: Building Blocks for Supply Analysis First, use the following schedule to calculate the marginal revenue, the marginal cost, the total profit, and the marginal profit. Then, list the formula for total revenue and total cost. Lastly, discuss the condition under which the firm will earn a profit, incur a loss, the output that maximizes the perfectly competitive firm's profit, and under which a firm is maximizing profit by minimizing loss. Total Marginal Marginal Marginal Profit (MP) Quantity Total Cost Total Profit Revenue Revenue Cost |(TR) $0.00 $30.00 (MR) (TC) $0.00 (MC) (ТР) 10 $38.00 20 $60.00 $90.00 $87.00 $45.50 $78.00 $137.50 30 $120.00 $150.00 $180.00 $210.00 40 50 60 $158.00 70 $240.00

2.) Production, Inputs, and Cost: Building Blocks for Supply Analysis First, use the following schedule to calculate the marginal revenue, the marginal cost, the total profit, and the marginal profit. Then, list the formula for total revenue and total cost. Lastly, discuss the condition under which the firm will earn a profit, incur a loss, the output that maximizes the perfectly competitive firm's profit, and under which a firm is maximizing profit by minimizing loss. Total Marginal Marginal Marginal Profit (MP) Quantity Total Cost Total Profit Revenue Revenue Cost |(TR) $0.00 $30.00 (MR) (TC) $0.00 (MC) (ТР) 10 $38.00 20 $60.00 $90.00 $87.00 $45.50 $78.00 $137.50 30 $120.00 $150.00 $180.00 $210.00 40 50 60 $158.00 70 $240.00

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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7. You are economic consultant for Jack, who farms raw cotton in a perfectly competitive market. One day he gives you the following data at his present level of production: Output = 2000 pounds, market price = $5.00, total cost =$8000, fixed cost=$2000, marginal cost=$5. The minimum of AVC occurs at {1000 pounds at $2} and the minimum of ATC at {1500 pounds at $3.5}. Please help Jack with the following questions based on the above figures: a. Draw a graph for the raw cotton market and a graph for Jack’s farm current situation that includes MC, ATC, and AVC, labeling all relevant points on axes with numerical values. Is Jack maximizing the profit (minimizing the loss)? Why or why not? Label the total profit/loss area. b. Suppose more farmers enter the raw cotton market until the market price is $3.00 per pound. On the same graphs, show the effect of this change in the market place. Would you like to suggest Jack leaving the market in the short run? Explain your answe
PLease show all steps clearly and please make the graph very clear so that i know in which numbers i have to draw the lines on so please write down each of the point in the line segments. Thank U! 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.
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Sub : EconomicsPls answer very fast.I ll upvote. Thank You
4. Profit maximization in the cost-curve diagram Suppose that the market for candles is a competitive market. The following graph shows the daily cost curves of a firm operating in this market. Hint: After placing the rectangle on the graph, you can select an endpoint to see the coordinates of that point.
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