2. Understanding excess capacityThe following table shows the daily cast data and demand schedule for a typical firm producing board games in a menepolistically competitive marketin the short rumFill in the values in the Marginal Cost, Total Revenue, and Marginal Revenue columns in the following table and then answer the questions that followQuantityPriceTotal Cost(Dollars)Total Revenue(Dollars)Marginal Revenue(Dollars)Average Total Cost(Dollars)(Board games) (Dollars per game)112.0010.005.008.006.002345€784.002.001.0013Based on your calculations, the firm will25303640607296Marginal Cost(Dollars)-Under monopolistic competition, a typical firm will produceFill in the Average Total Cost column in the previous table.15225420122412202732302414board games at a price of $Based on your calculations, the level of excess capacity in this monopolistically competitive market is87D-2-6-1013141082.1 board game/ 2 board games/ 3 board games/4board games/ 5 board games8101012par board game in the short run.drop downs are:1. earn zero profit (break even)/ earn a profit of $8/suffer an economic loss of $8/ suffer an economic loss of$20

A monopolistic competitive market is a type of market in which there is only one seller and many…

2. Understanding excess capacity The following table shows the daily cast data and demand schedule for a typical firm producing board games in a manopolistically competitive market in the short run Fill in the values in the Marginal Cost. Total Revenue, and Marginal Revenue columns in the following table and then answer the questions that follow Total Cost (Dollars) Total Revenue (Dollars) Marginal Revenue Average Total Cost (Dollars) (Dollars) Quantity (Board games) 1 2 3 4 " 6 7 Price (Dollars per game) 12.00 18.00 9.00 0.00 6.00 4.00 2.00 1.00 13 Based on your calculations, the firm will 20 30 30 40 60 72 Marginal Cost (Dollars) AAAAAAA Undar monopolistic compatition, a typical firm will produce 15 KAHAM No in 20 12 21 12 20 27 32 30 24 14 board games at a price of S Fill in the Average Total Cost column in the previous table Based on your calculations, the level of excess capacity in this manopolistically competitive market is 6 -10 13 14 10 0 0 10 10 12 par board game in the short run.

2. Understanding excess capacity The following table shows the daily cast data and demand schedule for a typical firm producing board games in a manopolistically competitive market in the short run Fill in the values in the Marginal Cost. Total Revenue, and Marginal Revenue columns in the following table and then answer the questions that follow Total Cost (Dollars) Total Revenue (Dollars) Marginal Revenue Average Total Cost (Dollars) (Dollars) Quantity (Board games) 1 2 3 4 " 6 7 Price (Dollars per game) 12.00 18.00 9.00 0.00 6.00 4.00 2.00 1.00 13 Based on your calculations, the firm will 20 30 30 40 60 72 Marginal Cost (Dollars) AAAAAAA Undar monopolistic compatition, a typical firm will produce 15 KAHAM No in 20 12 21 12 20 27 32 30 24 14 board games at a price of S Fill in the Average Total Cost column in the previous table Based on your calculations, the level of excess capacity in this manopolistically competitive market is 6 -10 13 14 10 0 0 10 10 12 par board game in the short run.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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2. In the graph below, name the curves A, B, C and D Quantity (units per day) 3. In the graph above, indicate the following a. Price at which a firm makes a positive profit b. Price at which the firm makes zero economic profit c. The exact shutdown point d. The price at which the firm must exit (leave the market) e. The price at which the firm makes a loss but stays in the market Costs per unit (dollars per unit)
Figure 14-2 Suppose a firm operating in a competitive market has the following cost curves: 20 MC 18 16 14 12 ATC 10 8 7 4 1 3 4 5 6 7 8 9 10 QUANTITY Refer to Figure 14-2. If the market price is $10, what is the firm's total revenue? a. $35 b. $30 C. $15 d. $50 PRICE
(Figure: Maximum Profit in Perfect Competition 3) Price and Costs $16 B 0 A) C. D In the figure, profit is maximized at point: B. A. D. IC Questions Filter (35) B D MC MR-P ATC 9 Quantity I
Solve the attachment
13.
NEED HELP! I am absolutely bad at graphs I need help with A through F and can you please explain. Draw the MR, MC, AVC, ATC, Demand, supply, MC and MR for the following situations. For each of these situations show the total revenue, total cost area, and shade the profit or loss area, and if the situation is a shut down state why it should shutdown. a. A perfectly competitive firm showing a profitb. A perfectly competitive firm showing a loss but not a shut-downc. A perfectly competitive firm at a break-even pointd. A monopolist showing a profite. A monopolist showing a loss but not a shut-downf. A monopolist at a break-even pointg. Difference between a monopolist and a perfectly competitive firm for a profit situation on the same graph space.
1. The following figure shows the marginal cost curve and the average total cost curve of a firm operating in a perfectly competitive industry. Price ($) 14 12 10 MR =8 6 4 2 10 20 30 MC ATC Quantity (units) a. What price does the firm face in the market? b. At what level of output does the firm maximize profits? c. What is the revenue of the firm when it sells the profit-maximizing level of output? d. What is the total cost of the firm when it produces the profit-maximizing level of output? e. What is the maximum profit that the firm can make? f. Discuss the implications if the level of production is 10. g. Discuss the implications if the price is 2.
2. Calculating marginal revenue from a linear demand curve The blue curve on the following graph represents the demand curve facing a firm that can set its own prices. Use the graph input tool to help you answer the following questions. You will not be graded on any changes you make to this graph. Note: Once you enter a value in a white field, the graph and any corresponding amounts in each grey field will change accordingly. PRICE (Dollars per unit) 160 TOTAL REVENUE (Dol 140 120 2250 2000 1750 1500 1250 On the graph input tool, change the number found in the Quantity Demanded field to determine the prices that correspond to the production of 0, 10, 20, 25, 30, 40, and 50 units of output. Calculate the total revenue for each of these production levels. Then, on the following graph, use the green points (triangle symbol) to plot the results. 1000 750 500 250 0 5 10 15 20 25 30 35 40 45 50 QUANTITY (Units) 200 Demand 10 120 -40 15 30 35 QUANTITY (Number of units) 45 Graph Input Tool…
Costs and revenue per case 50% a $14 $12 $22 $16 $13 Question 6 Costs and revenue 22 24 30 30 @ 300 The perfectly competitive price would be: MR 22 24 30 3 ATC Demand Quantly (cases) ATC Demand Quantity In the above graph, the firm would earn: $0 in economic profit and break even $44 economic profit $88 economic profit $22 economic loss $44 economic loss
How do I do this?
1) Briefly explain how the total revenue for a profit-seeking film is determined 2)Briefly explain what is meant by the term "fixed costs" and provide three examples of same. What determines a firm's level of fixed costs? 3)Contrast the rold of fixed costs and variable costs in economic decisions about future prodiction 4)Briefly compare and contrast the perceived demand curve for a monopolitically competitive firm and a perfectly competitive firm. 5)Briefly explain what quantity a profit maximizing monopolistic competitor will seek. Why not this type of competitive frim is productively efficient?
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.