### Table Analysis: Competitive Firm in Unknown IndustryThe table provides data for an unnamed firm operating in a competitive industry. It includes columns for quantity produced (q), total cost (TC), marginal cost (MC), price (P), total revenue (TR), and marginal revenue (MR).#### Table Columns Breakdown- **q (Quantity):** Units of output produced ranging from 0 to 8.- **TC (Total Cost):** Starting at 100 and increasing to 682 as quantity increases.- **MC (Marginal Cost):** Not applicable (n/a) at q=0; needs to be computed for other quantities.- **P (Price):** Consistently 80 for all quantities.- **TR (Total Revenue):** Starting at 0, needs calculation for other quantities (TR = P * q).- **MR (Marginal Revenue):** Not applicable (n/a) at q=0; equal to P for a competitive firm.#### Questions1. **Calculate MC, TR, and MR** - **MC:** Change in TC divided by change in q. - **TR:** P multiplied by q. - **MR:** Equals P for a competitive firm (80).2. **Optimal Quantity:** Determine which quantity to produce if q > 0, choosing the highest profitable output.3. **Long-Run Industry Changes:** Decide if the industry will see entry, exit, or neither: - **a. entry** - **b. exit** - **c. neither**---Note: Fill in the missing calculations for a complete analysis.

The total cost incurred by a firm operating in a market includes fixed costs and variable costs.…

20. The table below has some information about an unnamed firm in an unknown competitive industry. b. TC MC TR MR 100 n/a 80 n/a 1 150 80 2 202 80 3 257 80 4 317 80 385 80 465 80 7 562 80 8 682 80 Fill in the MC, TR (total revenue), and MR columns. What quantity should the firm produce if it has to pick a q > 0? (if two options yield equal profit pick the larger one) 21. (continued) Will there be entry, exit, or neither in this industry in the long run? a. entry b. exit ç. neither

20. The table below has some information about an unnamed firm in an unknown competitive industry. b. TC MC TR MR 100 n/a 80 n/a 1 150 80 2 202 80 3 257 80 4 317 80 385 80 465 80 7 562 80 8 682 80 Fill in the MC, TR (total revenue), and MR columns. What quantity should the firm produce if it has to pick a q > 0? (if two options yield equal profit pick the larger one) 21. (continued) Will there be entry, exit, or neither in this industry in the long run? a. entry b. exit ç. neither

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Refer to the table below. How much profit would this firm make if it produces 2 units of goods? Q P TR MR TC MC 0 $30 0 - $15 - 1 $30 $30 $30 $25 $10 2 $30 $60 $30 $40 $15 3 $30 $90 $30 $60 $20 4 $30 $120 $30 $85 $25 5 $30 $150 $30 $115 $30 6 $30 $180 $30 $150 $35 Group of answer choices $20 $35 $30
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3. The components of marginal revenue Dmitri's Fire Engines is the sole seller of fire engines in the fictional country of Pyrotania. Initially, Dmitri produced four fire engines, but he has decided to increase production to five fire engines. The following graph shows the demand curve Dmitri faces. As you can see, to sell the additional engine, Dmitri must lower his price from $105,000 to $90,000 per fire engine. Note that although Dmitri gains revenue from the additional engine he sells, he also loses revenue from the initial four engines because he sells them all at the lower price. Use the purple rectangle (diamond symbols) to shade the area representing the revenue lost from the initial four engines by selling at $90,000 rather than $105,000. Then use the green rectangle (triangle symbols) to shade the area representing the revenue gained from selling an additional engine at $90,000. 150 135 Revenue Lo 120 Demand 105 80 Revenue Gained PRICE (Thousands of dollars per fe engine 228…
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