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

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

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Round your answeis LU 2 UCUNTial plats. Output 1 3 4 5 6 www. Average Variable Cost 30 a. Complete above the table. Quantity: Break-even $ Average Total Cost 1 O Loss 140 80 63.33 56 56 57 65.43 ✔ $ Marginal Cost 110 30 20 30 34 Prev 56 62 116 b. What is the shutdown price? Shutdown price: $ c. If the market price of the product is $56, what quantity will Marshall's Meats produce? What will be its ✓:$ Total Cost $110 140 6 of 13 160 Quantity: d. If the market price of the product is $20, what quantity will Marshall's Meats produce? What will be its pre # 190 224 280 342 458 Next >
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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.
simply answer the question
Question 19 Referring to Figure 1 in Question 14. The firm will shut down in the short run if the price of the good is less than $175. O $125. O $100. O $80.
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12. Suppose a farm in a perfectly competitive marke: produces and sellsa unis bl ou qutput and hastmarginal sevenue of RO 2. Wnat would be the ! if it instead oroduced andvold 4 units of output? RO4 b. RO? s tral severue. TR = you Pud © RO 32 d. RO 64 BR Mc
Question 21 please solve
In a competitive industry a. firms sell more if price is above marginal cost b. firms sell more is price is below marginal cost O c. firms sell less if price is above marginal cost O d. none of the above
$ $11.00 $9.00 $6.00 0 This firm is experiencing an: O economic profit of $200 O economic loss of $1,100 Oeconomic loss of $200 economic profit of $1,100 k 85 100 MC ATC AVC MR Quantity
E. Case_ Ray C. Fair Sharon M.... Q Q Q Search 52 of 1,893 ch Rank Page Order 1.4 You are given the following cost data: TFC TVC 25 25 7 2 25 12 25 18 4. 25 25 25 34 6. 25 46 Download more at Learnclax.com TFC TVC 25 62 8 25 88 If the price of output is $15, how many units of output will this firm produce? What is the total revenue? What is the total cost? Will the firm operate or shut down in the short run? In the long run? Briefly explain your answers.
Q14