Burger Prince is considering opening a new restaurant in Colton, Loma Linda, orUpland. The following fixed and variable cost data have been assembled.Variable Costs per customerFixed Cost per yearLaborLocationColton$200,000$0.40Loma Linda$180,000$0.75Upland$170,000$1.00Over what range of annual demand is each facility going to have a competitive advantage?3.Material$0.20$0.25$1.00Overhead$0.40$0.75$1.00

Comparative advantage is an economic principle that suggests it is more efficient for each party…

3. Burger Prince is considering opening a new restaurant in Colton, Loma Linda, Upland. The following fixed and variable cost data have been assembled. Variable Costs per customer Labor $0.40 $0.75 $1.00 Fixed Cost per year Overhead $200,000 $0.40 $180,000 $0.75 $170,000 $1.00 Over what range of annual demand is each facility going to have a competitive advantage? Location Colton Loma Linda Upland Material $0.20 $0.25 $1.00

3. Burger Prince is considering opening a new restaurant in Colton, Loma Linda, Upland. The following fixed and variable cost data have been assembled. Variable Costs per customer Labor $0.40 $0.75 $1.00 Fixed Cost per year Overhead $200,000 $0.40 $180,000 $0.75 $170,000 $1.00 Over what range of annual demand is each facility going to have a competitive advantage? Location Colton Loma Linda Upland Material $0.20 $0.25 $1.00

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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$30 M ATO 20 AVC 15 75 80 100 Output 1-At which point the firm gets abnormal profit? 2- based on your answer in question one, what is the amount of total revenue? 3- based on your answer in question one, what is the amount of abonormal profit? 4-Find the value of Average Fixed cost at Q= 100 5- Determine the shutdown point? For the toolbar, press ALT+F10 (P) or ALT+FN+F10 (Mac).
$150 $145 $140 MC $135 $130 $125 $120 $115 ATC $110 $105 $100 $95 $90 $85 $80 AVC $75 $70 $65 $60 $55 $50 $45 $40 $35 $30 $25 0 1 2 3 5 6 Quantity Produced 7 8 9 10 11 The graph above shows the cost functions for a perfectly competitive profit maximizing firm. If the market price of the product is $70 per unit, the firm will produce units, will cover make an economic profit of dollars. dollars of its fixed cost, and will
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TABLE S-1 Revenue and Cost Data for a Perfectly Competitive Firm Daily Output Price Total Revenue TFC TVC TC Profit 0. $30 $0 V $0 $40 -$40 1 $30 $30 $40 $12 W -$22 $60 $40 Y $68 -$8 $30 $90 $40 $45 $85 Refer to Table 8-1. What is the AVC of producing three units of output? $15 $32.66 $45 $50 2. 3.
Use the following graphs for questions 22 and 23. At what price would a firm exit the market? (a) Relationship of total cost to total variable cost and total fixed cost (b) Relationship of marginal cost to average total cost, average variable cost, and average fixed cost Total Costs (dollars) 700 Cost 150 Per 140 TC Unit 130 TVC (dollars) 120 MC 600 110 100 500 90 80 400 70 60 ATC 300 TFC 50 AVC 40 AFC 200 30 20 TFC 100 10 AFC 0 1 2 3 4 5 6 7 8 9 10 11 12 0 1 2 3 4 5 6 7 8 9 10 11 12 Quantity of Output Quantity of Output (units per hour) (units per hour) O $20 O $30 $45 $50
1. A firm in a perfectly competitive industry has fixed costs of FC = 15, marginal costs of MC = 5 + 14g, and average variable costs of AVC = 5 + 7q. (a) What are the firm's variable costs (VC)? (b) What is the firm's total cost function? (c) If the price is $75, how much does the firm supply? (d) Does the firm continue to supply this quantity in the short-run? (e) Suppose there exists a standard market demand function from consumers (downward slopping). Please provide a logical discussion about how the market achieves short-run equilibrium.
Q10 needed Q8 pic is just for reference Question 10 Refer to Table 5-1 and the firm in Question 8, How much profit does the firm make at the chosen quantity? (enter just the number, no $)
A9
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QUESTION 6 Table of a perfectly comptetitive firm COSTS Quantity Total Produced Cost SO 1 2 3 4 5 7 8 $50 $102 $157 $217 $285 $365 $462 $582 O b.S0 O c. $80 O d. $68 Marginal Cost REVENUES Quantity Demanded Price $80 $80 0 1 2 3 4 5 7 8 $80 $80 $80 $80 $80 $80 $80 Total Revenue Refer to Table. What will be the average revenue for this firm when they sell 4 units? O a. $400 Marginal Revenue QUESTION 7 A perfectly competitive firm produces where O a marginal cost equals price, while a monopolist produces where price exceeds marginal cost. O b. price exceeds marginal cost, while a monopolist produces where marginal cost equals price. O c. marginal cost exceeds price, while a monopolist produces where marginal cost equals price. d. marginal cost equals price, while a monopolist produces where marginal cost exceeds price.
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for this graph answer the following question what is the total revenue? what is the total profit? what is the maximun point?