30 Quantity (30-140) 80 Total Revenue $3,200.00 Total Costs $3,200.00 Economic Profit $0.00 140 Fixed Costs $2,666.67 Instructions: In the "Settings" box, set the market price to $20.00, then adjust the slider below the quantity to make the losses on the graph as small as possible. Suggestion: It may help to have the Show Profit/Loss at the top of the Graph set to "On." a. By moving the Quantity slider back and forth, you'll see that it is not possible for this firm to earn a positive economic profit when the price is $20. At what quantity are its losses minimized?| units: Report your answer as a whole number. b. What are total profits at this level of output? $ Round your answer to two decimal places. c. What is the marginal cost of the last unit for this level of output? $1 Round your answer to two decimal places. d. What is the marginal revenue of the last unit for this level of output? $ Round your answer to two decimal places. e. Consider the question, "Why would a firm stay open if it cannot earn a positive profit?" If the firm were to shut down its operations (produce a quantity of zero), what would be its losses? $ Round your answer to two decimal places.

30 Quantity (30-140) 80 Total Revenue $3,200.00 Total Costs $3,200.00 Economic Profit $0.00 140 Fixed Costs $2,666.67 Instructions: In the "Settings" box, set the market price to $20.00, then adjust the slider below the quantity to make the losses on the graph as small as possible. Suggestion: It may help to have the Show Profit/Loss at the top of the Graph set to "On." a. By moving the Quantity slider back and forth, you'll see that it is not possible for this firm to earn a positive economic profit when the price is $20. At what quantity are its losses minimized?| units: Report your answer as a whole number. b. What are total profits at this level of output? $ Round your answer to two decimal places. c. What is the marginal cost of the last unit for this level of output? $1 Round your answer to two decimal places. d. What is the marginal revenue of the last unit for this level of output? $ Round your answer to two decimal places. e. Consider the question, "Why would a firm stay open if it cannot earn a positive profit?" If the firm were to shut down its operations (produce a quantity of zero), what would be its losses? $ Round your answer to two decimal places.

Managerial Economics: Applications, Strategies and Tactics (MindTap Course List)

14th Edition

ISBN:9781305506381

Author:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris

Publisher:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris

Chapter3: Demand Analysis

Section: Chapter Questions

Problem 1.4CE

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