4) Assuming a market price of $4, fill in the columns in the following table. What is the profit-maximizing level of production? What are the two ways to determine the profit- maximizing level of production? Total Total Revenue Cost Quantity (TR) (TC) 0 3 1 5 2 3 4 5 6 7 6 9 14 20 28 40 Profit Marginal Revenue (MR) Marginal Cost (MC)

4) Assuming a market price of $4, fill in the columns in the following table. What is the profit-maximizing level of production? What are the two ways to determine the profit- maximizing level of production? Total Total Revenue Cost Quantity (TR) (TC) 0 3 1 5 2 3 4 5 6 7 6 9 14 20 28 40 Profit Marginal Revenue (MR) Marginal Cost (MC)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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8. A commodity has price demand function p(x)= 11800 - .01x and each unit costs 1000 and the overhead is 5000. a) what is the revenue function, cost function and profit function ? b) what price should be charged to maximize profits? c) what is the marginal profit for x=400 ? Explain what this marginal profit number means.
Price ($) 1000 500 300 0 300 500 Supply Demand What is the total cost of producing 300 iPads? 1000 Quantity
4. Complete the following schedule: Quantity 0 1 2 3 4 5 6 7 Total Cost $9 $12 $16 $21 $30 $40 $52 $6 ATC MC Assuming the price of this product is $12, at what output is (a) Total profit maximized (b) Total revenue maximized (c) Profit per unit maximized
(29. At 100 output, marginal revenue is less than marginal cost) True False 30. In relation to question number 29, producer should produce more up to 440. True False
9. The chicken farming industry in Northern New York is extremely profitable and I would really like to enter that market. Unfortunately, suitable land has become very difficult to find as public health policies prevent raising chickens near any flowing water supply. I cannot find any land for my new chicken farm. What is the economic term for this?
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.
(a) The marginal cost of producing the fourth unit of output is (b) The total variable cost of producing five units of output is
6. No. of COWS (Head) 0 25 50 75 100 125 150 175 200 225 250 275 If the price of beef was $98.00 what is the optimum number of cows and the profit or loss at that number and price? Output (cwt. of beef) 0 104 220 322 413 494 568 629 676 710 730 737 Total Total Average Average Average Marginal Marginal Total Total Profit Cost Variable Fixed Revenue Revenue Fixed Total Cost Cost Costs Costs Cost 20,000 20,000 XXX XXX XXX 20,000 24,500 43.27 192.31 235.58 90.91 131.82 20,000 29,000 40.91 20,000 33,500 41.93 62.11 104.04 20,000 38,000 43.58 48.43 92.01 45.55 40.49 86.03 20,000 42,500 47,000 27,000 20,000 47.54 35.21 82.75 20,000 51,500 50.08 31.80 81.88 31,500 36,000 20,000 56,000 53.25 29.59 82.84 57.04 28.17 85.21 40,500 20,000 60,500 45,000 20,000 65,000 61.64 27.40 89.04 49,500 20,000 69,500 67.16 27.14 94.30 Total Variable Cost 0 4,500 9,000 13,500 18,000 22,500 Ans. Ans. XXX 43.27 38.79 44.12 49.45 55.56 60.81 73.77 95.74 132.35 225.00 642.86 98.00 98.00 98.00 98.00 98.00 98.00 98.00…
Quantity Total Revenue Marginal Cost $0 1 $10 $2 2 $20 $4 3 $30 $6 4 $40 $8 5 $50 $12 $60 $14 7 $70 $16 Refer to the above table for a firm's production per day. Suppose the firm has fixed costs of $10 and output price is also $10. The firm will maximize profits by producing |-10 units of output. At the profit-maximizing output level, the firm's total revenue will be $-2 its total costs will be $4 and its profit will be $8 6,
Table 2- The following table presents cost and revenue information for John's Vineyard.- COSTS- REVENUES Marginal Cost Quantity Total Quantity Total Marginal Produced- Cost Demanded Price Revenne Revenne- 0. 0. 0. 80. 1. 50 1. 80. 2. 102- 2. 80- 3. 157. 3. 80 4- 217. 4. 80- 5. 285 5. 80. 6. 365. 6. 80. 7. 462 7. 80- 8. 582. 8. 80. Refer to Table 2. At what quantity does John's Viney ard maximize profits? A 3 B C 7 D 8. CO
Price ($/ton) 439 400 330 300 1. Answer the following questions based on the below diagram of the U.S. steel industry. For simplicity, you may assume that the United States is a "small country" (except in part c.), and please note that the precise numbers in this question are strictly hypothetical. U.S. Steel Market 80 88 100 130 Domestic Supply Domestic Demand ¹142 50 Quantity of Steel (in Millions of tons) Refer to the graph above. Assume that the price of steel from Korea is $300 per ton and the price of steel from Brazil is $330. a. Assume the US originally placed a 33% tariff on Korean and Brazil steel. Then the US engages in a preferential trade agreement with Brazil, which removes the tariff on Brazilian steel. Will the agreement result in trade diversion or trade creation? Show the result by calculating the area of consumer surplus, producer surplus and change in government revenue.
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