43. Refer to the table. reto Joubng Total Product Total Fixed Cost Total Variable Cost $150 $0 150 50 150 75 150 to ainu 4 105 150 145 150 200 150 7 270 150 8. 360 150 475 9. 150 620 10 150 800 Which of the following correctly represents the firm's short-run supply schedule? (a) (b) (c) (d) Price QS Price QS Price QS Price QS $20 1 $20 $20 $20 3 30 30 30 30 4 45 45 4 45 45 60 60 60 60 6. 75 75 6. 75 75 7 95 7 95 95 8 95 8 120 7 120 9. 120 120 8. 150 10 150 9 150 150 8. red by a. (а) b. (b) C. (c) d. (d) mies ob competitive industry, the e long run 34567

43. Refer to the table. reto Joubng Total Product Total Fixed Cost Total Variable Cost $150 $0 150 50 150 75 150 to ainu 4 105 150 145 150 200 150 7 270 150 8. 360 150 475 9. 150 620 10 150 800 Which of the following correctly represents the firm's short-run supply schedule? (a) (b) (c) (d) Price QS Price QS Price QS Price QS $20 1 $20 $20 $20 3 30 30 30 30 4 45 45 4 45 45 60 60 60 60 6. 75 75 6. 75 75 7 95 7 95 95 8 95 8 120 7 120 9. 120 120 8. 150 10 150 9 150 150 8. red by a. (а) b. (b) C. (c) d. (d) mies ob competitive industry, the e long run 34567

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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5. Questions and Problems 10 Total costs equal total variable costs when: O Average variable costs are declining O Margina costs are rising O There are no fixed costs O Total revenue is equal to total cost O None of the above Grade It N
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need d and e rest part are solved answer is here Solution:- Given Monthly demand function: Q=300-4P .... (1) Cost function: TC=15Q+1000 ..... (2) Part a Revenue = Price * quantity Q=300-4P⇒4P=300-Q⇒P=75-0.25Q So R=PQR=75-0.25QQR=75Q-0.25Q2 ... (3) To maximize revenue, differentiate the equation 3 with respect to Q dRdQ=75-0.5Q Put dRdQ=075-0.5Q=0⇒0.5Q=75⇒Q=150 Second-order condition for revenue maximization: d2RdQ2=-0.5<0 Revenue is maximization quantity is 150 From equation 3 R=75×150-0.25×1502R=5625 The maximum revenue is $5625 part b Differentiate equation 1 with respect to Q dQdP=-4 Price elasticity is calculated as e=dQdP×PQe=-4×75-0.25×150150e=-4×0.25e=-1 Price elasticity at revenue-maximizing point is -1 part c Total cost of producing 150 units: TC=15×150+1000TC=3250 Profit at revenue-maximizing level of output: Profit = revenue - costProfit =5625-3250Profit =2375
MC ATC S Unit A 1.20 1.05 .90 60 AVC 15 20 35 Output rate The above diagram shows the cost curves for a competitive firm. Which of the following is correct? If price is $0.90, firm makes economic loss but continue to operate Shut down point is where price is $0.90. If Price exceeds $0.60, firm continue to produce even under economics loss If Price falls below $0.60, firm will continue to produce even under economics loss
PROBLEM (4) The short run market supply for shirts is QS = 50P – 1000 and the market demand isQD = 2800 – 50P Let a typical firm operating in a perfectly competitive industry has short-run total cost and marginal cost curves: TC(q) = 100 + 20q + q2 and MC(q) = 20 + 2q (a) Determine the short run market equilibrium price and quantity for this type of shirt.(b) Determine how much the typical firm will produce at the equilibrium price you found in (a).(c) If all firms had the same cost structure, how many firms should be operating in this industry at the moment? (d) Calculate the profit or loss of each firm at the short-run market equilibrium. If they are making losses, why are they still producing in the short run? In the long run, will there be entry into the market or exit from it?(e) What would the price be in the long run equilibrium, assuming constant cost industry?(f) In the long run equilibrium, how many shirts would each firm produce? What would be a firm’s net profit?(g) How…
1. Consider a firm with the following cost and inverse demand functions. Cost($) 20 3 Cost Function N 3 quantity Price($) 16 13 30 10 Inverse Demand quantity (a) What are the average costs of producing 1, 2, and 3 units for this firm? (b) What are the marginal costs of producing first, second, and third units for this firm? (c) Does this firm enjoy either economies or diseconomies of scale? (d) What are the profits of producing 1, 2, and 3 units for this firm? (e) When does the firm maximize its profit? Select from producing 1, 2, and 3 units.
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Price of Corn $7 MC $6 $5 ATC $4 $3 AVC $2 $1 0. 1000 2000 3000 4000 5000 6000 7000 8000 Bushels of Corn (a) If the market price for corn in this market was $5, how many bushels of corn would Cornwallis produce in the short-run in order to maximize his profits? [ Select ] (b) At the market price of $5, what is the total REVENUE Cornwallis will collect in the short-run? 1Select ] (c) At the market price of $5, what is the total PROFIT Cornwallis will earn in the short-run? Select
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Profits are always equal to zero when (Slide: Short-Run Profitability) A. price is equal to the minimum average variable cost B. price is equal to the minimum average total cost C. price is equal to the minimum marginal cost