8-2 Determine the perfectly competitive firm's profit-maximizing output in the short run (Short-Run Profit Maximization) A perfectly competitive firm has the following fixed and variable costs in the short run. The market price for the firm's product is $150. 4. Profit/ Output FC VC TC TR Loss $100 $0 $100 $100 $100 $180 3 $100 $300 $100 $440 $100 $600 6 $100 $780 a. Complete the table. b. At what output rate does the firm maximize profit or minimize loss? c. What is the firm's marginal revenue at each positive level of output? Its average revenue? d. What can you say about the relationship between marginal revenue and marginal cost for output rates below the profit-maximizing (or loss-minimizing) rate? For output rates above the profit-maximizing (or loss- minimizing) rate? 012 m45

8-2 Determine the perfectly competitive firm's profit-maximizing output in the short run (Short-Run Profit Maximization) A perfectly competitive firm has the following fixed and variable costs in the short run. The market price for the firm's product is $150. 4. Profit/ Output FC VC TC TR Loss $100 $0 $100 $100 $100 $180 3 $100 $300 $100 $440 $100 $600 6 $100 $780 a. Complete the table. b. At what output rate does the firm maximize profit or minimize loss? c. What is the firm's marginal revenue at each positive level of output? Its average revenue? d. What can you say about the relationship between marginal revenue and marginal cost for output rates below the profit-maximizing (or loss-minimizing) rate? For output rates above the profit-maximizing (or loss- minimizing) rate? 012 m45

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

See similar textbooks

Similar questions

Use Figure 11-5 to answer the following question(s). Cost and Revenue In long run equilibrium, this competitive firm will face a price of $6,200 units $10, 250 units $20, 300 units. $16, 300 units. $20 11 71 10 b 6 a Figure 11-5 טן MC MR ATC AVC 200 250 300 Quantity and produce 13
please read the question as i have uploauded a question with the same table but different question thank you
i. Calculate the marginal cost, marginal revenue and profit for each unit of production. ii. How many units should the firm produce to maximise profit?
7. The table presents total costs and total revenue at John's Cabbage Farm, a perfectly competitive firm. John receives a price $2,000 per ton of cabbage grown. Quantity (tons) I 2 3 4 5 6 Total cost (dollars) 1,000 2,500 5,000 8,500 13,000 18,500 Total revenue Quantity Marginal cost Marginal revenue (dollars) (dollars) (dollars) (tons) 2,000 I 4,000 2 3 6,000 8,000 10,000 12,000 5 6 a) Use the total cost and revenue information to complete the missing information in the table above. b) How many tons of cabbage should John grow and why?
Use the figure below to answer the following questions. Price and cost (dollars per unit) 100 90 85 80 70 55 40 0 MR₂ MC ATC La MR₁ 100 140 200 220 250 Quantity (units per week) Figure 13.2.3 Refer to Figure 13.2.3. Assume this firm faces demand curve D2. If the firm produces the efficient quantity, it makes zero economic profit. makes an economic profit. will face competition from new firms entering the industry. is in a long-run equilibrium. incurs an economic loss.
The firm will A-increase its marginal revenue B increased its profits C decrease its marginal revenue D maximize its profits
pz answer both are asap fast
How to sovle these? What's the right answer?
Typed and correct answer please. I ll rate a
Pls help me stepwise correctly
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