a) Complete table (a). Total Cost ($) Total Variable Cost ($) Marginal Cost ($) Average Total Cost (5) Average Variable Quantity Cost ($) 8 14 6. 14 1 2 18 10 24 16 5.33 6 4 32 24 42 34 8. 6.8 10 54 46 7.67 12 9.71 8.57 68 60 14 b) What are the values of the break-even and shutdown prices? Round your answer to 2 decimal places. Break-even price: $ Shutdown price: $ c) Given the prices shown in column 1 of the following table, complete columns 2, 3, 4, and 5. (Assume that partial units cannot be produced.) (3) (5) (6) (8) Total Quantity Supplied 2 (1) (2) (4) Total Quantity Supplied 1 (7) Total Quantity Demanded Total Total Profit(+)/ Loss(-)($) Price($) Output Revenue ($) Cost($) 4 -8 672 7. 21 24 -3 576 4 36 31 48e 11 55 42 13 384 13 96 54 18 288 d) Suppose that there are a total of 120 farms in the barley market, including and identical to Farmer Mills', Show the total supply in
a) Complete table (a). Total Cost ($) Total Variable Cost ($) Marginal Cost ($) Average Total Cost (5) Average Variable Quantity Cost ($) 8 14 6. 14 1 2 18 10 24 16 5.33 6 4 32 24 42 34 8. 6.8 10 54 46 7.67 12 9.71 8.57 68 60 14 b) What are the values of the break-even and shutdown prices? Round your answer to 2 decimal places. Break-even price: $ Shutdown price: $ c) Given the prices shown in column 1 of the following table, complete columns 2, 3, 4, and 5. (Assume that partial units cannot be produced.) (3) (5) (6) (8) Total Quantity Supplied 2 (1) (2) (4) Total Quantity Supplied 1 (7) Total Quantity Demanded Total Total Profit(+)/ Loss(-)($) Price($) Output Revenue ($) Cost($) 4 -8 672 7. 21 24 -3 576 4 36 31 48e 11 55 42 13 384 13 96 54 18 288 d) Suppose that there are a total of 120 farms in the barley market, including and identical to Farmer Mills', Show the total supply in
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Here is the Begining part as requested to send in again part B picture needs help .
Transcribed Image Text:Table (a) shows the cost data for Farmer Mill, a barley farmer. Round your answers to 2 decimal places.
a) Complete table (a).
Total
Average
Total Cost
Average
Variable
Total
Variable
Marginal
Cost ($)
Quantity
Cost ($)
Cost ($)
(5)
Cost ($)
8
1
14
6
6
14
18
10
9
5
2
4
24
5.33
16
4
32
24
8
8
5
42
34
10
8.4
6.8
54
46
7.67
12
9.71
8.57
7
68
60
14
b) What are the values of the break-even and shutdown prices? Round your answer to 2 decimal places.
Break-even price: $
Shutdown price: $
c) Given the prices shown in column 1 of the following table, complete columns 2, 3. 4, and 5. (Assume that partial units cannot be
produced.)
(1)
(2)
(3)
(4)
(5)
(6)
(7)
Total
Quantity
Demanded
672
(8)
Total
Total
Total
Total
Profit(+)/
Loss(-)($)
Quantity
Supplied 1
Quantity
Supplied 2
Price($)
Output
Revenue ($)
Cost($)
4
-8
7
3
-3
576
4
36
31
480
11
55
42
13
384
13
96
54
18
288
d) Suppose that there are a total of 120 farms in the barley market, including and identical to Farmer Mills'. Show the total supply in
![c) Given the prices shown in column 1 of the following table, complete columns 2, 3. 4, and 5. (Assume that partial units cannot be
produced.)
(1)
(2)
(3)
(4)
(5)
(7)
(6)
Total
Quantity
Supplied 1
(8)
Total
Quantity
Supplied 2
Total
Total
Total
Revenue ($)
Profit(+)/
Loss(-) ($)
Quantity
Demanded
Price($)
Output
Cost($)
4
8
-8
672
7
3
21
24
-3
576
4
36
31
480
11
55
42
13
384
13
96
54
18
288
d) Suppose that there are a total of 120 farms in the barley market, including and identical to Farmer Mills'. Show the total supply in
column 6 of table(b).
e) If the market demand for barley is as shown in column 7. what will be the equilibrium price and quantity traded?
Price: $
Quantity traded:
f) At the equilibrium price, what quantity will Farmer Mill produce, and what will be her profit? What will be the industry profit?
Quantity
Firm profit: $
]: Industry profit: $
9) As a result of your answer in (f). will firms enter or leave this industry?
(Click to select)
h) Suppose that, in the long run, the number of firms increases by 60 percent. Show the new totals in column 8 of table (b). As a result,
what will be the new equilibrium price? What quantity will Farmer Mill produce, and what will be her profit/loss? What will be the
industry profit/loss?
Equilibrium price: $
:Quantity: [](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Ff53eb250-5103-433f-a882-915aa4d88212%2Fd94f05f4-92f7-4c36-af4f-6cf4d4f5c2cd%2Fpviuurj_processed.png&w=3840&q=75)
Transcribed Image Text:c) Given the prices shown in column 1 of the following table, complete columns 2, 3. 4, and 5. (Assume that partial units cannot be
produced.)
(1)
(2)
(3)
(4)
(5)
(7)
(6)
Total
Quantity
Supplied 1
(8)
Total
Quantity
Supplied 2
Total
Total
Total
Revenue ($)
Profit(+)/
Loss(-) ($)
Quantity
Demanded
Price($)
Output
Cost($)
4
8
-8
672
7
3
21
24
-3
576
4
36
31
480
11
55
42
13
384
13
96
54
18
288
d) Suppose that there are a total of 120 farms in the barley market, including and identical to Farmer Mills'. Show the total supply in
column 6 of table(b).
e) If the market demand for barley is as shown in column 7. what will be the equilibrium price and quantity traded?
Price: $
Quantity traded:
f) At the equilibrium price, what quantity will Farmer Mill produce, and what will be her profit? What will be the industry profit?
Quantity
Firm profit: $
]: Industry profit: $
9) As a result of your answer in (f). will firms enter or leave this industry?
(Click to select)
h) Suppose that, in the long run, the number of firms increases by 60 percent. Show the new totals in column 8 of table (b). As a result,
what will be the new equilibrium price? What quantity will Farmer Mill produce, and what will be her profit/loss? What will be the
industry profit/loss?
Equilibrium price: $
:Quantity: [
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