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

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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