A firm has fixed costs of $166. The firm is acting to maximize total profits. This table represents the firm's marginal revenue and marginal cost at variousquantities of output:quantity1234567marginal revenue (in $)915887794623584498338Question: Calculate the firm's total profit.Note: Do not use a "$" when you type your answer into Canvas. (Canvas does not like dollar signs.)marginal cost (in $)943270373461694783

Optimal price, quantity, and profit for a firm: A firm always tries to maximize its profits given…

A firm has fixed costs of $166. The firm is acting to maximize total profits. This table represents the firm's marginal revenue and marginal cost at various quantities of output: quantity 1 2 13 4 5 6 7 marginal revenue (in $) 915 887 794 623 584 498 338 Question: Calculate the firm's total profit. Note: Do not use a "$" when you type your answer into Canvas. (Canvas does not like dollar signs.) marginal cost (in $) 9 43 270 373 461 694 783

A firm has fixed costs of $166. The firm is acting to maximize total profits. This table represents the firm's marginal revenue and marginal cost at various quantities of output: quantity 1 2 13 4 5 6 7 marginal revenue (in $) 915 887 794 623 584 498 338 Question: Calculate the firm's total profit. Note: Do not use a "$" when you type your answer into Canvas. (Canvas does not like dollar signs.) marginal cost (in $) 9 43 270 373 461 694 783

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

Figure: Cost Curves for Corn Producers Reference: Ref 12-3 (Figure: Cost Curves for Corn Producers) Look at the figure Cost Curves for Corn Producers. The market for corn is perfectly competitive. If the price of a bushel of corn is $10, in the short run, the farmer will produce _____ of corn and earn an economic _____ equal to _____. 3 bushels; profit; loss, -$15 2 bushels; profit; $0 4 bushels; profit; just less than $80 per bushel 2 bushels; loss; just more than $80 per bushel
Exhibit 23-8 Price and Cost (dalars) Price and Cost (dalan) 11 10 ATC 8 ** AVC 7 11 10 0 70 90 100 150 Quantity -$600 $270 Fim A $600 $400 Fim B Refer to Exhibit 23-8. What is the profit (loss) of firm B at the profit-maximizing (or loss-minimizing) level of production? -$400 100 150 200 Quantity ATC AVC
Use Table: Total Cost and Output, which describes Sergei's total costs for his perfectly competitive all-natural ice cream firm. If the market price of a tub of ice cream is $50, what quantity will Sergei produce to maximize profit?
Question 1
On the graph input tool, change the number found in the Quantity Demanded field to determine the prices that correspond to the production of 0, 6, 12, 15, 18, 24, and 30 units of output. Calculate the total revenue for each of these production levels. Then, on the following graph, use the green points (triangle symbol) to plot the results. Calculate the total revenue if the firm produces 6 versus 5 units. Then, calculate the marginal revenue of the sixth unit produced. The marginal revenue of the sixth unit produced is________. Calculate the total revenue if the firm produces 12 versus 11 units. Then, calculate the marginal revenue of the 12th unit produced. The marginal revenue of the 12th unit produced is_________.
Only typed answer When the local electricity company charges a price of $20 per kilowatt they sell 1,000 units. If they raise the price by $1 they sell 800 units. What is the marginal revenue between $20 and $21? a) $21 b) $3,200 c) $200 d) $1
1: 2 (N 2: 4 > 3: sa 4: 5: 6 8 10 ✓ 6: Question 16 Listen Figure 12-2 $60 $45 $40 $30 $10 200 Marginal Cost Average Total Cost 450 800 650 Refer to Figure 12-2. If the market price equals $45, the maximum profit that the firm can earn is: approximately $29,250. approximately $19,500. approximately $9,750. zero dollars. Average Variable Cost
20) - Google Chrome "mod/quiz/attempt.php?attempt%3=1579003&cmid%3812962&page%3D2 em (Academic 20- MC ATC AVC 16 4. 5 10 15 20 25 30 35 40 45 50 Quantity (units per day) The above figure shows the cost curves for a perfectly competitive firm. If all firms in the market have th same cost curves and the price equals $16 per unit Select one: O a. over time, the price will fall as new firms enter the market. O b. over time, firms will leave this market. O c. the market is in its long-run equilibrium. O d. the firm is making zero economic profit. o search hp Price and cost (dollars per unit)
Answer question 6D only
Only typed answer
Total Revenue Total C ost Proit/Loss/ Price( P) Quantity (TR) (TC) Break Even $3 5. 2 9. 3 8. 4 11 5. 15 6. 21 30 8. 42 6. 60 10 85 Yummy Cupcakes is a purely competitive firm. The firm's costs are shown in the table above. The market price is $5 (USE THIS TO FILL IN THE PRICE COLUMN) When Yummy Cupcakes produces 1 cupcakel Q-1).the firm : O breaks even incurs a loss O earns profits will shutdown
Note: Don't use chat gpt.