A firm in a perfectly competitive industry knows the following about its costs and revenue. The firm would like to maximize profit and has hired a consultant for advice. Price Q of Output Total Revenue Total Cost Total Fixed Cost 10 500 TR? 9,400 TFC ? Total Variable Cost Average Total Cost Average Variable Cost MC 6,500 is at minimum level AVC? MC? Total Revenue Number Total Fixed Cost Number Average Variable Cost Number Marginal Cost Number What is the value of the profit or loss (-) at the current output ( include the - sign if it's a loss) Number Consultant's Advice: As a consultant, what advice would you give to this firm:(Choose ONE answer from the following) Number 1. Firm should do nothing; it is already profit maximizing/loss minimizing 2. Firm should reduce quantity of output 3. Firm should increase quantity of output 4. Firm should shutdown operations 5. The given number set is inconsistent

A firm in a perfectly competitive industry knows the following about its costs and revenue. The firm would like to maximize profit and has hired a consultant for advice. Price Q of Output Total Revenue Total Cost Total Fixed Cost 10 500 TR? 9,400 TFC ? Total Variable Cost Average Total Cost Average Variable Cost MC 6,500 is at minimum level AVC? MC? Total Revenue Number Total Fixed Cost Number Average Variable Cost Number Marginal Cost Number What is the value of the profit or loss (-) at the current output ( include the - sign if it's a loss) Number Consultant's Advice: As a consultant, what advice would you give to this firm:(Choose ONE answer from the following) Number 1. Firm should do nothing; it is already profit maximizing/loss minimizing 2. Firm should reduce quantity of output 3. Firm should increase quantity of output 4. Firm should shutdown operations 5. The given number set is inconsistent

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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The table shows cost data for a firm that is selling in a purely competitive market. Average Average Output Variable Cost Total Cost 10 12 14 16 20 $5.00 4.00 4.75 5.75 9.00 $15.00 13.00 11.50 9.00 12.00 Marginal Cost $3 4 6 9 14 Refer to the above cost table. If the price of the product is $9, what output level will the firm produce?
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Consider the following information about a business Rodriguez opened last year: price = $5; quantity sold = 15,233; implicit cost = $18,000; explicit cost = $33,000. What was Rodriguez's accounting profit and economic profit? Show your work.
The graph below shows cost curves for a perfectly competitive firm. Price/Cost $50 $40 $30 $20 $10 0 10 20 30 Quantity MC 40 ATC AVC 50 At a price of $10, how many units will this firm produce if its goal is to maximize profit?
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Concept Question 3.21 Question Help The following table shows marginal and average total cost schedules for a perfectly competitive firm. Currently, the market price in this industry is $40. Output (units) (Q) Marginal Cost (MC) Average Total Cost (ATC) 1 10 35 20 28 3 30 18 40 31 50 35 A profit-maximizing firm will produce 4 units. (Enter your response as an integer.) The firm's short-run profit at this level of output is S. (Round your response to the nearest penny.)
Explain why a company would shut down in the short run.
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Microeconomics
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Scenario 14-1. A competitive firm sells its output for $20 per unit. When the firm produces 200 units of output, average variable cost is $16, marginal cost is $18, and average total cost is $23.15. Refer to Scenario 14-1. Calculate the firm’s total revenue, total cost, and profit at 200 units of output. Peter operates an ice cream shop in the center of Fairfield. He sells several unusual flavors of organic, homemade ice cream so he has a monopoly over his own ice cream, though he competes with many other firms selling ice cream in Fairfield for the same customers. Peter’s demand and cost values for sales per day are given in the table below. (Everyone who purchases Peter’s ice cream buys a double scoop cone because it’s so delicious.) Quantity Price MR MC ATC 20 $5.60 $5.20 $2.20 $2.05 40 $5.20 $4.40 $2.40 $2.10 60 $4.80 $3.60 $2.60 $2.15 80…
The Invisible Hand Principle states that individuals' independent efforts to maximize their gains will generally be beneficial for society and result in the socially optimal allocation of resources (Need help? Read chapter 4.6 of the textbook, here: https://playconomics.com/textbooks/view/playconomics4-2019t3/part2/ch4/s6) in any type of market. particularly in the short run. if the market is perfectly competitive. if firms are free to enter but not to exit the market. None of these.