a.b.C.d.e.f.E-Q012345678A firm has leased plant and equipment to produce video game cartridges, which can be sold in unlimitedquantities at $21 each. The following table describes some information relating to this firm (perfectlycompetitive). Please finish filling out this table.PriceTRTC$5055627596125162203248How much are fixed costs?TVC TFC ATCDraw total revenue and total cost curves in this space.Draw ATC, AVC, AFC, MC, demand, P, and MR in this space.What is the profit-maximizing rate of output?Should this producer stay in business?What is the size of the loss if production continues?AVCHow much is lost if the firm shuts down?AFCMCMRProfit/Loss

The price of each video game cartridge is given as $21.For completing the table-TR (Total Revenue) =…

a. b. C. d. e. f. E Q 0 1 2 3 4 5 6 7 8 A firm has leased plant and equipment to produce video game cartridges, which can be sold in unlimited quantities at $21 each. The following table describes some information relating to this firm (perfectly competitive). Please finish filling out this table. Price TR TC $50 55 62 75 96 125 162 203 248 How much are fixed costs? TVC TFC Draw total revenue and total cost curves in this space. What is the profit-maximizing rate of output? ATC Draw ATC, AVC, AFC, MC, demand, P, and MR in this space. should this producer stay in business? What is the size of the loss if production continues? How much is lost if the firm shuts down? AVC AFC MC MR Profit/Loss

a. b. C. d. e. f. E Q 0 1 2 3 4 5 6 7 8 A firm has leased plant and equipment to produce video game cartridges, which can be sold in unlimited quantities at $21 each. The following table describes some information relating to this firm (perfectly competitive). Please finish filling out this table. Price TR TC $50 55 62 75 96 125 162 203 248 How much are fixed costs? TVC TFC Draw total revenue and total cost curves in this space. What is the profit-maximizing rate of output? ATC Draw ATC, AVC, AFC, MC, demand, P, and MR in this space. should this producer stay in business? What is the size of the loss if production continues? How much is lost if the firm shuts down? AVC AFC MC MR Profit/Loss

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 below shows cost and revenue information for Choco Lovers, a perfectly competitive firm producing different quantities of chocolate gift boxes. Fill in the blanks in the table. Instructions: Round your answers to 2 decimal places. Choco Lovers Costs and Revenue Quantity TC ATC MC of Gift Boxes ($) ($) ($) 5 55.00 11.00 1.00 10 57.50 5.75 15 4.1667 1.00 20 72.50 2.00 25 92.50 3.70 4.00 30 122.50 40.833 6.00 Instructions: Enter your answers below as whole numbers. For profit and profit per unit, round your answers to 2 decimal places. Include a negative sign if necessary. 4 Profit-maximizing price Profit-maximizing quantity = Total revenue = Profit = %3D Profit per unit = 12 Next > %24 %24 %24
Question 19 Referring to Figure 1 in Question 14. The firm will shut down in the short run if the price of the good is less than $175. O $125. O $100. O $80.
Costs and revenue per case 50% a $14 $12 $22 $16 $13 Question 6 Costs and revenue 22 24 30 30 @ 300 The perfectly competitive price would be: MR 22 24 30 3 ATC Demand Quantly (cases) ATC Demand Quantity In the above graph, the firm would earn: $0 in economic profit and break even $44 economic profit $88 economic profit $22 economic loss $44 economic loss
Refer to the table below. How much profit would this firm make if it produces 2 units of goods? Q P TR MR TC MC 0 $30 0 - $15 - 1 $30 $30 $30 $25 $10 2 $30 $60 $30 $40 $15 3 $30 $90 $30 $60 $20 4 $30 $120 $30 $85 $25 5 $30 $150 $30 $115 $30 6 $30 $180 $30 $150 $35 Group of answer choices $20 $35 $30
3. The components of marginal revenue Sean's Fire Engines is the sole seller of fire engines in the fictional country of Pyrotania. Initially, Sean produced eight fire engines, but he has decided to increase production to nine fire engines. The following graph shows the demand curve Sean faces. As you can see, to sell the additional engine, Sean must lower his price from $80,000 to $60,000 per fire engine. Note that while Sean gains revenue from the additional engine he sells, he also loses revenue from the initial eight engines because he sells them all at the lower price. Use the purple rectangle (diamond symbols) to shade the area representing the revenue lost from the initial eight engines by selling at $60,000 rather than $80,000. Then use the green rectangle (triangle symbols) to shade the area representing the revenue gained from selling an additional engine at $60,000. PRICE (Thousands of dollars per fire engine) Sean 100 90 80 70 40 10 ++ 0 0 1 True + 2 False 3 4 5 QUANTITY…
(Figure 10-3)What is the maximum economic profit this firm depicted in Figure 10-3 will be able to earn? Group of answer choices $600 $200 $400 $0
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The table shows total cost and total revenue information for a competitive firm. Quantity (units) Total cost ($) Total revenue ($) 0 500 0 1 600 135 2 710 270 3 830 405 4 960 540 5 1,100 675 6 1,250 810 7 1,410 945 8 1,580 1,080 9 1,760 1,215 10 1,950 1,350 Firms making a loss will compare the losses if it shuts down to the losses if it operates in the short run. What quantity will the firm produce if it shuts down in the short run? Output: unitsunits What will the profits be if this firm shuts down? $ What quantity will the firm produce to minimize losses in the short run? unitsunits If this firm chooses to operate at a loss, what will its profits equal? $ If the cost and revenue numbers in the table will continue permanently, what will this firm choose to do? The firm will continue to operate in the short run, and exit the market in the long run. shut down…
The table below shows cost and revenue information for Choco Lovers, a purely competitive firm producing different quantities of chocolate gift boxes. Fill in the blanks in the table. Instructions: Enter your answers rounded to two decimal places. Choco Lovers Cost and Revenue Quantity TC ATC MC of Gift Boxes ($) ($) ($) 10 65.00 6.50 4.00 15 82.50 5.50 20 5.13 4.00 25 127.50 5.00 30 162.50 5.42 7.00 35 207.50 5.93 9.00 Assume the profit-maximizing price is $5 per gift box, and then answer the following questions: a. Profit-maximizing quantity = gift boxes b. Total revenue = $ c. Profit = $ d. Profit per unit = $ per gift box
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Price (dollars per jacket) 888888 180 160 140 120 100 60 40 20 0 80 160 MC profit; $13,000 profit; $7,200 Oloss; $8,000 In the figure above, Gap's economic loss: $13,000 ATC The figure shows the demand curve for Gap jackets (D), and Gap's marginal revenue curve (MR), marginal cost curve (MC), and average total cost curve (ATC). MR 240 320 400 Quantity (jackets per day)