Complete the following cost and revenue schedules for a perfectly competitive firm,Instructions: Enter your responses as a whole number. If you are entering any negative numbers be sure to include a negative sign ()in front of those numbers.QuantityTotalRevenueTotalCostPriceMarginalCost$50$50506025090501405020050280a. Graph marginal cost (MC)a. Graph marginal cost (MC).Instructions: Use the MC' tool to draw the marginal cost curve point by point (plot 5 points total).100Tools90E 80* 70MC608 5040P=MR302010234Quantity (units per time period)b. What quantity maximizes profit?unitsc. What is MC at that quantity?$4Price or Cost (dollars per unit)

A competitive firm maximizes profit by producing that quantity of output where marginal cost equals…

Answered: a. Graph marginal cost (MC).…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question 1 Output (Q) Total Fixed Cost (TFC) Total Variable cost (TVC) 0 100 0 1 100 50 2 100 125 3 100 205 4 100 295 5 100 395 Which of the following is true of marginal costs, based on the data in the table above? 1. Marginal costs are rising throughout the output range shown. 2. Marginal costs are falling throughout the output range shown. 3. Marginal costs are constant
27. If a firm will produce an additional unit of good or services, determine what will happen to their costs? a. The total cost will decrease b. The total cost will increase c. The total cost will be the same d. The total cost will be equal
2. Calculate the values of A, B, C, and D in the following table. Show your calculations. Price Marginal cost Markup on cost Markup on price (%) (%) 6,250 A 5.3 B C 10,000 D 0.0
5. El Sol Inc. produces beach towels. The cost of each towel is $ 4.00 and it sells for $ 10.00 after the markup on its cost. Similar towels sell for $ 8.00. How much should each towel cost you to be able to adjust to the market price and keep your profit margin?
show formula and calculatio
$22 00 20.00 18.00 Which size bookstore is more likely to experience diseconomies of scale? Long-run Average cost OA Abookstore selling 1,000 books per month B. Abookstore seling 20,000 books per month C. Abookstore selling 40,000 books per month 1,000 20.000 Quantity of books sokd per month 40,00D,000 D. Abookstore seling 80,000 books per month Average cost
When the volume of production is higher than the volume of production at break even point than the maximum increase of fixed cost in order to not cause a. Current variable cost b. Current amount of profit c. Current amount of sales d. Current direct cost
Output (unit) Total Cost (RM) Price (RM) 1 550 660 2 670 585 3 720 510 4 740 435 800 360 960 285 1190 210 135 60 8 1520 2160 Table 3 Table 3 shows data for a firm's production and costs in the long run. a. Based on Table 3, compute the marginal cost, average cost, marginal revenue, and average revenue as the output increases from 0 to 9 units. C. Based on your calculation from question (a), show the quantity and price where the equilibrium condition is found.
The graph shows the short-run cost curves of a toy producer. The market has 1,000 identical toy producers. The market price of a toy is $21. In the short run, the firm produces toys a week. 24- 21- 18- 15- 12- 9- 0 500 1000 1500 2000 MC ATC AVC 2500
Figure: Short-Run Costs Cost curves (dollars) $200 150 100 50 total cost F: 0 1 2 3 D average total cost average variable cost marginal cost A 4 C Please, look at the above figure, which represents short run costs curves. Curve A represents the curve. B 5 6 7 8 9 10 11 Quantity of output (per day)
None
I already filled out the table, but I don't understand how to answer 3. a, b, and c.

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