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
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?
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$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
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)
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I already filled out the table, but I don't understand how to answer 3. a, b, and c.
At what level of output is average cost a minimum? What is the average cost (AC) at that output? What is the Marginal Cost (MC) at that output?
Labor (mechanics) 0 1 2 3 4 Output (bikes) 0 20 50 60 64 Total fixed costs (dollars) 220 Alberto's marginal cost of producing the 20th bike is $ [Round your answer to two decimals.] Total variable cost (dollars) 120 Total cost (dollars) The table above gives costs at Alberto's Bike Shop. While Alberto is a bike enthusiast, unfortunately, Alberto's record keeping has been spotty. Each mechanic is paid $120 a day and labor costs are the only variable costs of production. What is the marginal cost of producing the 20th bike?
The at a given production level x approximates the cost of producing the (x + 1)st or next item. screenshot attached
Costs and Profit Maximization: Work It Out 1 Suppose Margie decides to lease a photocopier and open up a black-and-white photocopying service in her dorm room for use by faculty and students. Her total cost, as a function of the number of copies she produces per month, is given in the table. Number of Photocopies Per Month Total Cost Fixed Cost Variable Cost Total Revenue Profit 0 $100 1,000 $110 2,000 $125 3,000 $145 4,000 $175 5,000 $215 6,000 $285 a. Fill in the missing numbers in the table, assuming that Margie can charge 6 cents per black-and-white copy. Margie's fixed cost is: $ Variable cost, 0 photocopies/month: $ Variable cost, 1,000 photocopies/month: $ Variable cost, 2,000 photocopies/month: $ Variable cost, 3,000 photocopies/month: $ Variable cost, 4,000 photocopies/month: $…

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