!!! Assignment Score Available After Due Date < Question 3 of 10 > Macmillan Learning Press Esc to exit full screen The accompanying graph illustrates a perfectly competitive firm's total revenue (TR) curve and total cost (TC) curve. The firm produces sneakers, so assume it can only produce whole units of sneakers (e.g., it can produce 5 or 6 sneakers but not 5.5 sneakers). Move the maximum profit line by adjusting its endpoints to represent the maximum profit the firm can possibly earn. When the firm is producing 4 sneakers, profit is less than when the firm is producing 9 sneakers. When the firm is producing 2 sneakers, profit is less than when the firm is producing 8 sneakers. 20 19 18 17 16 16 15 14 13 12 11 10 9 8 7 6 5 4 3 2 1 0 0 1 2 € 3 Resources may profit 4 5 6 7 Quantity 8 TR TC 9 Retake 10

!!! Assignment Score Available After Due Date < Question 3 of 10 > Macmillan Learning Press Esc to exit full screen The accompanying graph illustrates a perfectly competitive firm's total revenue (TR) curve and total cost (TC) curve. The firm produces sneakers, so assume it can only produce whole units of sneakers (e.g., it can produce 5 or 6 sneakers but not 5.5 sneakers). Move the maximum profit line by adjusting its endpoints to represent the maximum profit the firm can possibly earn. When the firm is producing 4 sneakers, profit is less than when the firm is producing 9 sneakers. When the firm is producing 2 sneakers, profit is less than when the firm is producing 8 sneakers. 20 19 18 17 16 16 15 14 13 12 11 10 9 8 7 6 5 4 3 2 1 0 0 1 2 € 3 Resources may profit 4 5 6 7 Quantity 8 TR TC 9 Retake 10

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

Assignment Instructions: Find the Graphs for a Pure Competition Firm Do a Google Images and find the graphs for a perfectly competitive firm. graphs must include the following specific graphs: Find the graph for short run economic loss for the firm. Find the graph for short run economic profit for the firm. Find the graph for long run – normal profit for the firm. Make sure the graphs show the area of economic profit or loss.
ATC 12 Q 1000 1500 1800 Use the graph above to answer the following questions. The graph represents a perfectly competitive firm where the market price is $4. AVC
Please fill out this table!
Sally owns and operates a pizza house. The diagram shows the cost and revenue curves for the pizza house. Initially, Sally sets her price to maximise profits. Corts Revenue ( # G : Quantity per day (1) Which market structure is this? Explain. (i) Calculate the profits made by Sally. Is this a long run or short run situation? Explain. (i) Calculate the change in total profit if Sally changes her objective from profit maxim Attach File Browse Content Collection Browse Local Files revenue maximisation. You are advised to show your working
PQ 14.05 Reagan is a farmer and sells her wheat in a perfectly competitive market. Reagan produces 30,000 bushels of wheat for an average total cost of $7.50, marginal cost of $7.30, and average variable cost of $7.10. In the short-run, Reagan should produce more wheat if the current price is above, and should shut down if the current price is below Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. a $7.50; $7.30 $7.50; $7.10 $7.10; $7.30 $7.10; $7.00 e $7.30; $7.10 f $7.30; $7.00
3. The components of marginal revenue Asim's HookNLadder is the only company selling fire engines in the fictional country of Alexandrina. Asim initially produced seven trucks, but then decided to increase production to eight trucks. The following graph gives the demand curve faced by Asim's HookNLadder. As the graph shows, in order to sell the additional fire truck, Asim must lower the price from $100,000 to $50,000 per truck. Notice that Asim gains revenue from the sale of the additional engine, but at the same time, he loses revenue from the initial seven engines because they are all sold at the lower price. Use the purple rectangle (diamond symbols) to shade the area representing the revenue lost from the initial seven engines by selling at $50,000 rather than $100,000. Then use the green rectangle (triangle symbols) to shade the area representing the revenue gained from selling an additional engine at $50,000. PRICE (Thousands of dollars per fire engine) 275 250 Asim 225 200 175…
Answer the questions based on the table below - Complete the table below. - In which market does this firm operate? Explain your reasons. - Determine the equilibrium output. Calculate whether the firm will it be earning a profit or suffering a loss at equilibrium. Quantity(unit) Total Revenue($) Average Revenue($) MarginalRevenue($) TotalCost($) MarginalCost($) 1 10 5 2 18 11 3 24 16 4 28 20 5 30 23 6 30 25
Use the following graphs for questions 22 and 23. At what price would a firm exit the market? (a) Relationship of total cost to total variable cost and total fixed cost (b) Relationship of marginal cost to average total cost, average variable cost, and average fixed cost Total Costs (dollars) 700 Cost 150 Per 140 TC Unit 130 TVC (dollars) 120 MC 600 110 100 500 90 80 400 70 60 ATC 300 TFC 50 AVC 40 AFC 200 30 20 TFC 100 10 AFC 0 1 2 3 4 5 6 7 8 9 10 11 12 0 1 2 3 4 5 6 7 8 9 10 11 12 Quantity of Output Quantity of Output (units per hour) (units per hour) O $20 O $30 $45 $50
A firm has fixed costs of $40 and variable costs as indicated in the table below. For each level of output (total product) calculate total cost, average fixed cost, average variable cost, average total cost and marginal cost. Write your response in the table provided. b) Discuss why a firm in perfect competition will not charge a price above or below the market price.
Concept: Revenue of a Firm Farmer Jones grows oranges in Florida. Suppose the market for oranges is perfectly competitive and that the market price for a crate of oranges is $11 per crate. Fill in total revenue, average revenue, and marginal revenue in the table below. (Enter your responses as integers.) Average Marginal Revenue Crates of Market Price Total Revenue Revenue (per crate) $11 Oranges (TR) (AR) (MR) $ 1 11 $ $ 2 11 3 11 4 11 5 11
Consider a kettle firm A in a perfectly competitive market. Table 1 shows the quantity produced per hour (Q) and the total cost (TC) in the short run. Quantity 0 12345C70 2 6 8 Total cost 17 30 40 55 75 100 130 165 210 Fixed cost 17 17 17 17 17 17 17 17
constant SavedSaved Question 11 Question 12 Which graphs represents the long run equilibrium for a perfectly competitive firm? P P MC ATC D P MC D ATC 0 0 Quantity (A) Quantity MR MR (B) MC MC P ATC D=MR ATC D 0 Quantity (C) 0 Quantity MR (D) Selected answer will be automatically saved. For keyboard navigation, press up/down arrow keys to select an answer. a A b B C C d D Question 13 Please review the graph below containing a d