Assume that a competitive firm has the total cost function: TC=1q3-40q2+710q+1700TC=1q3-40q2+710q+1700 Suppose the price of the firm's output (sold in integer units) is $550 per unit. Create tables (but do not use calculus) with columns representing cost, revenue, and profit to find a solution. A. How many units should the firm produce to maximize profit? Please specify your answer as an integer. B. What is the total profit at the optimal output level? Please specify your answer as an integer.

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FITnest is one of the few fitness centers serving the greater area. The gym has been open for 3 years. It charges a flat price of $25 per visit to its clients, and the firm’s current average cost of production is $10 per visit. (You may assume that average cost has the “traditional U-shape”.)  a) The owners of the gym heard you are studying economics, and they want some advice on how they could possibly increase their profits through price discrimination, which is a concept they have heard of but do not know much about. Provide an explanation of what price discrimination is and give them an example of how they could use group pricing in their climbing gym business. Explain how group pricing works to increase their profit.  b) Given the current situation in the market for fitness in the area, would you expect to see competitors enter or exit the market? Explain.   c) Given the current market conditions, what would you predict to observe in the long run with respect to the demand for…

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The table below shows the weekly marginal cost (MC) and average total cost (ATC) for Buddies, a purely competitive firm that produces novelty ear buds. Assume the market for novelty ear buds is a competitive market and that the price of ear buds is $6.00 per pair. Buddies Production Costs MC ($) Quantity of Ear Buds 5 10 15 20 25 30 35 40 2.00 2.45 3.55 4.00 5.50 5.98 8.52 pairs ATC ($) 2.00 2.00 2.15 2.50 2.80 3.25 3.64 4.25 Check my work Instructions: In part a, enter your answer as the closest given whole number. In parts b-d, round your answers to two decimal places. a. If Buddies wants to maximize profits, how many pairs of ear buds should it produce each week? b. At the profit-maximizing quantity, what is the total cost of producing ear buds? c. If the market price for ear buds is $6 per pair, and Buddies produces the profit-maximizing quantity of ear buds, what will Buddies profit or loss be per week? d. Now assume the market price is $5.50 per pair, and Buddies produces the…

TOTAL COST AND REVENUE (Dollars) -25 Suppose Lorenzo runs a small business that manufactures teddy bears. Assume that the market for teddy bears is a price-taker market, and the market price is $10 per teddy bear. The following graph shows Lorenzo's total cost curve. Use the blue points (circle symbol) to plot total revenue, and the green points (triangle symbol) to plot profit for the first seven teddy bears that Lorenzo produces, including zero teddy bears. 125 Total Cost 100 Total Revenue 75 -50 1 2 5 6 QUANTITY (Teddy bears) Profit Calculate Lorenzo's marginal revenue and marginal cost for the first seven teddy bears he produces, and plot them on the following graph. Use the blue points (circle symbol) to plot marginal revenue and the orange points (square symbol) to plot marginal cost. ? COSTS AND REVENUE (Dollars per teddy bear) 2 3 5 QUANTITY (Teddy bears) Marginal Revenue Marginal Cost Lorenzo's profit is maximized when he produces teddy bears. When he does this, the marginal…

A profit - maximizing firm in a competitive market is currently producing 100 units of output. It has average revenue of $10, average total cost of $8, and fixed cost of $ 200. Complete the following table by indicating the firm's profit, marginal cost, and average variable cost. Profit Marginal Cost Average Variable Cost (Dollars) (Dollars) (Dollars) The efficient scale of the firm must beless than 100 units.

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Souvlaki Taverna is one of many restaurants in Athens, Greece which sell Souvlaki kebabs. All restaurants make the dish slightly differently. Use the following graph showing the demand (D), marginal revenue (MR), average variable cost (AVC), average total cost (ATC) and marginal cost (MC) curves of Souvlaki Taverna to answer the questions below. (a). The goal of Souvlaki Taverna is to maximize its profit. How many Souvlaki kebabs per day should it make? What price per kebab (in euros) should it charge? If Souvlaki Taverna maximizes its profit, how much is its total revenue? What about its total costs? What is its daily profit? What would the profit-maximizing output level of this business be if it operated in a perfectly competitive market instead? What price per kebab would it charge? Does the economic outcome in part (a) imply allocative efficiency? Why or why not? Does the economic outcome in part (a) imply productive efficiency? Why or why not?

Jasmine decides to make and sell jelly cups. It costs jasmine Rs.1000 to set up and Rs.50 per cup made. She decides to sell each cup for 150. By using this information, answer the following questions: A) Write and equation for jasmine's revenue, cost and profit functions? B) Graph each function on a set of axes? C) Find the breakeven point from these graphs? ( D) How many jelly cups will jasmine need to sell in order to make a profit? (E) If jasmine wishes to make a profit of 50, how many jelly cups does she need to sell?