Assume that the cost data in the following table are for a purely competitive producer:TotalProductAverageFixed CostAverageVariable CostAverageTotal CostMarginalCost01$ 60$ 45$ 105$ 4523042.572.54032040603541537.552.53051237493561037.547.54078.5738.5747.144587.540.6348.135596.6743.33506510646.552.575 Instructions: Enter your answers as a whole number. If you are entering any negative numbers, be sure to include a negative sign(-) in front of those numbers.d. In the table below, complete the short-run supply schedule for the firm (columns 1 and 2) and indicate the profit or loss incurred ateach output (column 3).(1) Price$27333944505868(2) QuantitySupplied,Single Firm(3) Profit (+) orLoss (-)(4) QuantitySupplied, 1,500Firms

We know that the supply curve is the rising portion of the MC curve, which is over and above the…

Assume that the cost data in the following table are for a purely competitive producer: Total Average Average Average Marginal Product Fixed Cost Variable Cost Total Cost Cost 0 1 $ 60 $ 45 $ 105 $ 45 2 30 42.5 72.5 40 3 20 40 60 35 4 15 37.5 52.5 30 5 12 37 49 35 6 10 37.5 47.5 40 7 8.57 38.57 47.14 45 8 7.5 40.63 48.13 55 9 6.67 43.33 50 65 10 6 46.5 52.5 75

Assume that the cost data in the following table are for a purely competitive producer: Total Average Average Average Marginal Product Fixed Cost Variable Cost Total Cost Cost 0 1 $ 60 $ 45 $ 105 $ 45 2 30 42.5 72.5 40 3 20 40 60 35 4 15 37.5 52.5 30 5 12 37 49 35 6 10 37.5 47.5 40 7 8.57 38.57 47.14 45 8 7.5 40.63 48.13 55 9 6.67 43.33 50 65 10 6 46.5 52.5 75

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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A company that manufactures tablet computers determines that the fixed costs for producing the tablet computers are $45,000. The variable costs for producing each tablet computer are $75. The company decides to sell each tablet computer for $250. Part A: Write the cost and revenue equations if the company produces and sells a tablet computers.
The Invisible Hand Principle states that individuals' independent efforts to maximize their gains will generally be beneficial for society and result in the socially optimal allocation of resources (Need help? Read chapter 4.6 of the textbook, here: https://playconomics.com/textbooks/view/playconomics4-2019t3/part2/ch4/s6) in any type of market. particularly in the short run. if the market is perfectly competitive. if firms are free to enter but not to exit the market. None of these.
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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.
Output and Cost Information Output Total Fixed Cost Total Variable Cost 1 $20 $30 2 $20 $70 3 $20 $100 4 $20 $120 5 $20 $180 6 $20 $268 The table above provides information for a firm in a purely competitive industry. The table above provides information for a firm in a purely competitive industry. Every firm in this industry has the same cost structure as above. From what you know about these firms’ cost structures, the highest possible price per unit that could exist as the market price in long-run equilibrium in this industry is $____________.
Imagine that you are a price-taking firm with the following total cost schedule. Q 1 2 3 5 6 8 9 TC 10 16 20 23 27 32 38 45 53 Assume that if this firm produces zero they have a total cost of zero. (That is in italics because it's important. Notice that this is a problem we have done before except for a little twist. Can you notice what it is?) Another way of saying this is that there is no fixed cost. Fill in the following supply schedule. (Enter only integers.) (If you don't know what I'm talking about, pleeeeeease go back and figure out what supply means before you try to answer!) [Here is a hint: For each price and quantity you propose, check the profit.] P Qs 3 4 6 8