Assume that the cost data in the following table are for a purely competitive producer: Total Marginal Average Fixed Cost Average Variable Cost Average Total Cost Product Cost $ 60.00 $ 45.00 $ 105.00 $ 45 30.00 42.50 72.50 40 3 20.00 40.00 60.00 35 4 15.00 37.50 52.50 30 12.00 37.00 49.00 35 6. 10.00 37.50 47.50 40 8.57 38.57 47.14 45 8 7.50 40.63 48.13 55 6.67 43.33 50.00 65 10 6.00 46.50 52.50 75 Instructions: Enter your answers rounded to two decimal places. Select "Not applicable" and enter "O" for output if the fi produce. a. At a product price of $56 (i) Will this firm produce in the short run? (Click to select) ♥ (ii) If it is preferable to produce, what will be the profit-maximizing or loss-minimizing output? |(Click to select) output = | units per firm (iii) What economic profit or loss will the firm realize per unit of output? (Click to select) v per unit = $ b. At a product price of $41 (i) Will this firm produce in the short run? (Click to select) ▼ (ii) If it is preferable to produce, what will be the profit-maximizing or loss-minimizing output?
Assume that the cost data in the following table are for a purely competitive producer: Total Marginal Average Fixed Cost Average Variable Cost Average Total Cost Product Cost $ 60.00 $ 45.00 $ 105.00 $ 45 30.00 42.50 72.50 40 3 20.00 40.00 60.00 35 4 15.00 37.50 52.50 30 12.00 37.00 49.00 35 6. 10.00 37.50 47.50 40 8.57 38.57 47.14 45 8 7.50 40.63 48.13 55 6.67 43.33 50.00 65 10 6.00 46.50 52.50 75 Instructions: Enter your answers rounded to two decimal places. Select "Not applicable" and enter "O" for output if the fi produce. a. At a product price of $56 (i) Will this firm produce in the short run? (Click to select) ♥ (ii) If it is preferable to produce, what will be the profit-maximizing or loss-minimizing output? |(Click to select) output = | units per firm (iii) What economic profit or loss will the firm realize per unit of output? (Click to select) v per unit = $ b. At a product price of $41 (i) Will this firm produce in the short run? (Click to select) ▼ (ii) If it is preferable to produce, what will be the profit-maximizing or loss-minimizing output?
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
Related questions
Question
Question 16
![Assume that the cost data in the following table are for a purely competitive producer:
Total
Marginal
Average
Fixed Cost
Average
Variable Cost
Average
Product
Total Cost
Cost
1111
$ 105.00
1
$ 60.00
$ 45.00
$ 45
30.00
42.50
72.50
40
3
20.00
40.00
60.00
35
15.00
37.50
52.50
30
12.00
37.00
49.00
35
6.
10.00
37.50
47.50
40
8.57
38.57
47.14
45
8
7.50
40.63
48.13
55
9
6.67
43.33
50.00
65
10
6.00
46.50
52.50
75
Instructions: Enter your answers rounded to two decimal places. Select "Not applicable" and enter "0" for output if the firm does not
produce.
a. At a product price of $56
(i) Will this firm produce in the short run? (Click to select) ▼
(ii) If it is preferable to produce, what will be the profit-maximizing or loss-minimizing output?
(Click to select) v output =
units per firm
(iii) What economic profit or loss will the firm realize per unit of output? (Click to select)
per unit = $
b. At a product price of $41
(i) Will this firm produce in the short run? (Click to select)
(ii) If it is preferable to produce, what will be the profit-maximizing or loss-minimizing output?](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F950ccb0b-88f0-424e-a789-46ed3bd2a086%2F6b877383-859b-45af-b6b8-07d747ac8c8a%2F6u14uwm_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Assume that the cost data in the following table are for a purely competitive producer:
Total
Marginal
Average
Fixed Cost
Average
Variable Cost
Average
Product
Total Cost
Cost
1111
$ 105.00
1
$ 60.00
$ 45.00
$ 45
30.00
42.50
72.50
40
3
20.00
40.00
60.00
35
15.00
37.50
52.50
30
12.00
37.00
49.00
35
6.
10.00
37.50
47.50
40
8.57
38.57
47.14
45
8
7.50
40.63
48.13
55
9
6.67
43.33
50.00
65
10
6.00
46.50
52.50
75
Instructions: Enter your answers rounded to two decimal places. Select "Not applicable" and enter "0" for output if the firm does not
produce.
a. At a product price of $56
(i) Will this firm produce in the short run? (Click to select) ▼
(ii) If it is preferable to produce, what will be the profit-maximizing or loss-minimizing output?
(Click to select) v output =
units per firm
(iii) What economic profit or loss will the firm realize per unit of output? (Click to select)
per unit = $
b. At a product price of $41
(i) Will this firm produce in the short run? (Click to select)
(ii) If it is preferable to produce, what will be the profit-maximizing or loss-minimizing output?
![(Click to select) output =
units per firm
(iii) What economic profit or loss will the firm realize per unit of output? (Click to select) per unit = $
C. At a product price of $32
(i) Will this firm produce in the short run? (Click to select) ▼
(ii) If it is preferable to produce, what will be the profit-maximizing or loss-minimizing output?
(Click to select)
v output =
units per firm
(iii) What economic profit or loss will the firm realize per unit of output? (Click to select) v per unit = $
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 at
each output (column 3).
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.
(2) Quantity
Supplied,
Single Firm
(3) Profit (+)
or Loss (-)
(4) Quantity
Supplied,
1,500 Firms
(1) Price
$26
32
38
41
46
56
66](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F950ccb0b-88f0-424e-a789-46ed3bd2a086%2F6b877383-859b-45af-b6b8-07d747ac8c8a%2Frkk5aop_processed.jpeg&w=3840&q=75)
Transcribed Image Text:(Click to select) output =
units per firm
(iii) What economic profit or loss will the firm realize per unit of output? (Click to select) per unit = $
C. At a product price of $32
(i) Will this firm produce in the short run? (Click to select) ▼
(ii) If it is preferable to produce, what will be the profit-maximizing or loss-minimizing output?
(Click to select)
v output =
units per firm
(iii) What economic profit or loss will the firm realize per unit of output? (Click to select) v per unit = $
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 at
each output (column 3).
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.
(2) Quantity
Supplied,
Single Firm
(3) Profit (+)
or Loss (-)
(4) Quantity
Supplied,
1,500 Firms
(1) Price
$26
32
38
41
46
56
66
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