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?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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