Assume that the following cost data are for a perfectly competitive producer: Total ProductAverage Fixed Cost Average Variable Cost Average Total Cost Marginal Cost 0.00 S 45.00 S 0.00 105.00 $ na na 60.00 $ 30.00 $ 20.00 $ 45.00 2 42.50 S 72.50 $ 40.00 %24 40.00 S 37.50 $ 60.00 $ 52.50 $ 49.00 $ 3 35.00 4. 15.00 S 30.00 12.00 S 10.00 $ 37.00 S 35.00 37.50 S 38.57 S 40.63 $ 43.33 $ 6 47.50 $ 40.00 8.57 47.14 $ 45.00 7.50 $ 6.67 $ 6.00 $ 48.13 $ 55.00 50.00 $ %2$ 65.00 10 46.50 S 52.50 $ 75.00 Answer the questions in the first column in the table below for the price listed at the top of each of the other three columns. Instructions: Round your answers to 2 decimal places. If you are entering any negative numbers be sure to include a negative sign (-) in front of those numbers. Select "Not applicable" and enter a value of "0" for output if the firm does not produce. (b) At a product price of $57.00 At a product price of $42.00 At a product price of $33.00 (Click to select) (Click to select) (a) (c) (Click to select) (Click to select) (Click to select) (Click to select) Will this firm produce in the short run? If it is preferable to produce, what will be the profit-maximizing or loss-minimizing output? output =Ounits per firm (Click to select) output =Ounits per firm (Click to select) Junits per firm (Click to select) output = What economic profit or loss will the firm realize per unit of output? per unit = S 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: Round your answers to 2 decimal places. If you are entering any negative numbers be sure to include a negative sign (-) in front of those numbers. (1) (2) (3) (4) Quantity Supplied, Profit (+) or Loss (-) Single Firm Quantity Supplied, 1,500 Firms Price $27.00 33.00 39.00 42.00 47.00 57.00 67.00
Assume that the following cost data are for a perfectly competitive producer: Total ProductAverage Fixed Cost Average Variable Cost Average Total Cost Marginal Cost 0.00 S 45.00 S 0.00 105.00 $ na na 60.00 $ 30.00 $ 20.00 $ 45.00 2 42.50 S 72.50 $ 40.00 %24 40.00 S 37.50 $ 60.00 $ 52.50 $ 49.00 $ 3 35.00 4. 15.00 S 30.00 12.00 S 10.00 $ 37.00 S 35.00 37.50 S 38.57 S 40.63 $ 43.33 $ 6 47.50 $ 40.00 8.57 47.14 $ 45.00 7.50 $ 6.67 $ 6.00 $ 48.13 $ 55.00 50.00 $ %2$ 65.00 10 46.50 S 52.50 $ 75.00 Answer the questions in the first column in the table below for the price listed at the top of each of the other three columns. Instructions: Round your answers to 2 decimal places. If you are entering any negative numbers be sure to include a negative sign (-) in front of those numbers. Select "Not applicable" and enter a value of "0" for output if the firm does not produce. (b) At a product price of $57.00 At a product price of $42.00 At a product price of $33.00 (Click to select) (Click to select) (a) (c) (Click to select) (Click to select) (Click to select) (Click to select) Will this firm produce in the short run? If it is preferable to produce, what will be the profit-maximizing or loss-minimizing output? output =Ounits per firm (Click to select) output =Ounits per firm (Click to select) Junits per firm (Click to select) output = What economic profit or loss will the firm realize per unit of output? per unit = S 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: Round your answers to 2 decimal places. If you are entering any negative numbers be sure to include a negative sign (-) in front of those numbers. (1) (2) (3) (4) Quantity Supplied, Profit (+) or Loss (-) Single Firm Quantity Supplied, 1,500 Firms Price $27.00 33.00 39.00 42.00 47.00 57.00 67.00
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Transcribed Image Text:e. Now assume that there are 1,500 identical firms in this competitive industry;
that is, there are 1,500 firms, each of which has the cost data shown in the table.
Complete the industry supply schedule (column 4 in the table above).
f. Suppose the market demand data for the product are as follows:
Total Quantity
Demanded
Price
$27.00
17000
33.00
15000
39.00
13500
42.00
12000
47.00
10500
57.00
9500
67.00
8000
What will be the equilibrium price? $
What will be the equilibrium output for the industry?
For each firm? O units.
Instructions: Round your answers to 2 decimal places. Enter positive values for
profit or loss.
What will profit or loss be per unit? (Click to select)
| per unit
Per firm? $0.
Will this industry expand or contract in the long run? (Cick to select)
Transcribed Image Text:Assume that the following cost data are for a perfectly competitive producer:
Total Product Average Fixed
Cost
Average
Variable Cost
Average Total
Cost
0.00 S
45.00 $
Marginal Cost
0.00
105.00 $
na
na
60.00 $
30.00 $
2$
45.00
72.50 $
42.50 s
40.00 S
24
40.00
$
20.00 $
60.00 $
35.00
15.00 $
37.50 S
52.50 $
30.00
4
$
5
24
12.00 $
37.00 S
49.00 $
35.00
6.
2$
10.00 $
37.50 S
47.50 $
40.00
38.57 S
47.14 $
48.13 $
$
8.57
%24
45.00
7.50 $
40.63
55.00
8
$
$
6.67
%2$
43.33 S
50.00 $
65.00
6.00
46.50 S
52.50 $
75.00
10
2$
$
Answer the questions in the first column in the table below for the price listed at
the top of each of the other three columns.
Instructions: Round your answers to 2 decimal places. If you are entering any
negative numbers be sure to include a negative sign (-) in front of those numbers.
Select "Not applicable" and enter a value of "0" for output if the firm does not
produce.
(b)
At a product price of $57.00 At a product price of $42.00 At a product price of $33.00
(a)
(c)
(Click to select)
(Click to select)
(Click to select)
output =Ounits
Will this firm produce in the short run?
(Click to select)
If it is preferable to produce, what will be
the profit-maximizing or loss-minimizing
output?
(Click to select)
output =Ounits
per fim
(Click to select)
output = O units
per firm
per firm
(Click to select)
(Click to select)
(Click to select)Y
What economic profit or loss will the firm
realize per unit of output?
per unit = S
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: Round your answers to 2 decimal places. If you are entering any
negative numbers be sure to include a negative sign (-) in front of those numbers.
(1)
(2)
(3)
(4)
Price
Profit (+) or Loss (-)Quantity Supplied, 1,500
Single Firm
Firms
$27.00
33.00
39.00
42.00
47.00
57.00
67.00
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