Average Fixed Cost Average Variable Cost 0.00 S Average Total Cost 0.00 105.00 $ Total Product Marginal Cost na na 60.00 $ 30.00 $ 45.00 $ 45.00 1 42.50 S 72.50 $ 40.00 60.00 $ 52.50 $ 49.00 $ 20.00 $ 40.00 S 35.00 15.00 $ 37.50 S 30.00 4 12.00 $ 37.00 35.00 37.50 $ 38.57 S 10.00 S 47.50 $ 40.00 8.57 $ 47.14 $ 48.13 $ 50.00 $ 52.50 $ 45.00 7.50 %24 40.63 55.00 6.67 $ 43.33 65.00 10 6.00 $ 46.50 S 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 (a) Will this firm produce in the short run? Yes Yes No Profit-maximizing Profit-maximizing output =6 units per fim Profit-maximizing output =4 units per firm Total profit If it is preferable to produce, what will be the profit-maximizing or loss-minimizing output =8 units per firm output? Profit Profit What economic profit or loss will the firm realize per unit of output? per unit = S 8.87 per unit = $ -5.5 = $_19.5) 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) Quantity Supplied, Profit (+) or Loss (-) Single Firm (3) (4) Quantity Supplied, 1,500 Firms Price $27.00 33.00 39.00 42.00 47.00 57.00 67.00
Average Fixed Cost Average Variable Cost 0.00 S Average Total Cost 0.00 105.00 $ Total Product Marginal Cost na na 60.00 $ 30.00 $ 45.00 $ 45.00 1 42.50 S 72.50 $ 40.00 60.00 $ 52.50 $ 49.00 $ 20.00 $ 40.00 S 35.00 15.00 $ 37.50 S 30.00 4 12.00 $ 37.00 35.00 37.50 $ 38.57 S 10.00 S 47.50 $ 40.00 8.57 $ 47.14 $ 48.13 $ 50.00 $ 52.50 $ 45.00 7.50 %24 40.63 55.00 6.67 $ 43.33 65.00 10 6.00 $ 46.50 S 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 (a) Will this firm produce in the short run? Yes Yes No Profit-maximizing Profit-maximizing output =6 units per fim Profit-maximizing output =4 units per firm Total profit If it is preferable to produce, what will be the profit-maximizing or loss-minimizing output =8 units per firm output? Profit Profit What economic profit or loss will the firm realize per unit of output? per unit = S 8.87 per unit = $ -5.5 = $_19.5) 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) Quantity Supplied, Profit (+) or Loss (-) Single Firm (3) (4) 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
Related questions
Question
Answer D and E
![Average Total Marginal Cost
Average Fixed
Cost
Average
Variable Cost
Total Product
Cost
0.00 $
0.00
na
na
60.00 $
45.00 S
105.00 $
45.00
1
24
30.00 $
42.50 $
72.50 $
40.00
20.00 $
40.00 s
37.50 $
60.00 $
52.50 $
49.00 $
%24
35.00
4
15.00 $
30.00
12.00 $
10.00 $
5
%24
37.00 $
35.00
37.50 $
38.57 S
47.50 $
47.14 $
6
%24
40.00
8.57 $
7.50 $
24
45.00
40.63 $
48.13 $
50.00 $
8
24
55.00
6.67 $
6.00 $
43.33 $
46.50 $
65.00
10
2$
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.
(a)
(b)
(c)
At a product price of $57.00 At a product price of $42.00 At a product price of $33.00
Will this firm produce in the short run?
Yes
Yes
No
Profit-maximizing
output = 8 units
per firm
Profit-maximizing
If it is preferable to produce, what will be
the profit-maximizing or loss-minimizing
output?
Profit-maximizing
output =
output =6) units
per firm
4 units
per firm
Total profit
= $ 19.5
Profit
Profit
What economic profit or loss will the firm
realize per unit of output?
per unit = S 8.87]
per unit = $ -5.5
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,
Single Firm
Profit (+) or Loss (-)
Quantity Supplied, 1,500
Firms
Price
$27.00
33.00
39.00
42.00
47.00
57.00
67.00
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).](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F0f33c416-6e69-4b5b-9e18-3d26a6d98a6d%2F2b72db9a-fd2e-463a-b827-dc855a9335e5%2F5rxs65_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Average Total Marginal Cost
Average Fixed
Cost
Average
Variable Cost
Total Product
Cost
0.00 $
0.00
na
na
60.00 $
45.00 S
105.00 $
45.00
1
24
30.00 $
42.50 $
72.50 $
40.00
20.00 $
40.00 s
37.50 $
60.00 $
52.50 $
49.00 $
%24
35.00
4
15.00 $
30.00
12.00 $
10.00 $
5
%24
37.00 $
35.00
37.50 $
38.57 S
47.50 $
47.14 $
6
%24
40.00
8.57 $
7.50 $
24
45.00
40.63 $
48.13 $
50.00 $
8
24
55.00
6.67 $
6.00 $
43.33 $
46.50 $
65.00
10
2$
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.
(a)
(b)
(c)
At a product price of $57.00 At a product price of $42.00 At a product price of $33.00
Will this firm produce in the short run?
Yes
Yes
No
Profit-maximizing
output = 8 units
per firm
Profit-maximizing
If it is preferable to produce, what will be
the profit-maximizing or loss-minimizing
output?
Profit-maximizing
output =
output =6) units
per firm
4 units
per firm
Total profit
= $ 19.5
Profit
Profit
What economic profit or loss will the firm
realize per unit of output?
per unit = S 8.87]
per unit = $ -5.5
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,
Single Firm
Profit (+) or Loss (-)
Quantity Supplied, 1,500
Firms
Price
$27.00
33.00
39.00
42.00
47.00
57.00
67.00
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).
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