Barbara owns a truck stop on the prairies, miles from anywhere. The graph shows her marginal revenue and marginal cost curves and the demand curve she faces. How many fewer meals does Barbara serve than she would if the market were perfectly competitive? Price and cost (dollars per meal) Barbara serves competitive. fewer meals a week than she would if the market were perfectly MR MC D 20 20 40 60 80 100 120 140 160 Quantity (meals per week)
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- Vintage Camera T Temple MIS G is You have the following data for product X: sales revenue $14,000, allocated fixed costs $12,000, variable costs $20,000. You cannot increase the price of product X or improve the production process to increase profitability. What should you do about product X? O do nothing - unprofitable products are just one of the costs of doing business O keep the product both in the short term and in the long term O keep the product in the short term and drop it in the long term O drop the product both in the short term and in the long term O drop the product in the short term and keep it in the long termThe following graph plots daily cost curves for a firm operating in the competitive market for fitness trackers. Hint: Once you have positioned the rectangle on the graph, select a point to observe its coordinates. PRICE(Dollars pertracker) 100 90 70 60 50 40 20 10 0 0 MO ATC AVC 50 60 70 80 10 20 30 40 QUANTITY (Thousands of trackers per day) 90 100 Profit or Loss In the short run, given a market price equal to $45 per tracker, the firm should produce a daily quantity of trackers. On the preceding graph, use the blue rectangle (circle symbols) to fill in the area that represents profit or loss of the firm given the market price of $45 and the quantity of production from your previous answer. Note: In the following question, enter a positive number regardless of whether the firm earns a profit or incurs a loss. The rectangular area represents a short-run thousand per day for the firm.What is the profit maximizing level of output and how much daily profit will the producer below earn if the price of pizza is $0.50 per slice? See the attachment for graph.
- Paulina sells beef in a competitive market where the price is $5 per pound. Her total revenue and total costs are given in the table below. Quantity of beef (lbs.) 0 1 2 3 4 Total revenue ($) 0 5 10 15 20 Total cost ($) 4 7 a. Fill out the table. 11 16 23 Profit ($) Marginal revenue ($) Marginal cost ($) Instructions: Round your answers to the nearest dollar and include a negative sign if appropriate. b. At what quantity does marginal revenue equal marginal cost? pounds. Marginal profit ($)Do not use chatgptOnly typed answer and please answer correctly
- Pat's Pizza Kitchen has the following total cost schedule. Price (dollars per pizza) 16- Output (pizzas per hour) Total cost (dollars per hour) 14- 10 21 2 30 12- 3 41 54 10- 5 69 8- Use the data to draw Pat's supply curve. Pat's is a price taker. Draw a point to show the quantity of pizza supplied when the market price equals minimum average variable cost and Pat's continues to produce pizza. Draw a point to show the quantity of pizza supplied when the market price is $14 a pizza. Draw Pat's supply curve: Label the part at which Pat supplies zero pizza So and label the part at which Pat's supplies some pizza S,. 6- 4- 2- 0- Output (pizzas per hour)Sally runs a vegetable stand The following table shows two points on the demand curve for the heirloom tomatoes she sells Price Quantity demanded per week $4.00 100,000 200,000 $2.75 Sally's marginal revenue from lowering the price of tomatoes from $4.00 to $2. 75 is S (Enter your response rounded to two decimal places) Lowering the price trom $4 00 to $2 75 results in an output effect of $and a price effect of S (Enter your responses as whole numbers and include a minus sign i necessary)Homework: Chapter 06 On the following graph, use the green point (triangle symbol) to plot the annual total revenue when the market price is $30, $45, $60, $75, $90, $105, and $120 per bippitybop. TOTAL REVENUE (Dollars) 2560 2400 2240 2080 1920 1760 1600 1440 1280 A 1120 0 15 30 45 60 75 90 105 120 135 150 165 180 PRICE (Dollars per bippitybop) Total Revenue According to the midpoint method, the price elasticity of demand between points A and B on the initial graph is approximately ▾ Suppose the price of bippitybops is currently $15 per bippitybop, shown as point B on the initial graph. Because the price elasticity of demand between points A and B is , a $15-per-bippitybop increase in price will lead to in total revenue per day. In general, in order for a price decrease to cause a decrease in total revenue, demand must be #3 C G Search or type URL $ 4 % 45 E R T & * ( 6 7 8 9 0 Y U 0 P
- Paulina sells beef in a competitive market where the price is $8 per pound. Her total revenue and total costs are given in the table below. Quantity of Total revenue Total cost beef (lb.) 0 1 2 3 4 ($) 0 8 16 24 32 ($) 4 8 13 19 27 Profit ($) 0 8 pounds Marginal revenue ($) c. What is the profit-maximizing (or loss-minimizing) quantity? Marginal Marginal cost ($) profit ($) a. Complete the table. 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. b. At what quantity does marginal revenue equal marginal cost? pounds AThe following graph shows the daily demand curve for bippitybops in Denver. Use the green rectangle (triangle symbols) to compute total revenue at various prices along the demand curve. Note: You will not be graded on any changes made to this graph. PRICE (Dollars per bippitybop) 240 220 200 180 160 140 120 100 80 8 60 40 20 0 mớ H + 0 9 18 27 36 45 54 63 72 81 QUANTITY (Bippitybops per day) * Demand 90 B 99 108 Total Revenue (?)The following graph plots daily cost curves for a firm operating in the competitive market for rompers. Hint: Once you have positioned the rectangle on the graph, select a point to observe its coordinates. (?) PRICE (Dollars per romper) 50 45 40 3.5 30 20 15 10 10 5 0 + 0 2 MC ATC AVC 4 6 8 12 14 16 QUANTITY (Thousands of rompers per day) 10 18 H 20 Profit or Loss
