CENGAGE MINDTAPAssignment 8 (Ch 14)1+0012345678910QUANTITY (Millions of small boxes)Suppose that Talero is one of more than a hundred competitive firms in Houston that produce such cardboard boxes.$5Based on the preceding graph showing the daily market demand and supply curves, the price Talero must take as given isFill in the price and the total, marginal, and average revenue Talero earns when it produces 0, 1, 2, or 3 boxes each day.Average Revenue(Dollars per box)Total RevenueQuantity(Вохes)PriceMarginal Revenue(Dollars per box)(Dollars)(Dollars)112The demand curve that Talero faces is identical to which of its other curves? Check all that apply.Marginal revenue curveMarginal cost curveSupply curveAAA The following graph shows the daily market for small cardboard boxes in HoustonDemand10Supply972100234567910QUANTITY (Millions of small boxes)Suppose that Talero is one of more than a hundred competitive firms in Houston that produce such cardboard boxes.$5Based on the preceding graph showing the daily market demand and supply curves, the price Talero must take as given isPRICE (Dollars per small box)

As the equilibrium price is given to be $5, so we take $5 price for each unit.Total Revenue = Price…

Answered: CENGAGE MINDTAP Assignment 8 (Ch 14) 1…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Use the orange points (square symbol) to plot the initial short-run industry supply curve when there are 10 firms in the market. (Hint: You can disregard the portion of the supply curve that corresponds to prices where there is no output since this is the industry supply curve.) Next, use the purple points (diamond symbol) to plot the short-run industry supply curve when there are 20 firms. Finally, use the green points (triangle symbol) to plot the short-run industry supply curve when there are 30 firms. PRICE (Dollars per pound) 80 72 64 56 48 40 32 24 16 8 0 0 120 240 360 480 600 720 840 960 1080 1200 QUANTITY (Thousands of pounds) Because you know that competitive firms earn $ Demand Supply (10 firms) True Supply (20 firms) If there were 20 firms in this market, the short-run equilibrium price of rhenium would be $ would Therefore, in the long run, firms would O False Supply (30 firms) per pound. From the graph, you can see that this means there will be ? per pound. At that price,…
Profit maximization using total cost and total revenue curves Suppose Caroline runs a small business that manufactures shirts. Assume that the market for shirts is a competitive market, and the market price is $20 per shirt. The following graph shows Caroline's total cost curve. Use the blue points (circle symbol) to plot total revenue and the green points (triangle symbol) to plot profit for shirts quantities zero through seven (inclusive) that Caroline produces. Caroline's profit is maximized when she produces______ shirts. When she does this, the marginal cost of the last shirt she produces is ______, which is (GREATER OR LESS) than the price Caroline receives for each shirt she sells. The marginal cost of producing an additional shirt (that is, one more shirt than would maximize her profit) is _____, which is (GREATER OR LESS) than the price Caroline receives for each shirt she sells. Therefore, Caroline's profit-maximizing quantity corresponds to the…
9. Problems and Applications Q9 The market for apple pies in the city of Ectenia is competitive and has the following demand schedule: Each producer in the market has a fixed cost of $6 and the following marginal cost: Quantity Marginal Cost (Dollars) 1 1 2 3 4 5 6 Complete the following table by computing the total cost and average total cost for each quantity produced. Quantity Total Cost Average Total Cost (Ples) (Dollars) (Dollars) 1 2 3 4 3 8 10 12 14 The price of a pie is now $11. At a price of $11, making a profit of O True O Fal pies are sold in the market. Each producer makes True or False: The market is in long-run equilibrium. Suppose that in the long run there is free entry and exit. In the long run, each producer earns a profit of each producer makes pies, so there are The market price is producers operating. pies, so there are At this price, producers in this market, each pies are sold in this market, and
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Please explain how to graph this. From the curve of the demand and supply and the factors that affects the graph
4. A printer paper manufacturer sells its highly standardized product in a perfectly competitive market, at a price of TL50 per box. The firm has a fixed cost of TL30. Fill in the following table and indicate the level of output that maximizes profit. Determine how the profit-maximizing choice of output would change if the fixed cost increased from TL40 to TL60? More generally, explain how the level of fixed cost affects the choice of output. Output (Units) 0 1 2 3 4 5 6 Total Revenue (TL/unit) Total Cost (TL/unit) Profit (TL) Marginal Revenue (TL/unit) Marginal Cost (TL/unit) 50 20 30 42 54 70
Please answer F and show steps for the graph
Answer the questions based on the table below - Complete the table below. - In which market does this firm operate? Explain your reasons. - Determine the equilibrium output. Calculate whether the firm will it be earning a profit or suffering a loss at equilibrium. Quantity(unit) Total Revenue($) Average Revenue($) MarginalRevenue($) TotalCost($) MarginalCost($) 1 10 5 2 18 11 3 24 16 4 28 20 5 30 23 6 30 25
1.i) Assuming you are the managing director of a firm that produces goods: A,B and C .The price elasticity of demand for A is 1.2, for B it is 1.oo and C is 0.75. It is known that he's firm is experiencing serious cash flow problems and you have to increase total revenue as soon as possible. If you were in a position to set the prices for these goods, what would be your pricing strategy for each product ii) price falls from N$ 16 to N$ 12 per bottle and demand rises from 200 to 300 per bottle.calculate the PED using midpoint formula Output prices average (total)cost Total cost marginal cost Total profit/loss 10 10 -108 20 10 4 -48 30 10 5 3 40 10 6.20 40 50 10 8 60 60 10 10 60 2. i) fill in the gaps ii)in which market structure doess Johnson Electronics (Pty)Ltd operate? iii)what level of output maximizes the firms profit
3. Profit maximization using total cost and total revenue curves Suppose Iyana operates a handicraft pop-up retail shop that sells cardigans. Assume a perfectly competitive market structure for cardigans with a market price equal to $25 per cardigan. The following graph shows Iyana's total cost curve. Use the blue points (circle symbol) to plot total revenue and the green points (triangle symbol) to plot profit for cardigans for quantities zero through seven (including zero and seven) that Iyana produces. TOTAL COST AND REVENUE (Dollars) 200 175 150 125 100 75 50 25 0 -25 D 4 5 QUANTITY (Cardigans) Total Cost 6 Total Revenue A Profit
113. Subject :- Economy

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