Consider the following data on a firm:Number ofUnits Sold Total Revenue (£'s)10203040506070100180240280300300280Fixed Costs are £100, Variable costs are constant at £3 per(i) Write a table showing the price and quantity sold.(ii) Calculate the profit maximising output of the firm(iii) What are the profits at the profit maximising output?(v)unit produced.(iv) What is the average variable cost at the profit maximising output?What is the arc price elasticity of demand between 40 and 50 units?

The objective of the question is to analyze the firm's financial data to determine the price and…

Answered: Consider the following data on a firm:…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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help please answer in text form with proper workings and explanation for each and every part and steps with concept and introduction no AI no copy paste remember answer must be in proper format with all working
Calculate the value of profit when total revenue is $450 and total cost is $320
Table: Cost Data Quantity of Output 0 1 2 3 4 5 6 7 Variable Cost (VC) 0 50 70 100 140 190 250 320 Total Cost (TC) 50 100 120 none of these 190 10 240 50 150 190 240 300 370 What is the average fixed cost of producing 5 units?
L (workers) 0 1 2 3 4 5 6 7 Q (units) 0 90 210 320 420 510 590 660 MPL (units) FC (S) greater than less than equal to not enough information VC TC AFC AVC ATC MC (S) (S) (S) (S) (S) The average fixed cost of producing 590 gadgets is _____ the average fixed cost of producing 510 gadgets.
Macmillan Learning Quantity (units) Fixed cost ($) Variable cost ($) Total revenue ($) 10 100 11 100 12 888 36 1,000 74 1,100 100 145 1,200 13 100 14 100 15 100 16 100 17 100 88888 202 1,300 300 1,400 435 1,500 588 1,600 774 1,700 a. What is the marginal revenue received from the 11th unit? b. What is the marginal cost of producing the 11th unit? $ c. What price does this firm charge for each hard drive? d. How many units should this firm produce to maximize profits? e. When profit maximizing, what is this firm's profit? $ per unit units
2. Calculate the values of A, B, C, and D in the following table. Show your calculations. Price Marginal cost Markup on cost Markup on price (%) (%) 6,250 A 5.3 B C 10,000 D 0.0
Suppose for a single firm thatP = 15TC = 3Q + 2Q2 (a) What is the profit-maximizing quantity? (b) What is the profit at the profit-maximizing quantity? Only typed Answer
in the month of Janaury a car dealership bought its vehicles for $100.000 and sold them for $145,000 It pays its employees $20,000 for the month. What is the gross profit for January? Ⓒ$45.000 Ⓒ$25.000 $100.000 $145.000
Accounting profit is $1500 and the explicit cost is $450 Calculate the value of total revenue
Price Quantity Total Revenue Fixed Cost Variable Cost Profit (Dollars per tote) (Totes) (Dollars) (Dollars) (Dollars) (Dollars) 10.00 44,000 16.00 44,000 40.00 44,000 If the firm shuts down, it must incur its fixed costs (FC) in the short run. In this case, the firm's fixed cost is $44,000 per day. In other words, if it shuts down, the firm would suffer losses of $44,000 per day until its fixed costs end (such as the expiration of a building lease). This firm's shutdown price—that is, the price below which it is optimal for the firm to shut down—is per tote.
Output (unit) Total Cost (RM) Price (RM) 1 550 660 2 670 585 3 720 510 4 740 435 800 360 960 285 1190 210 135 60 8 1520 2160 Table 3 Table 3 shows data for a firm's production and costs in the long run. a. Based on Table 3, compute the marginal cost, average cost, marginal revenue, and average revenue as the output increases from 0 to 9 units. C. Based on your calculation from question (a), show the quantity and price where the equilibrium condition is found.
Could you show the profit and loss on the graph. Furthermore, the figures for cost you posted were incorrect as they are not dropdown options.

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