Consider the table of firm costs and revenue below. It may be useful to calculate the missing values. QMCMR TCTR 1 3 5 13 5 2 2 5 15 10 3 3 5 4 5 5 5 8 5 6 12 5
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- A5Question Four a) A fim, focusing on producing meat pie has a demand function 20 25-0.25P. If fixed cost is 145 and variable cost per urit function is 2Q- 40 + , where Q is number of meat pie produced and Pis the price per unit: i. 275 Determine the number of meat pies that maximizes the company's profit. ii. How much should the fimcharge per unit of the product? iii. Find the total profit at the profit mximizing level of output. iv. Using the own price edasticity of demand, comment on the fimis pricing policy optiors. b) The production function for Amzonbuưgers, producers of delicious burgers at Sao Tome, is given as: Q = K%L% If the wage rate is $15 per unit of labour, and cost of capital is $1,920 per unit and you have 1 unit of capital which carmot be changed, and the firmemploys 8 units of labour; i. Calculate the fimts total cost ii. Calculate the fim's average cost ii. Estimate the marginal product of labourThe chart below gives a firm's total cost of producing different levels of output. The profit maximizing level of output for this firm is Output 0123456 02 0 3 04 O 5 Total Cost $13 20 25 28 32 43 60 O Cannot be determined from the information given
- Output TFC TVC TC MC ATC A 25 25 В 1 25 25 50 25 50 C 2 25 40 65 32.5 3 25 70 95 E 25 110 33.75 F 5 25 160 50 What is the marginal cost of the 4th unit of output? 40 25 50 Cannot be determined.The graph to the right depicts the daily total cost and total revenue curves for a firm. If the firm chooses the profit maximizing level of output, it will earn a profit of $ per day. (Round your answer to the nearest penny.) Revenue and Costs (3) 1,180 1910 624 480 48 91 118 Output (per day) TR a a GHelp
- Q3_A The Break even Analysis of firm show that: BEP = 1000 FC = 10,000 $ P = 3% of the quantity of zero profit. A) The point of intersection of TR with TC is at the cost point of $ 45,000 for TR. B) At the point where (zero units sold) TC equals $ 5,000 C) the start of the line drawing for TR is at cost point $ 0 D) the value UVC for the product in question equals $ 10) E)the FC value in a point for BFP equals $ 10,000 For the given choices, showing which one is True and which one is False, correcting the False ones and given a reasonable reason for the True. Write your answer below:The table below shows the information on Ilham Bakery. Item AmountRevenue in operating the bakery shop RM 80 000Income that could have been earned if working as an employee to others RM 7 000Utility cost RM 1 200Salary of workers RM 15 000Cost of raw materials RM 20 000 What is the economic profit?the table below shows the output cost and revenue situation of a firm. Study the table and asnwer the questions that fllows Q TVC TC MC P TR MR 0 0 150 0 200 0 - 1 110 C 110 175 175 175 2 170 320 G 150 I L 3 A D 46 135 405 105 4 250 E 34 120 J M 5 B 445 H 105 525 45 360 F 65 90 K N (a) what is the fixed cost of the firm? Explain your answer (b) determine the values from A-M by showing all workings employed (c) At what quantity and price is the firm in equilibrium position and in what market is the firm oeperating? explain your answer
- A firm on competitive market has the data about cost as below Q,0, 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14 TC 100160208254290320340355370390430475525580640 a. Form a table with numbers about: total revenue, average cost, average variable cost and marginal cost of this firm. Determine the quantity that this firm will shutdown b. To maximize the profit, what will be the output of this firm if the price of product is 45 and if the price is 50. c. Determine the supply curve of this firm 3. A firm on competitive market has the data about cost as below Q 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 TC 100 160 208 254 290 320 340 355 370 390 430 475 525 580 640 a. Form a table with numbers about: total revenue, average cost, average variable cost and marginal cost of this firm. Determine the quantity that this firm will shutdown b. To maximize the profit, what will be the output of this firm if the price of product is 45 and if the price is 50. C. Determine the supply curve of this firm2AAWO AC I4 17.1 REVENUE, COST, AND PROFIT APPLICATIONSITSO RSYHAHD 797 20 A firm sells each unit of a product for $50. The total cost of producing x (thousand) units is described by the function C(x) = 10 – 2.5x² + x³ where C(x) is measured in thousands of dollars. (a) Use the marginal approach to determine the profit-maximizing level of output. (6) What is total revenue at this level of output? Total cost? Total profit? 1 The profit function for a firm is -000Only typed answer