Draw the firm's demand curve. Label it D. Draw the firm's marginal revenue curve. Label it MR. Draw the firm's marginal cost curve. Label it MC. Draw a point at the profit-maximizing price and output. Wilbur's economic profit is $ a day.

Draw the firm's demand curve. Label it D. Draw the firm's marginal revenue curve. Label it MR. Draw the firm's marginal cost curve. Label it MC. Draw a point at the profit-maximizing price and output. Wilbur's economic profit is $ a day.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

Wilbur's is the only septic service in a remote village. The firm's total fixed cost is $150 a day and marginal cost is
zero. The table gives the demand schedule for service calls.
Price
(dollars per service call)
500
400
300
200
100
0
Draw the firm's demand curve. Label it D.
Draw the firm's marginal revenue curve. Label it MR.
Quantity
(service calls per day)
0
2
4
6
8
10
Draw the firm's marginal cost curve. Label it MC.
Draw a point at the profit-maximizing price and output.
Wilbur's economic profit is $ a day.
>>> If the firm incurs an economic loss, indicate the loss with a minus sign. If the firm earns an economic profit, do
not include a plus sign.
600
500-
400-
300-
200-
100-
04
Price and cost (dollars per service call)
4
10
Quantity (service calls per day)
>>> Draw only the objects specified in the question
0
12

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Step 2: 1. Demand Curve

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Step 3: 2. Marginal revenue curve

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Step 4: 3. Marginal cost curve

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Please see below. I believe the answer is marginal cost, but I feel like the answer should be marginal revenue. Please help.
Marginal Revenue, Marginal Cost, Marginal Profit: MR=MC MC Marginal Profit 0 quantity (firm) 3:57 / 4:19 YouTube E} CC 74. In the video, when MC > MR, what action should the firm take to Maximize Profit. Select one: a. Increase Price b. Decrease Quantity c. Decrease Price d. Increase Quantity Check Costs & Revenues
Use the graph above for question one assuming it represents the cost of a perfectly competitive firm where the market price is eight dollars A. calculate the profit maximizing point a production B. calculate the total revenue C. calculate the total cost D. calculate the total profit and E. will this firm shut down or continue in the short run explain how you know
a. Find total revenues and marginal revenues for each of the quantities. b. What quantity of CDs would maximize profit? What would the price be? 2.) Charlies's lawn-mowing service is a profit-maximizing.competitive firm. Bob mows lawns for $27 each. His total cost each day is $280, of which $30 is a fixed cost. He mows 10 lawns a day. What can you say about Charlies's short-run decision regarding shutdown and his long-run decision regarding exit?
NEED HELP! I am absolutely bad at graphs I need help with A through F and can you please explain. Draw the MR, MC, AVC, ATC, Demand, supply, MC and MR for the following situations. For each of these situations show the total revenue, total cost area, and shade the profit or loss area, and if the situation is a shut down state why it should shutdown. a. A perfectly competitive firm showing a profitb. A perfectly competitive firm showing a loss but not a shut-downc. A perfectly competitive firm at a break-even pointd. A monopolist showing a profite. A monopolist showing a loss but not a shut-downf. A monopolist at a break-even pointg. Difference between a monopolist and a perfectly competitive firm for a profit situation on the same graph space.
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How do I do this?
1. Name three combinations of corn and soybean that would be on the line, on the Production Possibilities Frontier. 2. Name three combinations of corn and soybean that would be inside the Production Possibilities Frontier (to the lower left of the line). 3. Name three combinations of corn and soybean that would be beyond the Production Possibilities Frontier (to the upper right of the line). 4. Consider now a third 100-acre field. Field 3 corn yields are 120 bushels per acre, and soybean yields are also 120 bushels per acre. a. What is the maximum amount of corn that could be grown on this field? b. What is the maximum amount of soybean that could be grown on this field? c. What is the opportunity cost, on this field, of growing a bushel of corn? d. What is the opportunity cost, on this field, of growing a bushel of soybean? e. Draw the Production Possibilities Frontier for this third field.
Show all the work clear handwriting Suppose the market price of a good is $20 and TC=0.5Q2. A. What Q should a profit maximizing perfectly competitive firm choose? B. What are profits? C. Draw a graph that shows the short run choice of Q, revenue and profits.
Part A. When the demand curve is given by P1 = $30, and the firm behaves optimally in the short run, what is the total revenue? A. $ 900 B. $1350 C. $800 D. $2400 Part B. When the demand curve is given by P1 = $30, how much profit is this producer earning? A. $ 500 B. $ 800 C. $ 1200 D. $ 1600 Part C. Does the graph above represent the firm’s short run equilibrium or long run equilibrium, for a given price? A. short run B. long run C. short run or long run D. neither short run nor long run
Suppose fixed costs are $10,000, variable costs are $40,000 and the price of the good is $10 and quantity of the good the firm sells is $10,000. A. Caluclate Total Costs. B. Caluclate Total Revenue. C. Calculate the Firm's Profits.
I need the answer as soon as possible