Exhibit HW2.4: Total Revenues and Total Costs for a Representative Competitive FirmMoneyTCC61| TRC6-GivenQ1 =2Q2 503 = |8Q4 = |11C5--TFC= S1.60C1 S4.00C2 S8.20C4C3C2C1C3 =Sl0.00C4= S11.20C5=S16.00C6=S22.00C61= S30.40TFC0.Q1 Q2Q304Refer to Exhibit HW2.4. If output is Q4, average total cost is aboutO $2.72O $2.74O $2.76O S2.70B.

Average Total Cost is the total cost per unit of output. ATC=TC/Q When output is Q4=11, Total Cost…

Exhibit HW2.4: Total Revenues and Total Costs for a Representative Competitive Firm Money TC C61 TR C6 Given Q1 = =|5 = |2 Q2 Q3 = |8 Q4= |11 C5 - TFC = |S1.60 Cl = S4.00 C2 = S8.20 C3 = S10.00 C4 = S11.20 C5 = |S16.00 Có = C4 C3 i ¡B C2 C1 S22.00 TFCT IA C61 S30.40 %3D Q1 Q2 Q3 Q4 Refer to Exhibit HW2.4. If output is Q4, average total cost is about O $2.72 O $2.74 O $2.76 O $2.70

Exhibit HW2.4: Total Revenues and Total Costs for a Representative Competitive Firm Money TC C61 TR C6 Given Q1 = =|5 = |2 Q2 Q3 = |8 Q4= |11 C5 - TFC = |S1.60 Cl = S4.00 C2 = S8.20 C3 = S10.00 C4 = S11.20 C5 = |S16.00 Có = C4 C3 i ¡B C2 C1 S22.00 TFCT IA C61 S30.40 %3D Q1 Q2 Q3 Q4 Refer to Exhibit HW2.4. If output is Q4, average total cost is about O $2.72 O $2.74 O $2.76 O $2.70

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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At P = $6, this firm's total profit or loss will be:
(Use for Questions 1 - 3): The Burr Corporation's total cost function is TC 2004Q+2Q2 МС - 4+40 АС %3 200/Q + 4 +2Q where TC is the total cost in dollars, Q is quantity, MC is marginal cost per additional unit, AC is average cost per unit and P is product price Which rule should Burr Corp use to select a level of output that will maximize profit? а. *AC P -МC%3D0 с. MC AC d. :МС - Р
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$150 $145 $140 MC $135 $130 $125 $120 $115 ATC $110 $105 $100 $95 $90 $85 $80 AVC $75 $70 $65 $60 $55 $50 $45 $40 $35 $30 $25 0 1 2 3 5 6 Quantity Produced 7 8 9 10 11 The graph above shows the cost functions for a perfectly competitive profit maximizing firm. If the market price of the product is $70 per unit, the firm will produce units, will cover make an economic profit of dollars. dollars of its fixed cost, and will
D2)
Q3 need in 10 minutes
If a demad function of a firm is Qd= 200-0.5p+4M+60Pr where M(income) is 100 and Pr(price of related good) is 4.TC=50-0.3Q+0.01Q^2. What is thw profit maximizing level of output
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The profit maximizing output level for this firm is