* 0050T0# 3S.50Price and CostQuestion 10(Figure: Interpreting MC and Price Curves) The profit-maximizing output isunits.7557MC65095454PRICE1221484531Op402009indinoO A. 12O B. 31O C. 57O D. 54A Moving to another question will save this response.MacBook Pro888F4DDF7F1F2F3F5F8$24.7.R.KH.C.B.optioncommand

Perfectly competitive market charges price equals to market price i.e. P=MR as they are price…

(Figure: Interpreting MC and Price Curves) The profit-maximizing output is_units. 75 57 70- MC 65 - 60 - 54 PRICE 12 50 21 48 45- 40 40 10 20 30 40 60 Output O A. 12 В. 31 O C. 57 D.54 A Moving to another question will savo thir rornonc 50 31 Price and Cost

(Figure: Interpreting MC and Price Curves) The profit-maximizing output is_units. 75 57 70- MC 65 - 60 - 54 PRICE 12 50 21 48 45- 40 40 10 20 30 40 60 Output O A. 12 В. 31 O C. 57 D.54 A Moving to another question will savo thir rornonc 50 31 Price and Cost

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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4. Profit maximization using total cost and total revenue curves Suppose Carlos runs a small business that manufactures shirts. Assume that the market for shirts is a price-taker market, and the market price is $10 per shirt. The following graph shows Carlos's total cost curve. Use the blue points (circle symbol) to plot total revenue, and the green points (triangle symbol) to plot profit for the first seven shirts that Carlos produces, including zero shirts. O REVENUE (Dollars) 125 COSTS AND REVENUE (Dollars per shirt) 100 75 50 25 -25 -50 30 20 15 0 Total Revenue 0 et = Profit n A A O 0 1 0 0 2 Calculate Carlos's marginal revenue and marginal cost for the first seven shirts he produces, and plot them on the following graph. Use the blue points (circle symbol) to plot marginal revenue and the orange points (square symbol) to plot marginal cost. (?) 1 3 4 5 QUANTITY (Shirts) 2 3 0 5 QUANTITY (Shirts) 6 4 Total Cost 0 6 O 7 8 7 8 -0- (?) Marginal Revenue Marginal Cost Carlos's profit is…
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When large retailers like Costco offer products at a discounted price because they are able to negotiate cheaper rates with their suppliers compared to smaller competitors, they benefit from O Availability of compliments. O Learning-curve effects. O Experience-curve effects. Economies of scale.
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1. Fill in this chart and explain why the firm earnsa profit no matter how many units they produce or the price they choose. 2. Using this data, how many units should this firm produce and what price should they chargeassuming they want to profit maximize.
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41-Marginal cost can be improved by taking which of the following steps? O a. Reducing fixed costs. O b. Increasing the variable cost O c. Changing the business plan frequently O d. Investing the capital in share market