Given the following Information about a competitive firm's costs, calculate marginal cost and then answer three questions.Instructions: Enter your responses as a whole number. If you are entering any negative numbers be sure to include a negative sign (-)In front of those numbers.Output (Units) Total CostMarginal Cost10$501152$21256$41362$61470$81580$101692$1217106$1418122$1619140$18a. If the prevailing market price is $12 per unit, how much should the firm produce?16 unitsb. How much profit will it earn at that output rate?100c. If the firm Increases output by 1 unit, the firm will make moreprofit.

- Calculate first the marginal cost; The marginal cost is the ratio of change in total cost to…

Answered: Given the following Information about a…

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 1 If you have the following table that shows the costs of certain firm Total cost Marginal cost (MC) Fixed cost Variable costs Quantity (Q) (FC) (VC) (TC) 10 1 22 27 4 23 6. 1. Based on the above table, does the firm operate in short run or long run?WHY? 2. Based on the above table, what is the value of fixed costs if the firm produces 3 units? 3. Based on the above table, what is the value of marginal costs at 4 units? 4. Based on the above table, what is the value of Average Total Costs (AC) at 5 units? For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac). BIUS Paragraph Arial 14px := v = v A
12. A firm faces the following demand and total cost schedules, with all quantities listed on a per-month basis. Suppose that it is required to produce a whole number of items each month. Demand P ($) 20 18 15 12 8 1 2 3 4 5 Total Cost Q 1 2 3 4 5 TC ($) 5 15 30 50 75 a. How much does the firm produce, and at what price? How do you know? b. Suppose that the firm is subject to an excise tax of $5 per item sold. How much does it produce, and at what price? How do you know?
Answer the question on the basis of the following demand and cost data for a specific firm. Demand Data Cost Data (1) Price (2) Price (3) Quantity Output Total Cost $11.00 $10.00 6 6 $61 9.99 8.86 7 7 62 9.00 8.00 8 8 64 8.00 7.00 9 9 67 7.10 6.10 10 10 72 6.00 5.00 11 11 79 5.15 4.15 12 12 86 Suppose that entry into the industry changes this firm's demand schedule from columns (1) and (3) to columns (2) and (3). Economic profit will: a.decline to about zero b.increase by $10. c. fall by $10 d. fall by $6
a. The following presents the costs and revenues for a firm. (The table is attached) Calculate the marginal cost, marginal revenue and profit for each unit of production. How many units should the firm produce to maximise profit? b. Describe the relationship between the marginal product and the total product of a firm.
Macmillan Learning Quantity (units) Fixed cost ($) 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
Hi there can you please assist on the following question . Fill in the missing figures Output Total cost(Tc) Total fixed costs (TFC) Total variable cost (TVC) Marginal costs (MC) 0 100 1 160 2 200 3 228 4 260
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
Use the information for a firm in the table below to answer the following questions. Quantity Total Revenue Total Cost $0 $10 14 18 19 3 27 25 4 36 32 45 40 6 54 49 7. 63 59 72 70 81 82 Refer to Table 14-3. If the firm finds that its maginal cost is $11, it should OA increase production to maximize profit. OB, increase the price of the product to maximize profit. C advertise to attract additional buyers to maximize profit. D. reduce production to increase profit. MC Price АТС P4 P3 P2 AVC P, 3. Q, Q, Quantity Figure 14-5 The figure below depicts the cost structure of a firm in a competitive market. Click on the hyperlink below to see the figure Final 2019 F1 fig14.5.png Refer to Figure 14-5. When market price is P1, a profit-maximizing firm's total revenue can be represented by the area OA, a. P1 x Q2 OB. b. P2 x Q2. OC c. P3 x Q2. OD.d. P, x Q3. QUESTION 23
QUESTION 20 Study the table below which represents the cost and price schedules facing a perfectly competitive firm that manufactures bulbs. Use this information to answer the question. Quantity of the product 0 1 2 3 4 Price per unit (R) 10 10 10 10 10 10 c) d) 38022222 Total revenue Total profit (R) -10 -9 -5 -6 Marginal cost (R) . 9 6 8 10 13 Average variable cost (R) 9,00 7,50 7,67 8,25 9,20 This perfectly competitive firm will produce a) 3 bulbs, since losses are minimised. b) 4 bulbs, but it will consider shutting down in the short run. 4 bulbs, since at this production level it earns normal profit. 4 bulbs and will stay in operation.
Question 3 The following graph shows the price, marginal cost, and average cost curves for a firm. MC Price (RM) ATC 40 27 16 12 MR 250 500 570 Quantity (Units)
20) - Google Chrome "mod/quiz/attempt.php?attempt%3=1579003&cmid%3812962&page%3D2 em (Academic 20- MC ATC AVC 16 4. 5 10 15 20 25 30 35 40 45 50 Quantity (units per day) The above figure shows the cost curves for a perfectly competitive firm. If all firms in the market have th same cost curves and the price equals $16 per unit Select one: O a. over time, the price will fall as new firms enter the market. O b. over time, firms will leave this market. O c. the market is in its long-run equilibrium. O d. the firm is making zero economic profit. o search hp Price and cost (dollars per unit)
Answer question 6D only

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