Graph below shows the cost curves for a perfectly competitive firm (its total fixed costs are $9,000):Revenues, costs1009080706050403020100100200300400500600700Quantity per periodMC800ACAVC9001000 O10(1)Price($)755525100SYes200YesNoNo300On the basis of above graph complete the below table. For columns 2, 3, 4, and 5 you need answer only yes or no.(2)400500IsP > AC?600Quantity per period700(3)Can the firmmake a profit?YesYesNov No800VYesYes✓YesNo9001000(4)IsP> AVC?Will thefirm produce?Yes✓Yes(5)v YesNoVO SearchVVV(6)(7)WhatquantityI will itWhat isaverageprofit atthisproduce? quantity ($) ? profit?What isitstotal500Prev 1 of 13H***Next >(8)

In a market with perfect competition, the market determines the price. The company determines the…

Graph below shows the cost curves for a perfectly competitive firm (its total fixed costs are $9,000): Revenues, costs 100 90 80 70 60 50 40 30 20 10 0 100 200 300 400 500 600 700 Quantity per period MC 800 AC AVC 900 >1000 N

Graph below shows the cost curves for a perfectly competitive firm (its total fixed costs are $9,000): Revenues, costs 100 90 80 70 60 50 40 30 20 10 0 100 200 300 400 500 600 700 Quantity per period MC 800 AC AVC 900 >1000 N

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

See similar textbooks

Similar questions

When the article said that Bird was making 19% gross margin profit, this is
Find marginal profit when marginal revenue is $90 and marginal cost $50
The graph below shows cost curves for a perfectly competitive firm. Price/Cost $50 $40 $30 $20 $10 0 10 20 30 Quantity MC 40 ATC AVC 50 At a price of $10, how many units will this firm produce if its goal is to maximize profit?
Calculate the average total, fixed and marginal costs for a “competitive” firm with the following production cost schedule. q Total Cost ATC AFC MC0 10 10 12 20 16 30 26 40 38 50 75 60 120
Assume that the cost data in the following table are for a purely competitive producer: TotalProduct AverageFixed Cost AverageVariable Cost AverageTotal Cost Marginal Cost 0 1 $60.00 $45.00 $105.00 $45.00 2 30.00 42.50 72.50 40.00 3 20.00 40.00 60.00 35.00 4 15.00 37.50 52.50 30.00 5 12.00 37.00 49.00 35.00 6 10.00 37.50 47.50 40.00 7 8.57 38.57 47.14 45.00 8 7.50 40.63 48.13 55.00 9 6.67 43.33 50.00 65.00 10 6.00 46.50 52.50 75.00 Instructions: If you are entering any negative numbers be sure to include a negative sign (−) in front of those numbers. Select "Not applicable" and enter a value of "0" for output if the firm does not produce. a. At a product price of $56.00 (i) Will this firm produce in the short run? (Click to select) No Yes (ii) If it is preferable to produce, what will be the profit-maximizing or loss-minimizing output? (Click to select) Not applicable Loss-minimizing…
The accompanying graph depicts the cost curves of an individual firm in a perfectly (or purely) competitive industry.
Using the following tablea) construct the cost schedule for a firm operating in the short runb) Graph the average variable cost, average total cost and marginal cost curves.QuantityProduction(thousands)TotalFixedcostTotalVariablecostTotalCostMarginalCostAverageFixedCostAverageVariableCostAverageTotalCost0 $400 0 $400 --- --- ---- ----1 $6402 $7203 $7804 $8205 $8506 $8907 $9808 $12009 $1700
Suppose you own an acre of land. You could grow crops on that land. The cost of seeds is $100. The crops you grow from those seeds will sell for $350. You could also rent the land to another farmer. The rent you could eam is $300. Calculate your economic profit. (Do not include a $ sign in your answer.) Answer: Suppose the total cost function for a firm is given by: TC= 100 + 2q +0.5q2. Find the marginal cost function and then use that to determine the marginal cost of the 10th unit. (Do not include a $ sign in your response.) # Answer:
Classify the following milk bar short-run costs as fixed cost or variable cost Milk truck Fruit freezer Cost of milk sold each day ii) Assuming the following are the costs of your milk bar after the end of the second week answer the question below based on the following information. Fixed cost increased from 100 to 150 Variable cost increases from 220 to 300 Milk output increases from 450 to 620 a) What is the average total cost during the second week. Show your work b) What is the marginal cost. Show your work
)Use the theory of liquidity preference to explain how a decrease in the money supply affects the equilibrium interest rate . How does this change in monetary policy affect the aggregate-demand curve?
Imagine a small juice producer named " Bilberry Infused Beverages" known for its refreshing beverages. The owner, Louis, keeps track of the production costs. Recently he decided to expand his operations and produce more Juices to meet the increasing demand. Table 15.1 below shows the data he has collected: Complete Table 15.1 below and use the information to answer the question that follows. Table 15:1 Production Costs for Bilberry Infused Beverages Output Total cost Fixed cost Variable cost Marginal Average cost cost Average fixed cost D 30 0 1 10 2 18 3 22 4 56 6 5 64 6 76 7 8 15 15 What is the marginal cost of producing the 8th unit of the good? a) 4 b) 10 12 d) 29
Please see the attached7