QUESTION 6If the firm produced and sold an additional unit of output, by how much would its total revenue change?Price ($) 807060Price ($) 8070605040302010504030-2001001122 33QUESTION 7What is the firm's total cost at the profit-maximizing quantity?44MCMC5 6 7 8 9Quantity of outputATCAVCATCAVCd=MRd=MR7 85 69Quantity of outputM

Total revenue is obtained by multiplying the price with the quantity of the product in this economy.…

If the firm produced and sold an additional unit of output, by how much would its total revenue change? 끝나 QUESTION 6 Price (S) 80- 70- 60 50 40 30 20 10- 0 1 2 3 4 MC MC 5 6 7 8 9 Quantity of output QUESTION 7 What is the firm's total cost at the profit-maximizing quantity? Price (S) 80 70 60- 50 T 40 30 20 10 0 12 3 4 ATC d-MR AVC ATC AVC d-MR 7 8 9 5 6 Quantity of output B

If the firm produced and sold an additional unit of output, by how much would its total revenue change? 끝나 QUESTION 6 Price (S) 80- 70- 60 50 40 30 20 10- 0 1 2 3 4 MC MC 5 6 7 8 9 Quantity of output QUESTION 7 What is the firm's total cost at the profit-maximizing quantity? Price (S) 80 70 60- 50 T 40 30 20 10 0 12 3 4 ATC d-MR AVC ATC AVC d-MR 7 8 9 5 6 Quantity of output B

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

Pls don't use AI solution Consider a firm operating in a competitive market. The firm is producing 50 units of output, has an average total cost of production equal to 7 dirhams, and is earning 350 dirhams economic profit in the short run. What is the current market price?.
Ques 6 For a firm to be in equilibrium, Marginal Revenue (MR) and Marginal Cost (MC) must be and beyond that level of output Marginal Cost must be " (Fill up the blank)
Question 7 Take a look at the price and cost information for FIRM 2. Based on the information provided, what is the total revenue? Firm 2 Firm 1 Output = 10 Average fixed cost = $1 Average variable cost = $2 Price = $1.50 Output = 20 Average fixed cost = $6 Average variable cost = $8 Price $9 = Selected answer will be automatically saved. For keyboard navigation, press up/down arrow keys to select an answer. Search a $120 b $180 C $20 4- d $9 * 8 144 hp f10 114 f11 144 f12 + R 11. 7/2 ins prt sc delete home + num = ← backspace Jock
QUESTION 5 Price 10 97 8- 7+ 6 3 2 MC ATC AVC Pl P2 P3 P4 + + 1 2 3 1 S 6 7 N Quantity At the price level labeled "P2," what happens in the short-run (SR) and long-run (LR) O SR: This firm will have positive economic profit. LR: Firm(s) enter this market and price decreases. SR: This firm will have positive economic profit. LR: Firm(s) enter this market and price remains the same. SR: This firm will have zero economic profit. LR: Firm(s) enter this market and price decreases. SR: This firm will have zero economic profit. LR: Price remains the same. OSR: This firm will operate with negative profit. LR: Firm(s) exit this market and price remains the same. OSR: This firm will operate with negative profit. LR: Firm(s) exit this market and price rises. OSR: This firm will not operate (shutdown). LR: Firm(s) exit this market and price remains the same. OSR: This firm will not operate (shutdown). LR: Firm(s) exit this market and price rises.
The table below shows cost and revenue information for Choco Lovers, a purely competitive firm producing different quantities of chocolate gift boxes. Fill in the blanks in the table. Instructions: Enter your answers rounded to two decimal places. Choco Lovers Cost and Revenue Quantity TC АТC MC of Gift Boxes ($) ($) ($) 25 205.00 8.20 7.00 30 237.50 7.92 35 7.79 7.00 40 312.50 8.00 45 362.50 8.06 10.00 50 422.50 8.45 12.00 Assume the profit-maximizing price is $10 per gift box, and then answer the following questions: a. Profit-maximizing quantity = gift boxes b. Total revenue = $
Please help with the following question
Exhibit 23-8 Price and Cost (dalars) Price and Cost (dalan) 11 10 ATC 8 ** AVC 7 11 10 0 70 90 100 150 Quantity -$600 $270 Fim A $600 $400 Fim B Refer to Exhibit 23-8. What is the profit (loss) of firm B at the profit-maximizing (or loss-minimizing) level of production? -$400 100 150 200 Quantity ATC AVC
PROBLEM (4) The short run market supply for shirts is QS = 50P – 1000 and the market demand isQD = 2800 – 50P Let a typical firm operating in a perfectly competitive industry has short-run total cost and marginal cost curves: TC(q) = 100 + 20q + q2 and MC(q) = 20 + 2q (a) Determine the short run market equilibrium price and quantity for this type of shirt.(b) Determine how much the typical firm will produce at the equilibrium price you found in (a).(c) If all firms had the same cost structure, how many firms should be operating in this industry at the moment? (d) Calculate the profit or loss of each firm at the short-run market equilibrium. If they are making losses, why are they still producing in the short run? In the long run, will there be entry into the market or exit from it?(e) What would the price be in the long run equilibrium, assuming constant cost industry?(f) In the long run equilibrium, how many shirts would each firm produce? What would be a firm’s net profit?(g) How…
On the graph input tool, change the number found in the Quantity Demanded field to determine the prices that correspond to the production of 0, 6, 12, 15, 18, 24, and 30 units of output. Calculate the total revenue for each of these production levels. Then, on the following graph, use the green points (triangle symbol) to plot the results. Calculate the total revenue if the firm produces 6 versus 5 units. Then, calculate the marginal revenue of the sixth unit produced. The marginal revenue of the sixth unit produced is________. Calculate the total revenue if the firm produces 12 versus 11 units. Then, calculate the marginal revenue of the 12th unit produced. The marginal revenue of the 12th unit produced is_________.
Only typed answer When the local electricity company charges a price of $20 per kilowatt they sell 1,000 units. If they raise the price by $1 they sell 800 units. What is the marginal revenue between $20 and $21? a) $21 b) $3,200 c) $200 d) $1
section C and D No A and B
A Lyft driver has the short-run costs below, what is the fixed cost? What is the marginal cost of the 5th ride? What is the minimum price that this driver would be willing to accept for a ride?