Illustration 6. Find out the maximum profit position of a producer by MR – MCapproach on the basis of the following data:Output(Units)TRTC110421913327194342654034

Answered: Image /qna-images/answer/3b02499e-4df0-4438-835a-1fbb74368520.jpg

Answered: Illustration 6. Find out the maximum…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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a)Is this firm facing profit or loss or breaking cven? B) How much is the proif c) Calculate the total cost Q26 30 23 20 15 12 10 9 O Price 9 12 15 a)Is this firm facing profit or loss or breaking even? b) How much is the profit c) Calculate the total cost ✔ MR MC ATC D Quantity
Hi can you at least answer all of a please thanks
$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
Please see the attached7
2. For the following total revenue and total cost functions of a firm: TR = 800Q – 10Q2 TC = (2/3)Q3 -30Q2 + 672Q +4000 (a) Determine the level of output at which the firm maximizes total profit (b) Calculate the profit (need step by step, please)
lawn-mowing services. Table Q2(a) sets out Lisa's costs and revenue at the market price of RM30 a lawn: Quantity (lawn per hour) Table Q2(a): Costs and Revenues of Lisa’s Lawn Company Marginal Revenue Total Total Cost (RM) Marginal Cost Revenue (RM) (RM) (RM) 30 1 30 30 40 10 60 90 30 30 55 15 3 75 20 4 120 30 100 25 5 150 30 130 30 6. 180 30 165 35 (i) Identify the quantity of lawn per hour that maximised the profit earned by the firm. (ii) Calculate the amount of Lisa's maximum profit in the short run. (iii) In the long run a firm in perfect competition makes normal profit which is equal to zero. Explain graphically how free entry and exit brings the economic profit back to normal profit.
The graph below depicts the cost curves faced by all firms in a particular industry. While the second graph show the total market demand (in thousands). Initially there are 500 firms. 10 B N 5 20 40 60 80 100 120 140 160 180 200 9 50 100 150 200 250 300 350 400 450 500 Demand in thousands What is the SR profit per firm? -80 240 0300 400
What would the price per unit be if the firm in the figure below is producing the number of outputs that will maximize its profit? MC cost per unit £20 K £15 £10 Demand MR 50 100 150 Price and O £10 O £25 OO £15 £25 O £20 ATC Quantity
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мса 17 If a firm exhibits X-inefficiency, the implication is that: A unit production costs are higher than the achievable minimum В profits are higher than they are for other firms in the industry C I do not want to answer this question. marginal cost must be rising as the rate of production rises E economies of scale are limited by the size of the market F consumers are prepared to pay more for the substitute goods produced by other competing firms
Consider the following graph: Price and cost (per necklace) 200.00 240.00 220.00- 200.00 180.00 160.00- 140.00 120.00- 100.00 80.00 60.00 40.00- 20.00- 0.00+ -N 2 14 MC What is the maximum profit for the firm? D ATC MR 8 10 12 14 16 18 20 22 24 26 Quantity (diamond necklaces)

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Illustration 6. Find out the maximum profit position of a producer by MR - MC approach on the basis of the following data: Output (Units) TR TC (3) 10 4 2 19 13 3 27 19 4 34 26 40 34