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- Price 2000 Multiple Choice MC P₂ ATC AVC g.opp. 9₂ Quantity Refer to the accompanying diagram. The firm will realize an economic profit if price is MP₂ MP₂ MP,Maria manages a bakery, that specializes in ciabatta bread, and has the following information on demand and costs: Ciabatta Bread Sold Price Per Hour (Q) (P) 0 $6.00 1 5.50 2 5.00 3 4.50 4 4.00 5 3.50 6 3.00 7 2.50 8 2.00 Total Cost (TC) $2.00 6.50 10.00 13.00 15.50 17.50 19.00 21.00 24.00 loaves of ciabatta bread per hour. (Enter your response as an integer.) a. To maximize profits, Maria should sell Maria should charge a price of $ Maria's maximum profit is $ (Enter your response rounded to two decimal places.) (Enter your response rounded to two decimal places.) (Enter your b. The marginal revenue when selling the profit-maximizing number of loaves of ciabatta bread is $ response rounded to two decimal places.) The marginal cost when selling the profit-maximizing number of loaves of ciabatta bread is $. (Enter your response rounded to two decimal places.)coit ad Fifai oriens diss ܠܫܐ -D. Prufe maximirudcn uni hharat-ade mariet prioris ܗ ܕ Sapietne Sarei nuts a imal haats that manum: a Are a e $$ gar Hat The following graph shows Dames total cost curve Use the blue points (circle symbel) to plot total revenue and the green points (triangle symbol) to plat profft for shirts quanties zero through sever (inclusive) that Darnell produces A< ¥UAnd 10 Tripl ܡܢܐ ܕ ܚ ܠܚܝܬ Total Co ܀ ܀
- a. the increase in profit when output is reduced from 8 to 7 units of output. b. the profit that could be made if output increases from 7 to 8 units of output. c. the deadweight loss associated with the power of the price taking firm. d. the amount of profit when 8 units of output are produced.Price and cost MC ATC AVC $40.50 36.00 MR 30.00 22.00 20.00 130 180 240 Quantity Suppose the Price is at $20. What is total revenue at the profit-maximizing quantity? 3960 O 20 O 7200 O 2600Calculate Kenji'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. ? 30 8 COSTS AND REVENUE (Dollars per shirt) 25 15 O 10 0 0 1 2 5 QUANTITY (Shirts) 3 4 6 Kenji's profit is maximized when he produces 7 8 would maximize his profit) is $ which is maximizing quantity corresponds to the intersection of the last condition can also be written as Marginal Revenue shirts. When he does this, the marginal cost of the last shirt he produces is $ which is than the price Kenji receives for each shirt he sells. The marginal cost of producing an additional shirt (that is, one more shirt than than the price Kenji receives for each shirt he sells. Therefore, Kenji's profit- curves. Because Kenji is a price taker, this Marginal Cost
- Question 8 Suppose Westland is the only cable TV provider in a city. The table below shows the demand schedule the firm faces and its total costs. What is Westland's optimal number of subscribers? O Price ($/month) Typed numeric answer will be automatically saved. Question 9 56 54 52 50 48 Quantity (subscribers) 20,000 24,000 28,000 32,000 36,000 Total cost ($/month) 1,000,000 1,156,000 1,316,000 1,480,000 1,648,000 ♫11:30 l 4G I Homework 4 (section 2.1-2 & 2.2).pdf Economic Mathematics (1) Name ID Section 2.2 Revenue, cost and profit 1. If the demand function of a good is given by P-80 – 3Q, the fixed costs are 100 and variable cost are 5 per unit. Work out the profit when Q-10. 2. Find an expression for the profit function given the demand function 20+P= 25 and the 32 +5. Find the value of 0 for which the firm average cost function AC = (a) breaks even (b) makes a loss of 432 units (c) maximises profit. 2/2 !!Consider the competitive market for sports jackets. The following graph shows the marginal cost (MC), average total cost (ATC), and average variable cost (AVC) curves for a typical firm in the industry. 100 90 70 60 ATC 40 30 20 AVC 10 + ++++ 10 15 20 3 30 35 o 5 QUANTITY (Thousands of jackets) 50 For each price in the following table, use the graph to determine the number ofr jackets this firm would produce in order to maximize its profit. Assume that when the price is exactly equal to the average variable cost, the firm is indifferent between producing zero jackets and the profit-maximizing quantity. Also, indicate whether the firm will produce, shut down, or be indifferent between the two in the short run. Lastly, determine whether it will make a profit, suffer a loss, or break even at each price. Price Quantity (Dollars per jacket) (Jackets) Produce or Shut Down? Profit or Loss? 10 20 32 COSTS (Dollars)
- need max profit function10 ATC ATC2 ATC3 ATC, 2 2 4 6 8 10 Quantity (thousands of copies per day) A copy shop is choosing between four different operational sizes (ie, plant size). The average total cost curve for each option is shown in the graph. If the market demand for copies is 12,000 copies per day, how many copy shops would you expect to see in this market? The answer depends on the price of a copy, which is unknown. O 1 (because the copy shop will become a monopoly with a large quantity demanded) O (because the copy shop can't produce 12,000 copies efficiently and will shutdown) 3 (with each shop supplying 4000 copies per day) 8, 6 Average cost (cents per copy)4. Elasticity and total revenue The following graph shows the daily demand curve for bippitybops in Denver. Use the green rectangle (triangle symbols) to compute total revenue at various prices along the demand curve. Note: You will not be graded on any changes made to this graph. 120 110 100 Total Revenue 90 B0 70 50 40 30 20 10 Demand 10 20 30 40 50 70 90 100 110 120 QUANTITY (Bippitybops) PRICE (Dollars per bippitybop)
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