KWilbur's is the only septic service in a remote village. The firm's total fixed cost is $50a day and its marginal cost is zero. The table gives the demand schedule forservice calls.Price(dollars per service call).Quantity(service calls per day)5000400130022003100450Draw the firm's demand curve. Label it DDraw the firm's marginal revenue curve Label it MR.Draw the firm's marginal cost curve. Label it MCDraw a point at the profit-maximizing price and output.

Approach to solving the question: Demand Curve(D) : Plot the relationship between price and quantity…

Answered: K Wilbur's is the only septic service…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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competitive market. If the market price is $30 and if the fitm is producing output, what is the amount of its total vanable cost? 15. The ngure below shows the cost curves for a profit-maxintizing firm in a periecuy Price TVC and cost TC.FTC AY83 MC ATC AVC TVに $40 50 36.00 30.00 MR 22.00 20.00
The following table shows Farmer Parker's revenue, cost, and profit from wheat farming Quantity (bushels) (Q) Total Revenue Total Cost Marginal Revenue (MR) Marginal Cost (MC) Profit (TR-TC) $-3.00 -2.00 0.00 2.50 4.50 6.00 6.00 5.50 2.50 -3.00 (TR) $0.00 (TC) $3.00 6.00 8.00 9.50 11.50 1. 2 3. 4.00 $4.00 3.00 8.00 4,00 2.00 12.00 16.00 20.00 4.00 1.50 4 4.00 4.00 4.00 4.00 2.00 2.50 4.00 14.00 6 18.00 22.50 29.50 39.00 51.50 24.00 7 28.00 32.00 36.00 40.00 4.50 8. 4.00 7.00 9.50 4.00 10 - 11.50 4.00 12.50 Farmer Parker's profit-maximizing level of production is 6 bushels of wheat. At this level of production he produces following the rule Marginal Revenue = Marginal Cost and earns the maximum possible profit of $6.00. Farmer Parker's fixed costs are $3. (Enter your responso rounded to two decimal places.) Suppose that foced costs increase by $1.50. Farmer Parker's new profit-maximizing level of production after the increase in fixed costs is bushels of wheat The amount of profit that…
b) what is the profit maximizing output?
Figure 8-1 $30 MC ATC 20 -AVC 10 4 6. Quantity What is the firm's total cost in Figure 8-1 when it produces four units? 11 15 60 75 Price
Below screenshots are one question. It was rejected because it was not a clear so I took 2 creenshots
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?.
Price and cost $40.50 36.00 30.00 22.00 20.00 O Lover b. profit of $1,440 c. loss of $2,520 d. profit of $1,300 MC ATC 130 180 240 adest erias in 20 AVC MR Quantity 34. Please refer to the figure above: If the market price is $30 and the firm is producing output, what is the amount of the firm's profit or loss? a. loss of $1,080
Round your answeis LU 2 UCUNTial plats. Output 1 3 4 5 6 www. Average Variable Cost 30 a. Complete above the table. Quantity: Break-even $ Average Total Cost 1 O Loss 140 80 63.33 56 56 57 65.43 ✔ $ Marginal Cost 110 30 20 30 34 Prev 56 62 116 b. What is the shutdown price? Shutdown price: $ c. If the market price of the product is $56, what quantity will Marshall's Meats produce? What will be its ✓:$ Total Cost $110 140 6 of 13 160 Quantity: d. If the market price of the product is $20, what quantity will Marshall's Meats produce? What will be its pre # 190 224 280 342 458 Next >
175 125 100 80 Price . Figure 14-7 270 322 515 MC ATC AVC Quantity Refer to Figure 14-7. Suppose AVC=$113 when the firm produces 515 units of output. Then the firm's fixed cost amounts to a. $5,500, and its profit amounts to $20,375. b. S5,750, and its profit amounts to $20,375 c. $5,980, and its profit amounts to $25,750. d. S6,180, and its profit amounts to $25,750.
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
Table A Unit Marginal Cost Marginal Revenue Quantity 12 $5.00 $9.00 13 $6.00 $9.00 14 $7.00 $9.00 15 $8.00 $9.00 16 $9.00 $9.00 17 $10.00 $9.00 This table describes the relationship between output, marginal revenue, and marginal cost. If the firm is currently producing 14 units, what would you advise them to do? decrease quantity to 13 ) increase quantity to 15 remain at 14 units increase quantity to 16 units

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