Are my answers right? I don't know if I'm doing this right. Assume that the cost data in the following table are for a purely competitive producer:Average Average AverageVariableCostMarginalCostTotalFixedTotalProductCostCost1$60.00$45.00$105.00$4530.0042.5072.5040320.0040.0060.0035415.0037.5052.503012.0037.0049.0035610.0037.5047.504078.5738.5747.144587.5040.6348.13559.6.6743.3350.0065106.0046.5052.5075Instructions: Enter your answers rounded to two decimal places. Select "Not applicable" and enter "O" for output if the firm doesnot produce.a. At a product price of $56(i) Will this firm produce in the short run?Yes(ii) If it is preferable to produce, what will be the profit-maximizing or loss-minimizing output?Profit-maximizing output8 units per firm(iii) What economic profit or loss will the firm realize per unit of output? (Profit+ per unit =b. At a product price of $41(i) Will this firm produce in the short run?Yes(ii) If it is preferable to produce, what will be the profit-maximizing or loss-minimizing output?Loss-minimizingoutput6 units per firm(iii) What economic profit or loss will the firm realize per unit of output?per unit =$Loss6.50%24

Short run is defined as the time period in which atleast one of the factors used is fixed and others…

Lt a product price of $56 Vill this firm produce in the short run? ii) If it is preferable to produce, what will be the profit-maximizing or loss-minimizing output? Profit-maximizing A output =a units per firm iii) What economic profit or loss will the firm realize per unit of output? Profit 9 per unit = t a product price of $41 i) Will this firm produce in the short run? ii) If it is preferable to produce, what will be the profit-maximizing or loss-minimizing output? Loss-minimizing output = 6 units per firm

Lt a product price of $56 Vill this firm produce in the short run? ii) If it is preferable to produce, what will be the profit-maximizing or loss-minimizing output? Profit-maximizing A output =a units per firm iii) What economic profit or loss will the firm realize per unit of output? Profit 9 per unit = t a product price of $41 i) Will this firm produce in the short run? ii) If it is preferable to produce, what will be the profit-maximizing or loss-minimizing output? Loss-minimizing output = 6 units per firm

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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