**MC and MR Information: Table 2.1**| Quantity | MR | MC ||----------|------|------|| 1 | $6.00 | $2.00 || 2 | $6.00 | $4.00 || 3 | $6.00 | $6.00 || 4 | $6.00 | $8.00 || 5 | $6.00 | $10.00 |Refer to Table 2.1. At an output level of 3 units, this competitive firm's total economic profits are about _______.- ⬤ No answer text provided.- ⬤ $6.00- ⬤ $4.00- ⬤ No answer text provided.**Explanation:**This table provides information on a firm's marginal revenue (MR) and marginal cost (MC) across different quantities of output. You can analyze this to determine economic profits by finding where MR equals MC, helping to decide the optimal production level for profit maximization. For educational purposes, the question prompts the student to calculate total economic profits at a given output level.

In a competitive firm, the price is constant so equal to marginal revenue. Profit is maximised at a point where marginal revenue is equal to marginal cost.Fixed cost is assumed to be zero. Total cost of3 units = 2 + 4 + 6 = 12 Total revenue of 3 units = price * quantity = 6* 3 = 18 profit = total revenue- total cost = 18 - 12 = 6 Ans) the correct option is b) $ 6.00

Business

Economics

MC and MR Table 2.1: information Quantity MR MC 1 $6.00 $2.00 $6.00 $4.00 $6.00 $6.00 4 $6.00 $8.00 5 $6.00 $10.00 Refer to Table 2.1. At an output level of 3 units, this competitive firm's total economic profits is about No answer text provided. $6.00 $4.00 No answer text provided.

MC and MR Table 2.1: information Quantity MR MC 1 $6.00 $2.00 $6.00 $4.00 $6.00 $6.00 4 $6.00 $8.00 5 $6.00 $10.00 Refer to Table 2.1. At an output level of 3 units, this competitive firm's total economic profits is about No answer text provided. $6.00 $4.00 No answer text provided.

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

How would I answer a question of this sort?
:9: Refer to the table below, which presents a cost schedule for a perfectly competitive firm. Quantity 10 11 12 13 14 15 16 If the price that the firm charges for its output is $9, calculate the marginal revenue associated with selling an additional unit of output. Express your answer without units (e.g., if your answer is "$7", type "7" in the answer box). Type your answer... F1 2 W S F2 *3 E D JAN 5 20 F3 $ 4 000 000 F4 R F % 5 T F5 6 FG MacBook Air Y H Total cost ($) 13 25 36 46 55 63 70 & 87 tv F7 U * ➤11 8 FB A -0 9 K P1 F9 W Aa ) O F10 L zoom P FIL 10 Next = F12 # M htm
1. The following company is in a price taking situation. Price (=marginal revenue) on the market for its products is equal to $3 per unit. Fixed cost is $1000 Fill in the table for all the columns. ( ) At which point should the company stop producing? At this point what is the per unit profit (mark- up or margin) for the company? Qty 0 100 200 300 400 500 600 VC $100 $300 $500 $700 $800 $1200 FC TC AVC ATC MC per unit MR per unit
Concept Question 2.11 Question Help ▼ Suppose that a perfectly competitive firm faces a market price of $5 per unit, and at this price the upward-sloping portion of the firm's marginal cost curve crosses its marginal revenue curve at an output level of 1,500 units. If the firm produces 1,500 units, its average variable costs equal $5.50 per unit, and its average fixed costs equal $0.50 per unit. What is the firm's profit-maximizing (or loss-minimizing) output level? (Enter your response as a whole number – include the minus sign if necessary.)
$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
Last year Bill Bailey quit his $20,000 per year job and invested $200,000 to open the Bargain Bonanzas. This year he sold for $600,000 merchandise he bought for $400,000. He paid his sales clerks $50,000. Bill could have earned 10 percent interest on other investments. This year, Bill’s: accounting and economic profit were both $150,000 economic loss was $70,000 economic profit was $110,000 economic profit was $220,000 less than his accounting profit
please read the question as i have uploauded a question with the same table but different question thank you
Complete the table (fill up the FC, compute for TC, MC, AC, AFC and AVC):
Table Cost.EX2: Costs and Outputs for a Competitive Firm Total Total Output Fixed Variable (Q) Costs (TFC) Costs (TVC) $30.00 $0.00 3. $30.00 $40.00 6. $30.00 $90.00 9. $30.00 $130.00 12 $30.00 $190.00 15 $30.00 $260.00 Refer to Table Cost.EX2. For the 6 units, the average total cost is about O $20.00 O $16.67 O $5.00 $15.00
nt 1 nces a. Fill in the total revenue and marginal revenue columns. Instructions: Enter your answers as a whole number. If you are entering any negative numbers be sure to include a negative sign (-) in front of those numbers. Leave no cells blank. Enter 0 if appropriate. 1 LA 2 $ 3 4 S 6 7 10 P ($) 13 units 12 11 10 9 8 7 6 5 4 b. What is the profit-maximizing level of output? TR ($) MR ($) c. What price will the monopolist charge to maximize profits? MC ($) 5 5 5 Un 5 5 5 5 5 monopolist producer. 5
AVC, ATC, MC 30 20 10 0 1 2 3 8 9 10 11 12 13 14 Output per period The Competitive Industry and Firm Select one: ATC Refer to the graph above to answer this question. What is the value of total revenue at the breakeven price?. A. $100. AVC OB. $40. OC. $210. OD. $280. E. $200.
Table Cost.EX2.2: Data for a Competitive Firm Marginal Marginal Output Cost Revenue (Q) (MC) (MR) 10 $3.00 $4.00 11 $3.50 $4.00 12 $4.00 $4.00 13 $4.50 $4.00 14 $5.00 $4.00 15 $5.50 $4.00 16 $6.00 $4.00 Refer to Table Cost.EX2.2. If the firm wishes to maximize profit, it should produce units. O 10 O 12 O 11 6.