MC Costs, P Find Q where MR = MC P₁ = $20 MR, ATC ATC, = $15 Q Q₁ = 7 (bushels of apples) Refer to the above figure. What is the total profit for this firm? O $35 $45 $55 $65
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- A computer company produces affordable, easy-to-use home computer systems and has fixed costs of 250. The marginal cost of producing computers is 700 for the first computer, 250 for the second, 300 for the third, 350 for the fourth, 430 for the fifth, 450 for the sixth, and 500 for the seventh. Create a table that shows the companys output, total cost, marginal cost, average cost, variable cost, and average variable cost. At what price is the zero-profit point? At what price is the shutdown point? If the company sells the computers for 500, is it making a profit or a loss? How big is the profit or loss? Sketch a graph with AC, MC, and AVG curves to illustrate your answer and show the profit or loss. If the firm sells the computers for 300, is it making a profit or a loss? How big is the profit or loss? Sketch a graph with AC, MC, and AVG curves to illustrate your answer and show the profit or loss.What two lines on a cost curve diagram intersect at the zero-profit point?Return to Figure 7.7. What is the marginal gain in output from increasing the number of batters from 4 to 5 and from 5 to 6? Does it continue the pattern of diminishing marginal returns? Figure 7.7 How output Affects Total costs
- 3. You own WYNELL's Fashions, which sells prom dresses. Your firm has the following cost schedule: If vou produce this quantity The average total cost per dress is ... $100 40 $101 41 Your current output is 40 prom dresses, all of which have been sold. You receive a call from an eager potential customer, who offers to pay $150 if you will produce a prom dress for her Calculation space to show your work What would your profit or loss be on the 41st prom dress? (Show your work.)1. Mariel runs an ice cream shop. Her short-run cost is given by 300 + is the number of ice cream cones she sells per day. + 3q where q 3000 (a) Find mathematical expressions for Mariel's marginal cost, average variable cost, and average total cost. (b) Sketch' Mariel's marginal cost, average variable cost, and average total cost. (c) Suppose the market price for ice cream cones is $3. How many ice cream cones will Mariel supply? What will her profits be? Identify your answers on the diagram and then compute the values mathematically. (d) Find the minimum market price such that Mariel will stay in business in the short-run, both on your diagram and mathematically. (e) Assume that Mariel can only run an ice cream shop of this size and in the long run must decide whether to operate or not. (In other words, assume that Mariel's LRAC curve is her short-run average total cost curve.) Identify the minimum market price such that Mariel will stay in business in the long-run on your diagram.…Danilo and his wife operate a restaurant where they sell all their meals for $14.00 each. The markup on each meal is $5.00 and overhead expenses are 19.00% of cost. a. How much does it cost them to make each meal? $0.00 Round to the nearest cent b. What is their operating profit per meal? 50.00 Round to the nearest cent c. Calculate the break-even price. Round lo the nerert rent
- 2 13 on 4 tion 5 me solve this K A clothing company determines that its marginal cost, in dollars per dress, is given by the function below. The total cost of producing the first 220 dresses is $9724. Find the cost of producing the 221st through the 340th dress. 2 C'(x) = -25x+53, for x ≤650 The total cost is $ (Round to the nearest dollar as needed.) View an example Get more help - FERON kamint DELL ... Clear all Chock answer brrect: 1 A O 11:51the table below shows the output cost and revenue situation of a firm. Study the table and asnwer the questions that fllows Q TVC TC MC P TR MR 0 0 150 0 200 0 - 1 110 C 110 175 175 175 2 170 320 G 150 I L 3 A D 46 135 405 105 4 250 E 34 120 J M 5 B 445 H 105 525 45 360 F 65 90 K N (a) what is the fixed cost of the firm? Explain your answer (b) determine the values from A-M by showing all workings employed (c) At what quantity and price is the firm in equilibrium position and in what market is the firm oeperating? explain your answerBob produces Blu-ray movies for sale, which requires a building and a machine that copies the original movie onto a Blu-ray. Bob rents a building for $60 per month and this is his fixed costs. His variable cost per month is given in the accompanying table. Quantity of Blu-rays Variable Cost 10 200 20 380 30 540 40 720 50 920 60 1140 70 1380 80 1640 Assume that Bob can only ptoduce the quantity listed in the table. Assume current market price is $21, what's Bob's profit? O 70 130 Need more information to tell.
- The table below shows the information on Ilham Bakery. Item AmountRevenue in operating the bakery shop RM 80 000Income that could have been earned if working as an employee to others RM 7 000Utility cost RM 1 200Salary of workers RM 15 000Cost of raw materials RM 20 000 What is the economic profit?Charlie Co. sells pastries and its production and cost table is given below. A worker costs $100 a day, the firm has fixed costs of $200. L Q MP MC TC ATC 0 0 1 20 2 50 3 90 4 120 5 140 6 150 7 155 Complete the table Compare the average total cost and the marginal cost and explain the relationship Describe the methods that can be used to determine where profit is maximized?Vinnie’s Painting Company specializes in painting houses. Their cost schedule is as follows: 1. Show to calculate for the table below Output TFC TVC TC AFC AVC ATC MC 0 1000 1 100 2 100 3 400 4 450 5 1600 6 3200 7 6400 a) Given the partial data available, finish the table and calculate all the costs. b) What is the minimum efficient scale of Vinnie’s company? c) What is the marginal cost of 6 houses? d) If Vinnie charges $825 per house, how many houses he should paint to maximize profits?
