Micro Unit 3 Problem Set Question Bank.pdf 1. Complete the following worksheets. Unit 3 Study Guide from the Ultimate Review Packet (20 Points) 2. Explain an example that demonstrates the "real world" application of each of the following. Define the terms in your own words and use examples that clearly demonstrate your understanding of each concept. a. Marginal product and the Law of Diminishing Marginal Returns ( (4) b. Fixed Costs and Variable Costs ( (4) Micro Unit 3 Problem Set Question Bank c. Total Cost and Average Total Cost ( (4) d. Accounting Profit and Economic Profit ( /4) e. Economies of Scale and Diseconomies of Scale ( (4) $4 $4 3. Use the demand schedule for a perfectly competitive firm to complete the following: Price Quantity Total Demanded Revenue 0 1 2 3 4 5 a. Calculate total revenue and marginal revenue. (2) b. Graph the demand and marginal revenue curves for this firm. ( /1) c. Explain why this firm must charge $4 ( $4 $4 $4 $4 Total Cost Total Revenue 4. Consider the total cost and total revenue given in the following table for Tommy's Belt Company. Quantity 0 1 2 3 4 5 6 7 $4 $6 $7 $9 $13 $19 $26 $37 $0 $8 $16 $24 $32 $40 $48 $56 Profit Marginal Revenue Marg. Revenue Marg. Cost a. Calculate the profit for each quantity. ( /1) b. How can you tell that this firm is in a perfectly competitive market? ( c. What is the profit maximizing quantity? ( __/1) /1)
Micro Unit 3 Problem Set Question Bank.pdf 1. Complete the following worksheets. Unit 3 Study Guide from the Ultimate Review Packet (20 Points) 2. Explain an example that demonstrates the "real world" application of each of the following. Define the terms in your own words and use examples that clearly demonstrate your understanding of each concept. a. Marginal product and the Law of Diminishing Marginal Returns ( (4) b. Fixed Costs and Variable Costs ( (4) Micro Unit 3 Problem Set Question Bank c. Total Cost and Average Total Cost ( (4) d. Accounting Profit and Economic Profit ( /4) e. Economies of Scale and Diseconomies of Scale ( (4) $4 $4 3. Use the demand schedule for a perfectly competitive firm to complete the following: Price Quantity Total Demanded Revenue 0 1 2 3 4 5 a. Calculate total revenue and marginal revenue. (2) b. Graph the demand and marginal revenue curves for this firm. ( /1) c. Explain why this firm must charge $4 ( $4 $4 $4 $4 Total Cost Total Revenue 4. Consider the total cost and total revenue given in the following table for Tommy's Belt Company. Quantity 0 1 2 3 4 5 6 7 $4 $6 $7 $9 $13 $19 $26 $37 $0 $8 $16 $24 $32 $40 $48 $56 Profit Marginal Revenue Marg. Revenue Marg. Cost a. Calculate the profit for each quantity. ( /1) b. How can you tell that this firm is in a perfectly competitive market? ( c. What is the profit maximizing quantity? ( __/1) /1)
Managerial Economics: A Problem Solving Approach
5th Edition
ISBN:9781337106665
Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Publisher:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Chapter22: Getting Divisions To Work In The Firm’s Best Interests
Section: Chapter Questions
Problem 3MC
Related questions
Question
Transcribed Image Text:Micro Unit 3 Problem Set Question Bank.pdf
1. Complete the following worksheets.
Unit 3 Study Guide from the Ultimate Review Packet (20 Points)
2. Explain an example that demonstrates the "real world" application of each of the following.
Define the terms in your own words and use examples that clearly demonstrate your
understanding of each concept.
a. Marginal product and the Law of Diminishing Marginal Returns ( (4)
b. Fixed Costs and Variable Costs (
(4)
Micro Unit 3 Problem Set Question Bank
c. Total Cost and Average Total Cost ( (4)
d. Accounting Profit and Economic Profit ( /4)
e. Economies of Scale and Diseconomies of Scale ( (4)
$4
$4
3. Use the demand schedule for a perfectly competitive firm to complete the following:
Price
Quantity Total
Demanded Revenue
0
1
2
3
4
5
a. Calculate total revenue and marginal revenue.
(2)
b. Graph the demand and marginal revenue curves for this firm. ( /1)
c. Explain why this firm must charge $4 (
$4
$4
$4
$4
Total Cost
Total Revenue
4. Consider the total cost and total revenue given in the following table for Tommy's Belt Company.
Quantity
0
1
2
3 4 5 6 7
$4
$6
$7
$9
$13 $19 $26 $37
$0 $8 $16 $24 $32 $40 $48 $56
Profit
Marginal
Revenue
Marg. Revenue
Marg. Cost
a. Calculate the profit for each quantity. ( /1)
b. How can you tell that this firm is in a perfectly competitive market? (
c. What is the profit maximizing quantity? ( __/1)
/1)
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