Output Variable Total AFC AVC ATC Marginal Price Cost Cost 300 350 410 500 630 1 2 ی | ساداس 3 4 5 6 7 Cost $100 $150 $210 $300 $430 $600 800 $819 1019 180 170 160 150 140 130 120 Total Revenue MR Assume the producer was planning to produce a quantity of six units. What would you advise the producer to do in terms of production and pricing to maximize their profit? Provide an explanation of your reasoning. Be specific in your price and quantity targets.

Output Variable Total AFC AVC ATC Marginal Price Cost Cost 300 350 410 500 630 1 2 ی | ساداس 3 4 5 6 7 Cost $100 $150 $210 $300 $430 $600 800 $819 1019 180 170 160 150 140 130 120 Total Revenue MR Assume the producer was planning to produce a quantity of six units. What would you advise the producer to do in terms of production and pricing to maximize their profit? Provide an explanation of your reasoning. Be specific in your price and quantity targets.

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

Please help with the following question
Principles of Microeconomics Name: Homework #3 Prof. R. Harris DUE: Wednesday, April 17, 2019 at the beginning of class - NO EXCEPTIONS. Please remember to show all work and please be neat. Please staple this if you print it on your own. 1. Consider the following table of numbers, which represents demand and cost conditions for a com firm. petitive TR 600 0 1 2 $o $400 600 $400 $240 600 $430 $670 $960 $1,350 $1,840 $2,440 $3,120 $3,910 $4,800 600 600 600 600 600 600 5 6 7 600 600 9 10 (a) Fill in the missing values (b) Use the information in the chart to determine what level of output the firm should produce. Explain your reasoning.
Macmillan Learning Quantity (units) Fixed cost ($) Variable cost ($) Total revenue ($) 10 100 11 100 12 888 36 1,000 74 1,100 100 145 1,200 13 100 14 100 15 100 16 100 17 100 88888 202 1,300 300 1,400 435 1,500 588 1,600 774 1,700 a. What is the marginal revenue received from the 11th unit? b. What is the marginal cost of producing the 11th unit? $ c. What price does this firm charge for each hard drive? d. How many units should this firm produce to maximize profits? e. When profit maximizing, what is this firm's profit? $ per unit units
Table 15-4 Price per Dose $80 72 Quantity Demanded (dose) 0 1 2 3 4 5 6 24 7 16 8 Shakti Inc. has been granted a patent for its Arnica toothache balm. Table 15-4 shows the demand and the total cost schedule for the firm. 64 56 48 40 32 Total Cost of Production (dollars) $80 Refer to Table 15-4. What is the amount of Shakti's profit? $68 $72 $124 $192 82 88 100 124 164 208 268 340
D) What is total cost at the profit-maximizing quantity? E) What is the profit at the profit-maximizing quantity? F) What is total variable cost at the profit-maximizing quantity?
in the month of Janaury a car dealership bought its vehicles for $100.000 and sold them for $145,000 It pays its employees $20,000 for the month. What is the gross profit for January? Ⓒ$45.000 Ⓒ$25.000 $100.000 $145.000
Question 4 Barrels of Average Oil Marginal Marginal Total Produced Revenue Cost Costs $ 30.00 $ 4.00 $ 34.00 1 $ 50.00 $ 50.00 $ $ 50.00 $ 77.00 $ 50.00 $ 17.00 $ 17.00 $ 50.00 $ 23.00 $ 18.20 2 6.00 $ 40.00 $ 17.00 $ 50.00 $ 29.00 $ 20.00 $ 50.00 $ 36.00 $ 22.29 $ 50.00 $ 50.00 $ 25.75 $ 50.00 $ 90.00 $ 32.89 $ 50.00 7 8. 10 $ 124.00 $ 42.00 Consider the table above. What are the fixed costs of production for this firm? $4 $30 $50 $34
Price of Corn $7 MC $6 $5 ATC $4 $3 AVC $2 $1 0. 1000 2000 3000 4000 5000 6000 7000 8000 Bushels of Corn (a) If the market price for corn in this market was $5, how many bushels of corn would Cornwallis produce in the short-run in order to maximize his profits? [ Select ] (b) At the market price of $5, what is the total REVENUE Cornwallis will collect in the short-run? 1Select ] (c) At the market price of $5, what is the total PROFIT Cornwallis will earn in the short-run? Select
(a) Calculate the value of marginal profit when marginal revenue is $400 and marginal cost is $700 (b) Is the firm getting benefits?
(A) The Marginal cost of a firm is $230 and the marginal revenue is $255 What would be the value of Marginal profit (B) is the firm maximizing its profit?
PRICE (dollars per unit) 2 QUANTITY PRICE OR COST (dollars per unit) QUANTITY MC ATC AVC MR Question 40 If the firm in the figure above raised the price of its product abvove $4, the firm would: a. increase its profits b. reduce its total revenue to zero c. increase its total revenue but not its profits because costs would increase. d. not affect revenues at all but profits would increase because costs decrease e. none of the above
None