Points are listed in the brackets in each part Assume the short-run cost table above represents the cost for a firm in a purely competitive industry. Total product is the Q of production. Total product TFC TVC TC AFC AVC ATC MC 1 40 95 2 75 15 4 150 135 170 Complete the table above b. Applying the rule of profit maximization, if the product market price of $35, will this firm produce, why or why not а. c. At price $35, how much should this firm produce? d. How much will the profit/loss./break-even? e. How much is the marginal revenue?

Points are listed in the brackets in each part Assume the short-run cost table above represents the cost for a firm in a purely competitive industry. Total product is the Q of production. Total product TFC TVC TC AFC AVC ATC MC 1 40 95 2 75 15 4 150 135 170 Complete the table above b. Applying the rule of profit maximization, if the product market price of $35, will this firm produce, why or why not а. c. At price $35, how much should this firm produce? d. How much will the profit/loss./break-even? e. How much is the marginal revenue?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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The table below shows cost and revenue information for Choco Lovers, a purely competitive firm producing different quantities of chocolate gift boxes. Fill in the blanks in the table. Instructions: Enter your answers rounded to two decimal places. Choco Lovers Cost and Revenue Quantity TC АТC MC of Gift Boxes ($) ($) ($) 25 205.00 8.20 7.00 30 237.50 7.92 35 7.79 7.00 40 312.50 8.00 45 362.50 8.06 10.00 50 422.50 8.45 12.00 Assume the profit-maximizing price is $10 per gift box, and then answer the following questions: a. Profit-maximizing quantity = gift boxes b. Total revenue = $
QUESTION 2 Refer to the information provided in Figure 9.3 below to answer the question(s) that follow. Price per unit 13 4 A Figure 9.3 MC D Units of output ATC AVC 9 Refer to Figure 9.3. This firm's short-run supply curve is the firm's AVC curve to the right of Point B. marginal cost curve above Point A. marginal cost curve above Point D. O marginal cost curve above Point B.
If the market price were $8, what would be the profit for this firm? a. 120 b. 180 c. 0 d. $960
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3 The figure below shows the cost curves for a profit-maxmizing firm in a periecny competitive narket. If the market price is $30 and if the firm is producing outpul. the amount of its total variable cost? Price TVC and cost TO ATCHO MC ATC AVC PAL $40.50 36.00 30.00 MR 22.00 7LEE 20.00 130 180 240 Quantity O S7,200 b. $6,480 C. $5,400 d. $3,960
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Do all part to both question 1 and question 2 Question 1 (Q is quantity of production) Q TFC TVC TC AFC AVC ATC MC 1 60 15 3 4 50 8 22 140 7 20 8 60 9. 300 10 50 a. Fill out the table. b. Assume the cost table is of the purely (perfectly) competitive firm. Price = $40. What is the equilibrium quantity at that price. c. How much is the Profit/or Loss/or breakeven point d. What is the Marginal Revenue for this question e. Draw the necessary graphs as shown in class. Identify Q, P at equilibrium, and identify the total revenue and total cost areas, and the Profit, or loss or breakeven area which is applicable to this question.
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Price MC $5.50 ATC $5.00 $4.50 $3.00 $2.00 $1.75 55 110 MR 165 a. If this firm wants to maximize profits or minimize losses, be produced. (4 Points) b. The price charged would be (4 Points) c. The profit or loss incurred would be (4 Points) AVC Demand Quantity units of output should d. Is this firm likely to continue producing in the long run? Why? (4 Points)
Use Figure 11-5 to answer the following question(s). Cost and Revenue In long run equilibrium, this competitive firm will face a price of $6,200 units $10, 250 units $20, 300 units. $16, 300 units. $20 11 71 10 b 6 a Figure 11-5 טן MC MR ATC AVC 200 250 300 Quantity and produce 13
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