Price and Cost (dollars)B2 ம54 321TMCATC010 20 30 40 50 60 7080QuantitydRefer to Exhibit 8-7. What is the profit maximizing quantity of this product?O70 units30 units50 units.60 units

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Answered: Price and Cost (dollars) B 2 ம 54 3 2 1…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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1. Consider a firm with the following cost and inverse demand functions. Cost($) 20 3 Cost Function N 3 quantity Price($) 16 13 30 10 Inverse Demand quantity (a) What are the average costs of producing 1, 2, and 3 units for this firm? (b) What are the marginal costs of producing first, second, and third units for this firm? (c) Does this firm enjoy either economies or diseconomies of scale? (d) What are the profits of producing 1, 2, and 3 units for this firm? (e) When does the firm maximize its profit? Select from producing 1, 2, and 3 units.
13. Refer to Figure 2. For this farmer to maximize profits he should produce __________ bushels of wheat. Select one: a. 6 b. 16 c. 9 d. 12
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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
John's Vineyard Quantity Produced 0 1 2 3 4 5 6 7 8 Select one: O a. $25 O b. $225 COSTS Total Cost O c. $115 O d. $75 $0 $50 $102 $157 $217 $285 $365 $462 $582 Marginal Cost Quantity Demanded 0 1 ~/3 2 4 5 67 8 REVENUES Price $80 $80 $80 $80 $80 $80 $80 $80 $80 Refer to Table 6. What is John's Vineyard's economic profit at its profit-maximizing output level? Total Revenue Marginal Revenue
Refer to the figure and table to answer three questions. Price or Cost (dollars per bushel) 18 16 14 Price Marginal revenue 12 10 8 23450 6 4 N 0 Number of Bushels per Day 0 1 1 2 Price $13 13 13 13 13 13 3 4 5 Quantity (bushels of fish per day) Total Revenue c. Total profit or loss. $ SO 13 26 39 52 65 bushel(s) b. Profit or loss per bushel. per bushel Marginal cost 6 $10 15 22 31 44 61 Total Total Cost Profit $-10 -2 4 7 8 8 4 o Marginal Marginal Revenue Cost $13 13 13 13 13 $5 7 9 13 17 If the price of catfish changed from $13 to $12 per bushel, determine the Instructions: In parts a and c. enter your responses as a whole number. In part b, round your response to two decimal places. If you are entering any negative numbers be sure to include a negative sign (-) In front of those numbers. a. Profit-maximizing output. O
Price and costs (dollars per unit) 25 820 15 10 5 O PER A MR The restaurant capacity output is 12 16 20 24 Quantity (units per day) MC ATC meals, the restaurant produces profit, therefore the restaurant capacity is underutilized by. a) 8, 4, $60, 4 meals b) around 12, 8, $80, 4 meals c) 16, 8, normal profit, 8 meals d) 20, 8, $80, 12 meals meals and earns meals.
q 0 1 2 3 4 5 6 TFC $5 5 5 5 5 5 5 TVC $0 3 Marginal revenue is 5 9 16 25 36 MC $3 2 4 7 9 11 P= MR $5 5 5 5 5 5 5 TR $0 5 10 15 20 25 30 TC $5 8 10 14 21 30 41 Profit $-5 - 3 0 1 - 1 -5 - 11 A profit-maximizing firm should produce a quantity of 3 units. (Enter your response as a whole number.) marginal cost for the first units of output. If the company decides to produce more than units, the marginal cost would exceed marginal revenue and profit would
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This profit-maximizing/ loss minimizing firm is ? Note:- Please refrain from offering handwritten solutions. Please ensure that your response maintains accuracy and quality to avoid receiving a downvote. Take care of plagiarism. Answer completely. You will get up vote for sure.
AVC, ATC,MC 110 80 76 " 50 40 30 29 18 MC ATC 1234567H0 11 12 13 14 Output per period O a Loss of $90 O b. Profit of $180 O c. 50 Od. Profit of $6300 The Competitive Industry and Firm Refer to the figure above to answer this question for a representative firm in a perfectly competitive market. Suppose that the market price is $70. What is the firm's maximum profit (or minimum loss)?

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Price and Cost (dollars) B 2 ம 54 3 2 1 T MC ATC 0 10 20 30 40 50 60 70 80 Quantity d Refer to Exhibit 8-7. What is the profit maximizing quantity of this product? O70 units 30 units 50 units. 60 units