Price and Cost MC ATC AVC $40 $30 $28 $20 $12 500 600 700 1000 Quantity 1. If the market price is $40, what is the firm's total revenues? $20,000 $24,000 $28,000 $40,000 а. b. с. d. 2. If the market price is $40, what is the firm's profit? $ 6,000 $ 7,000 $10,000 $14,000 а. b. с. d.

Price and Cost MC ATC AVC $40 $30 $28 $20 $12 500 600 700 1000 Quantity 1. If the market price is $40, what is the firm's total revenues? $20,000 $24,000 $28,000 $40,000 а. b. с. d. 2. If the market price is $40, what is the firm's profit? $ 6,000 $ 7,000 $10,000 $14,000 а. b. с. d.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Concept explainers

Profit Maximization

Economic activity is related to the use of scarce resources of the economy that are used for producing goods and services which are required to satisfy various demands of the people. In other words, it can be said that it is all about satisfying the unlimited demands of individuals with the limited resources available. The production decision is taken by the producers or the firms. In economics, the terms ‘producers’, ‘suppliers’, and ‘firms’ are interchangeable. Now the question arises, what does a firm actually mean?

Question

Price
and
Cost
MC
ATC AVC
$40
$30
$28-
$20
$12
500 600 700 1000
Quantity
1.
If the market price is $40, what is the firm's total revenues?
$20,000
$24,000
$28,000
$40,000
а.
b.
с.
d.
2.
If the market price is $40, what is the firm's profit?
$ 6,000
$ 7,000
$10,000
$14,000
а.
b.
с.
d.

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QUESTION 6 Table of a perfectly comptetitive firm COSTS Quantity Total Produced Cost SO 1 2 3 4 5 7 8 $50 $102 $157 $217 $285 $365 $462 $582 O b.S0 O c. $80 O d. $68 Marginal Cost REVENUES Quantity Demanded Price $80 $80 0 1 2 3 4 5 7 8 $80 $80 $80 $80 $80 $80 $80 Total Revenue Refer to Table. What will be the average revenue for this firm when they sell 4 units? O a. $400 Marginal Revenue QUESTION 7 A perfectly competitive firm produces where O a marginal cost equals price, while a monopolist produces where price exceeds marginal cost. O b. price exceeds marginal cost, while a monopolist produces where marginal cost equals price. O c. marginal cost exceeds price, while a monopolist produces where marginal cost equals price. d. marginal cost equals price, while a monopolist produces where marginal cost exceeds price.