Answered: Price ($) 8. Using the information in…

Price ($) 8. Using the information in Figure 7, calculate the total profit or total loss made by this firm. (LO 22-2) 100 80 60 40 noi 20 0 4 8 FIGURE 7 Output MC ATCA MR 12 16 DO 22 22 2

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 22.1IP

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5. The demand curve facing a competitive firm The following graph illustrates the market for medium moving trucks in Flagstaff, AZ, during Northern Arizona's fall move-in week. PRICE (Dollars per medium truck) 200 180 160 140 120 100 80 40 20 0 0 Demand 1 3 4 5 6 7 8 QUANTITY (Hundreds of medium trucks) 2 Supply 9 10 ? Suppose that SendIt is one of over a dozen competitive firms in the Flagstaff area that offers moving truck rentals. Based on the preceding graph showing the weekly market demand and supply curves, the price Sendit must take as given is $
onsider the table below and assume the market price is $35 per unit. Totalproduct Totalfixed cost TotalVariablecost 0 150 0 1 150 50 2 150 75 3 150 112.4 4 150 150 5 150 200 6 150 270 7 150 360 8 150 475 9 150 620 10 150 800 Now assume there are 600 identical firms in this industry, that is, there are 600 firms, each of which has the same cost data as the single firm discussed above. Suppose, too, that the demand curve for this industry is as follows: Price Quantitydemanded $20 6,800 30 5,975 45 5,500 60 5,125 75 4,500 95 4,200 120 3,600 150 2,400 In equilibrium each firm will realize: Multiple Choice an economic profit of $155. a loss of $45. an economic profit of $35. a loss of $135.
LO 11.2: I can calculate marginal cost, revenue, and profit and distinguish between marginal cost and average cost. Suppose that Patrick's Handmade Puppets has a production cost that is given by C(x) = 2,000 + 130x – 0.6x2 + 0.002x3 dollars (0
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The following figure shows the revenue and cost curves for a firm X. RM 10 a. b. C. 7 6 LO 5 4 3.5 0 20 25 30 MC 40 AVC AC AR=MR Units If a firm X achieves productivity efficiency, what will be the total revenuel generated At what price will a firm stop operating? Please explain. If the market price is RM4.00, what is the total profit or total loss.
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Suppose that each firm in a competitive industry has the following costs: Total cost: TC = 50 + q2 Marginal cost: MC = q where q is an individual firms quantity produced. The market demand curve for this product is Demand:QD = 120 P where P is the price and Q is the total quantity of the good. Currently, there are 9 firms in the market. a. What is each firms fixed cost? What is its variable cost? Give the equation for average total cost. b. Graph average-total-cost curve and the marginal-cost curve for q from 5 to 15. At what quantity is average-total-cost curve at its minimum? What is marginal cost and average total cost at that quantity? c Give the equation for each firms supply curve. d. Give the equation for the market supply curve for the short run in which the number of firms is fixed. e. What is the equilibrium price and quantity for this market in the short run? f. In this equilibrium, how much does each firm produce? Calculate each firms profit or loss. Is there incentive for firms to enter or exit? g. In the long run with free entry and exit, what is the equilibrium price and quantity in this market? h. In this long-run equilibrium, how much does each firm produce? How many firms are in the market?
2. Suppose you are the manager of a local restaurant. Prior to COVID-19 you served an average of 300 meals a day at a price of $15. You are trying to stay open even though restaurants are limited to 50% capacity. To offset the reduced seating capacity you raised your price to $18 and are now serving 160 meals a day with both dine in and take out. Compute the Total Revenue for your restaurant at the $15 price and the total revenue at the new $18 price. Did your total revenue rise or fall? Use the mid-point formula to calculate the price elasticity of demand between these two price points. Does this represent Elastic or Inelastic demand? Finding it difficult the keep the restaurant open at 50% you consult with a local Economist who suggests that you should try reducing your prices to bring in more customers. You drop your price down to $16 and find that sales increased to 200 customers a day. Compute the Total Revenue for the restaurant at the new $16 price. How does this compare…
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DO >> # O ? O CENGAGE MINDTAP HW (Ch 13) Suppose the imaginary company of Roobek is a small, Cedar Rapids-based American apparel manufacturer specializing in athleisure. The following table presents the brand's total cost of production at several different quantities. Fill in the remaining cells of the following table. Quantity (Pairs) 0 240 L234 1 5 .6 Total Cost Marginal Cost (Dollars) (Dollars) T 120 210 270 315 380 475 630 MindTap - Cengage Learning AAAAA Fixed Cost Variable Cost (Dollars) (Dollars) I Average Variable Cost (Dollars per pair) On the following graph, plot Douglas Fur's average total cost (ATC) curve using the green points ftriangle symbol). Next, plot its average variable cost (AVC) curve using the purple points (diamond symbol). Finally, plot its marginal cost (MC) curve using the orange points (square symbol). (Hint: For ATC and AVC, plot the points on the integer; for example, the ATC of producing one pair of boots is $210, so you should start your ATC curve by…
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According to this graph, what is the profit-maximizing quantity for this firm? Price (S) 27 24 21 18 15 O O 0 50 68 30 2963 MC1 ATC1 AVC1 MR₁ 10 20 30 40 50 60 70 80 90 Quantity