PriceTotal costQuantity(ticketsper show)Big Top is the only circus in the nation. The table(dollars perticket)(dollars pershow)sets out the demand schedule for circus ticketsand the cost schedule for producing the circus.Calculate Big Top's profit-maximizing price,output, and economic profit if it charges asingle price for all tickets. You are constructinga table with total costs ,average total costs, and201,0001,6002,2002,8003,4004,0004,6005,2005,800а.18100162001430012400total revenue.10500600b. When Big Top maximizes profit, what isconsumer surplus and producersurplus and is the circus efficient? Explainwhy or why not. You are constructing a table showing total revenue andmarginal revenue. You are also constructing a graph to show consumer surplusand producer surplusthe7004800At the market equilibrium, no children under 10 years old attend the circus. BigTop offers children under 10 a discount of 50 percent. How will this discountchange the consumer surplus and producer surplus? Will Big Top be moreefficient by offering the discount to children? No graph is needed just anexplanation.d. If Big Top is regulated to produce the efficient output, what is the quantity oftickets sold, what is the price of a ticket, and what would be the consumersurplus? No graph is needed, just an explanation with a calculation of consumersurplusIf Big Top is regulated to charge a price equal to average total cost, what is the quantity oftickets sold, the price of a ticket, and economic profit? You need a graph showing price, MCand AC. You need a graph and you have to show deadweight lossf. Draw a graph to illustrate the circus market if regulators set a price cap thatenables Big Top to break even. Show the deadweight loss in your graph.с.е.

Introduction We have given a data of price of tickets and quantity of tickets for the big top…

Price Quantity (tickets per show) Total cost Big Top is the only circus in the nation. The table (dollars per ticket) (dollars per show) sets out the demand schedule for circus tickets and the cost schedule for producing the circus. 20 a. Calculate Big Top's profit-maximizing price, output, and economic profit if it charges a single price for all tickets. You are constructing a table with total costs ,average total costs, and total revenue. 1,000 1,600 2,200 2,800 3,400 4,000 4,600 5,200 5,800 18 100 16 200 14 300 12 400 10 500 8. 600 b. When Big Top maximizes profit, what is consumer surplus and producer surplus and is the circus efficient? Explain why or why not. You are constructing a table showing total revenue and marginal revenue. You are also constructing a graph to show consumer surplus and producer surplus the 6. 700 4 800

Price Quantity (tickets per show) Total cost Big Top is the only circus in the nation. The table (dollars per ticket) (dollars per show) sets out the demand schedule for circus tickets and the cost schedule for producing the circus. 20 a. Calculate Big Top's profit-maximizing price, output, and economic profit if it charges a single price for all tickets. You are constructing a table with total costs ,average total costs, and total revenue. 1,000 1,600 2,200 2,800 3,400 4,000 4,600 5,200 5,800 18 100 16 200 14 300 12 400 10 500 8. 600 b. When Big Top maximizes profit, what is consumer surplus and producer surplus and is the circus efficient? Explain why or why not. You are constructing a table showing total revenue and marginal revenue. You are also constructing a graph to show consumer surplus and producer surplus the 6. 700 4 800

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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3. Based on the diagram, answer the following questions. Revenue/cost MC AVC AC 26 AR = MR 23 20 20 Output (1) Total revenue (TR) (i) Total cost (TC) (ii) Profit (iv) Type of profit is earned by this firm? Justify your answer.
Total Output 1 2 3 4 5 6 7 80 9 10 A B 8 D $20; $27.33 $10; $10.40 $24; $27.33 Price $30; $20.50 $100 90 80 70 60 50 40 30 20 Marginal Revenue 10 $100 80 60 40 20 -20 -40 -60 Average Total Cost -80 $100.00 63.00 52.67 49.50 49.60 50.00 52.29 55.75 60.67 67.60 130 Refer to the data for a nondiscriminating monopolist. At its profit-maximizing output, this firm's price will exceed its marginal cost and its average total cost by_ by $30 26 32 Marginal Cost 40 50 52 66 80 100
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11. Refer to the table below Output Total Variable Cost Total Cost 012345678 $0 $100 $100. $200 $140 $240 $190 $290 $250 $350 $320 $420 $400 $500 $490 $590 $590 $690 Suppose the firm has maximized profit based on the market price at the output of 8 units. What is the marginal revenue earned from the eighth unit? A) $100 B) $90 C) $590 D) $110 E) $690
1. The following table shows the cost information for a perfectly competitive firm. Production Total variable cost (RM)0 01 1002 1503 2104 2905 4006 5407 7208 950 a. If the total fixed cost of the firm is RM300, calculate total cost, average cost and marginal cost. b. If the market price is RM200, calculate the firm total revenue, and total profit/loss c. Determine the level of production that will maximise the firms profits.
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4. A printer paper manufacturer sells its highly standardized product in a perfectly competitive market, at a price of TL50 per box. The firm has a fixed cost of TL30. Fill in the following table and indicate the level of output that maximizes profit. Determine how the profit-maximizing choice of output would change if the fixed cost increased from TL40 to TL60? More generally, explain how the level of fixed cost affects the choice of output. Output (Units) 0 1 2 3 4 5 6 Total Revenue (TL/unit) Total Cost (TL/unit) Profit (TL) Marginal Revenue (TL/unit) Marginal Cost (TL/unit) 50 20 30 42 54 70
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