q 0 1 2 3 4 5 6 TFC $5 5 5 5 5 5 5 TVC $0 3 5 9 16 Marginal revenue is 25 36 MC P= MR $5 5 5 5 5 5 5 - $3 2 4 7 9 11 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

q 0 1 2 3 4 5 6 TFC $5 5 5 5 5 5 5 TVC $0 3 5 9 16 Marginal revenue is 25 36 MC P= MR $5 5 5 5 5 5 5 - $3 2 4 7 9 11 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

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Consider the table of firm costs and revenue below. It may be useful to calculate the missing values. QMCMR TC TR 1 3 5 13 5 2 2 5 15 10 3 3 5 4 5 5 5 8 5 6 12 5 If the firm chooses Q to maximize short-run profit, what will the profit be? IT = -3 O T = 3 IT = -6 IT = 6
1. Consider the following information for Dhaka Water Supply Authority (WASA). Quantity of water (in thousands of liters) Marginal revenue (in taka) Price Total revenue (in taka/liter) (in taka) 11 1 10 9. 8 7 6 7 4 8 3 9 2 10 1 (a) Calculate Dhaka WASA's total revenue (TR) and marginal revenue (MR). (b) If marginal cost is constant at 2 taka/liter, how many liters of water would Dhaka WASA supply? Intuitively explain your answer using a suitably drawn figure. (c) How many liters of water would Dhaka WASA supply if marginal cost increases to 6 taka/liter? 3. 6.
I. PROBLEM SOLVING Below is a data of the per-unit costs incurred by a competitor in selling face mask per pack (5 masks per pack) per day. Output (in packs) AFC (P) AVC (P) АTC (Р) MC (Р) 1 60.00 45.00 105.00 45.00 30.00 42.50 72.50 40.00 3 20.00 15.00 12.00 40.00 60.00 35.00 4 37.50 52.50 30.00 37.00 49.00 35.00 40.00 10.00 37.50 47.50 47.14 7 8.57 38.57 45.00 8 7.50 40.63 48.13 55.00 6.67 43.33 50.00 65.00 10 6.00 46.50 52.50 75.00 1. Assuming that the product's price is P58 per pack, should the competitor sell in the short-run Why or why not? If it decides to sell, what will be the profit-maximizing (or loss-minimizing output per day)? What is the profit (or loss) that the seller can realize per day? What is the profit (or loss) per pack? A. Assuming that the product price is P42 per pack, answer the same questions in letter A. B. Because of increasing sellers of masks in the market, the product's price further decreased to P32 per pack. Again, answer the same questions in letter…
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Refer to the table below. How much profit would this firm make if it produces 2 units of goods? Q P TR MR TC MC 0 $30 0 - $15 - 1 $30 $30 $30 $25 $10 2 $30 $60 $30 $40 $15 3 $30 $90 $30 $60 $20 4 $30 $120 $30 $85 $25 5 $30 $150 $30 $115 $30 6 $30 $180 $30 $150 $35 Group of answer choices $20 $35 $30
Please answer with explanations or procedures of the steps following questions i) ii) iii)
please answer in text form and in proper format answer with must explanation , calculation for each part and steps clearly
Question 4 $19 16 13 10 0 100 MC 160180 210 Quantity MR ATC D Assume all monopolistically competitive firms in an industry have demand and costs similar to the firm shown. What should we expect? O Firms will exit the business and the demand curve will shift to the left This firm will produce where MR-MC and no other firms will enter or exit Other firms will enter the industry and the demand curve will shift to the left
1. The following company is in a price taking situation. Price (=marginal revenue) on the market for its products is equal to $3 per unit. Fixed cost is $1000 Fill in the table for all the columns. ( ) At which point should the company stop producing? At this point what is the per unit profit (mark- up or margin) for the company? Qty 0 100 200 300 400 500 600 VC $100 $300 $500 $700 $800 $1200 FC TC AVC ATC MC per unit MR per unit
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QUESTION 12 a firm operating in a purely competitive market $ 40 36 32 28 24 20 16 12 8 4 0 K 0 4 8 12 16 12. At P-$28, this firm's total profit or loss will be a)-$210 b) 50 c) 57 Od) $264 e) $575 20 24 MC 28 ATC AVC 32 Q