Is the Marginal cost(MC) and Marginal Revenue(MR) answers correct? See the table above Q TFC TVC TC MC AFC AVC ATCTRMRTP210 706030357016 76 3 15 419 140 35 6460 30 90 71015 210 35 120

In economics, the marginal cost of production is the adjustment of absolute creation cost that comes…

Answered: Q TFC TVC TC MC AFC AVC ATC TR MR ТР 2…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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If Daniel sells 250 hamburgers at a price of $3.00, and his average cost of producing 250 hamburgers is $2.50, what is his profit? Profit = $ (enter your response in dollars and cents).
I. Desktop Publishing Software, Inc Desktop Publishing Software, Inc., develops and markets software packages for business computers. Although sales have grown rapidly during recent years, the company's management fears that a recent onslaught of new competitors may severely retard future growth opportunities. Therefore, it believes that the time has come to "get big or get out." The marketing and accounting departments have provided management with the following monthly demand and cost information: P = $1,000 - $1Q TC = $50,000 + $100Q
Consider the market for tilapia. Ripple Rock Fish Farms, a small family fishery in Ohio, and The Fishin’ Company, a large corporate supplier, are both producers of tilapia. The marginal cost curves for both firms are shown in the accompanying graph. a. Suppose the market price of tilapia is $2.50 per pound. Move point A to Ripple Rock’s quantity sold. Move point B to The Fishin’ Company’s quantity sold. b. How many pounds of tilapia do they collectively supply?________thousand pounds c. To achieve efficient production, The Fishin’ Company should supply _____ ("more", or "less", or "the same") it is currently producing, and Ripple Rock should supply __________ ("more", or "less", or "the same") it is currently producing.
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A business's marginal cost has a minimum value of $3; its average variable cost has a minimum value of $6; and its average total cost has a minimum value of $7. Given this information, the business should exit at any price below and shut down at any price below Selected answer will be automatically saved. For keyboard navigation, press up/down arrow keys to select an answer. a b с e Question 2 f $3; $6 $6; $3 $7; $6 $6; $7 $3; $7 $7; $3
USE THE GRAPH TO ANSWER THE FOLLOWING QUESTIONS: (IF REQUIRED, USE THE DISCREET NUMBER OF BARRELS). ANSWERS IN WHOLE NUMBER a. How many barrels of natural-organic oil reflect the lowest minimum average variable cost?b. How much is the price of the natural-organic oil per barrel?c. How much is the fixed cost to produce the natural-organic oil?d. How many barrels of natural-organic oil should the firm produce to maximize its profit?e. At what production level would the marginal cost exceed the average cost?
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Q TFC TVC TC MC AFC AVC ATC TR MR ТР 2 10 70 60 30 5 35 70 4 60 16 76 3 15 4 19 140 35 64 6 60 30 90 7 10 15 210 35 120