Answered: QUESTION 1 ssume a perfectly…

QUESTION 1 ssume a perfectly competitive market. he graph below indicates the price and different cost curves of a firm. MC AC 40 Price AVC 23 17 20 50 80 Output per day Cost, price (Rand)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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The next 2 questions refer to the following total cost schedule for a competitive firm: Output Total Cost 012345 $15 100 145 205 290 410 If market price is $100, the maximum profit the firm can earn is $ If market price is $60, the firm will produce units of output.
What is the total variable cost of 2 oil changes?
$22 00 20.00 18.00 Which size bookstore is more likely to experience diseconomies of scale? Long-run Average cost OA Abookstore selling 1,000 books per month B. Abookstore seling 20,000 books per month C. Abookstore selling 40,000 books per month 1,000 20.000 Quantity of books sokd per month 40,00D,000 D. Abookstore seling 80,000 books per month Average cost
Output TFC TVC TC MC АТС A 25 25 ---- -- ---- -- B 1 25 25 50 25 50 C 2 25 40 65 32.5 3 25 70 95 E 4 25 110 33.75 F 5 25 160 50 What is the total cost at point E? 135 125 185 Cannot be determined
The graph shows the short-run cost curves of a toy producer. The market has 1,000 identical toy producers. The market price of a toy is $21. In the short run, the firm produces toys a week. 24- 21- 18- 15- 12- 9- 0 500 1000 1500 2000 MC ATC AVC 2500
At what level of output is average cost a minimum? What is the average cost (AC) at that output? What is the Marginal Cost (MC) at that output?
Vinnie’s Painting Company specializes in painting houses. Their cost schedule is as follows: 1. Show to calculate for the table below Output TFC TVC TC AFC AVC ATC MC 0 1000 1 100 2 100 3 400 4 450 5 1600 6 3200 7 6400 a) Given the partial data available, finish the table and calculate all the costs. b) What is the minimum efficient scale of Vinnie’s company? c) What is the marginal cost of 6 houses? d) If Vinnie charges $825 per house, how many houses he should paint to maximize profits?
es Output 6 1 2 3 4 5 S 6 17 8 9 Total Cost $ 2,500 3,416 4,040 4.480 4,900 5,220 5,540 6,310 7,328 9,718 2500 Total Variable Cost b. What is the value of total fixed cost? 6 units $ 0 units 910 1540 1980 2400 2720 3040 3810 4820 7210 Marginal Cost c. What is the most productive level of output? $ 910 630 440 420 320 320 770 1010 2390 Average Total Cost $ d. At what output is economic capacity? Output: e. If TFC doubled, what is the marginal cost of the 7th unit? 3410 2020 1493.33 1225 1044 923.33 901.42 915 1078.89 Average Variable Cost $ 910 770 660 600 544 506.67 544 29 6025 801.11 Average Fixed Cost 2500 1250 833.33 625 500 416.67 35713 312.5 27778
Use the cost and revenue data to answer the questions. Quantity Price Total Revenue Total Cost 10 90 900 675 15 80 1200 825 20 70 1400 25 60 1500 30 50 1500 35 40 1400 1025 1250 1500 1850
Q3 need in 10 minutes
400 300 200 120 100 100 220 320 400 500 580 a) $300 or less b) $120 Refer to the above Figure A. In the short-run this firm would shut-down at a price of c) $100 MC d) $200 or less /ATC AVC