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- QUESTION 20 Study the table below which represents the cost and price schedules facing a perfectly competitive firm that manufactures bulbs. Use this information to answer the question. Quantity of the product 0 1 2 3 4 Price per unit (R) 10 10 10 10 10 10 c) d) 38022222 Total revenue Total profit (R) -10 -9 -5 -6 Marginal cost (R) . 9 6 8 10 13 Average variable cost (R) 9,00 7,50 7,67 8,25 9,20 This perfectly competitive firm will produce a) 3 bulbs, since losses are minimised. b) 4 bulbs, but it will consider shutting down in the short run. 4 bulbs, since at this production level it earns normal profit. 4 bulbs and will stay in operation.Activity Frame A 2191 A 1878 1565 n 1252 939 626 0 A + + 0 5 10 TOTAL REVENUE (Dollars) 3130 2817 2504 MARGINAL REVENUE (Dollars) 313 Calculate the total revenue if the firm produces 10 versus 9 units. Then, calculate the marginal revenue of the 10th unit produced. The marginal revenue of the 10th unit produced is $ Calculate the total revenue if the firm produces 20 versus 19 units. Then, calculate the marginal revenue of the 20th unit produced. The marginal revenue of the 20th unit produced is $ 250 Based on your answers from the previous question, and assuming that the marginal revenue curve is a straight line, use the black line (plus symbol) to plot the firm's marginal revenue curve on the following graph. 225 200 175 150 125 100 75 50 25 0 15 20 25 30 35 40 QUANTITY (Number of units) -25 -50 0 A 45 50 5 10 15 Total Revenue 20 25 30 35 QUANTITY (Units) 40 45 50 Marginal Revenue (?) Comparing your total revenue graph to your marginal revenue graph, you can see that total revenue is…Total revenue of the firm is $5100 and the total cost is also $5100 Calculate profits of the firm (B) What is the profit maximization condition of the firm
- The table below lists Bruno's Custom Bike Shop's costs and revenue for the month of May: Bike Parts: $5,000 Shop Rent: $1,000 Large Print Sign Advertisements: $ 50 Electric Bill: $150 Total Bike Sales: $9,000 Based on this information, determine Bruno's Custom Bike Shop's accounting profit for the month of May.b. The following are costs and revenues incurred by an ice cream company in short-run production. Fixed cost (month) : RM 5 000 1 200 Rent Interest on loan Premium insurance 600 Variable cost (month) : Wages Maintenance 8 800 300 Utilities 2 200 Raw material 9 600 2 000 Transportation Owners salary before start producing own ice cream firm 54 000 Revenue (month) : Price per one cone ice cream RM5 Operation days Average customer per day 26 days 250 customers Based on the above information, calculate: i. Total revenue ii. Total cost iii. Economic profit From the answer to question (iii), what can you advise the ice cream maker?Please no written by hand and no emage
- (29. At 100 output, marginal revenue is less than marginal cost) True False 30. In relation to question number 29, producer should produce more up to 440. True FalseQuantity Price ($) Total Revenue ($) Marginal Revenue ($) Total Cost ($) Marginal Cost ($) Average Cost($) 2 24 48 23 35 2.5 17.5 4 23 92 21 45 5 11.25 6 22 132 19 60 7.5 10 8 21 168 17 77 8.5 9.63 10 20 200 15 100 11.5 10 12 19 228 13 126 13 10.5 14 18 252 11 165 19.5 11.79 16 17 272 9 210 22.5 13.13 18 16 288 7 260 25 14.44 20 15 300 5 320 30 16 The table above is for a monopolistic competitive firm. What price will the firm charge? Question 19 options: $13 $15 $19 $24D Question 3 Which of the following statements is correct. (select all that apply) The margin refers to the additional percentage of the original price that the retailer charges for the product The markup refers to the percentage of the retail price that is pocketed by the retailer as profit. None of the answers are correct The markup refers to the additional percentage of the original price that the retailer charges for the product The margin refers to the percentage of the retail price that is pocketed by the retailer as profit.
- Q3 need in 10 minutesTable 1 Change in profit (£) Profit Marginal Output (Units) (오) Total Marginal cost (£) Total Revenue cost (£) (오) revenue (오) 3 1 6 2 12 8 3 18 12 4 24 17 30 23 36 30 7 42 38 8 48 47Q 4 5 6 Revenue and cost figures can be observed in the table below for Greensons Organic. Use the information in the first three columns to complete the table Output /Sales(Q) Total Revenue (TR) Total Costs (TC) Profit /Loss Marginal Revenue (MR) Marginal Costs (MC) Addition to profit 0 0 8 -8 1 7 14 -7 7 6 2 14 19 -5 7 5 3 21 23 -2 7 4 4 28 26 2 7 3 5 35 28 7 7 2 6 42 31 11 7 3 7 49 38 11 7 7 8 56 48 8 7 10 2. Is Greensons Organic operating in the short run or in the long run? Justify your answer 3. Calculate average variable costs when the level of output is equal to 5 units. 4. What level of output does Greensons Organic maximize profit? Justify/explain your answer and show calculations 5. When will the diminishing marginal returns start to prevail for Greensons Organic and why? 6.…