QUESTION 15 The data in the below table shows the production and costs of certain firm, use the table to answer the following questions Q TR MR TC MC AC Profit/loss 1 27 28 24 33 3. 21 40 4 18 49 5. 15 75 12 114 1. Based on the above table, at which level of output the firm gets maximum revenue? 2. Based on the above table, what is the value of profit maximization output (Q*) and Profit maximization price (P*)? 3. Based on the above table, Does the firm get profit/loss if the firm produces Q* units? 4. Based on the above table, what is the amount of profit or loss at Q*? 5. Based on the above table, at which level of output the firm will earn zero or normal profit?

QUESTION 15 The data in the below table shows the production and costs of certain firm, use the table to answer the following questions Q TR MR TC MC AC Profit/loss 1 27 28 24 33 3. 21 40 4 18 49 5. 15 75 12 114 1. Based on the above table, at which level of output the firm gets maximum revenue? 2. Based on the above table, what is the value of profit maximization output (Q) and Profit maximization price (P)? 3. Based on the above table, Does the firm get profit/loss if the firm produces Q* units? 4. Based on the above table, what is the amount of profit or loss at Q*? 5. Based on the above table, at which level of output the firm will earn zero or normal profit?

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter13: Firms In Competitive Markets

Section: Chapter Questions

Problem 7PA

See similar textbooks

Similar questions

the choices for the three "quantity" column are (6000, 10400, 12000). the choices for the "price: column are (20,28,34,50) the choices for profit are (negative,prositve, zero) the choices for long run decision are (exit the industry, stay in business, stay or exit) please also do the rest of the questions. thankyouuuu
How would you calculate a firms total cost and total revenue using this graph?
for this graph answer the following question what is the total revenue? what is the total profit? what is the maximun point?
How do we calculate the total amount of pagecant costs, price profit, profit make up and selling costs
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.
TOTAL COST AND REVENUE (Dollars) 100 Total Cost ם Total Revenue 75 50 -25 A 50 0 1 2 5 QUANTITY (Shirts) A A Profit Calculate Neha's marginal revenue and marginal cost for the first seven shirts she produces and plot them on the following graph. Use the blue points (circle symbol) to plot marginal revenue and the orange points (square symbol) to plot marginal cost. (?) COSTS AND REVENUE (Dollars per shirt) 30 25 225 20 15 10 о OO 2 3 A 5 6 QUANTITY (Shirts) Marginal Revenue + Marginal Cost Neha's profit is maximized when she produces 10 shirts. When she does this, the marginal cost of the previous shirt she produces is $ which is than the price Neha receives for each shirt she sells. The marginal cost of producing an additional shirt (that is, one more shirt than would maximize her profit) is S than the price Neha receives for each shirt she sells. Therefore, Neha's profit- maximizing quantity corresponds to the intersection of the which is curves. Because Neha is a price taker, this…
I need E
Refer to the table below: Quantity (Bushels) (Q) 0 1 2 DEEL AWN 6 10 Total Revenue (TR) $0.00 4.00 8.00 12.00 16.00 20.00 24.00 28.00 32.00 36.00 40.00 Total Cost (TC) $1.00 4.00 6.00 7.50 9.50 12.00 15.00 19.50 25.50 32.50 40.50 Profit (TR-TC) -$1.00 0.00 2.00 4.50 6.50 8.00 9.00 8.50 6.50 3.50 - 0.50 Marginal Revenue (MR) $4.00 4.00 4.00 4.00 4.00 4.00 4.00 4.00 4.00 4.00 Marginal Cost (MC) $3.00 2.00 1.50 2.00 2.50 3.00 4.50 6.00 7.00 8.00 bushels of wheat (enter a whole number). Farmer Parker will maximize profits by producing Suppose that the marginal cost of wheat increases by $0.50 for every bushel of wheat produced. For example, the marginal cost of producing the eighth bushel of wheat is now $6.50. Will this increase in marginal cost change the profit-maximizing level of production for Farmer Parker? How much profit will Farmer Parker make now? $ (round your answer to the nearest penny).
what are the formulas for each column? what is the profit maximizing output q and p? what is the firms best course of action short and long term?
Refer to the following table: Quantity (Bushels) (Q) Total Revenue Total Profit (TR - TC) Marginal Revenue (MR) Marginal Cost Cost (TR) (TC) (М) $0.00 $1.00 -$1.00 4.00 4.00 0.00 $4.00 $3.00 2 8.00 6.00 2.00 4.00 2.00 3 12.00 7.50 4.50 4.00 1.50 4 16.00 9.50 6.50 4.00 2.00 5 20.00 12.00 8.00 4.00 2.50 6 24.00 15.00 9.00 4.00 3.00 7 28.00 19.50 8.50 4.00 4.50 8 32.00 25.50 6.50 4.00 6.00 9 36.00 32.50 3.50 4.00 7.00 10 40.00 40.50 - 0.50 4.00 8.00 Suppose the price of wheat rises to $6.00 per bushel. Farmer Parker will maximize profits by producing bushels of wheat (enter a whole number). He will make a profit of $ (round your answer to the nearest penny).
Dear pro expert Hand written solution is not allowed.
REVENUE OR COST (dollars per day) 700 600 500 400 300 250 200 100 0 T 1 50 90 question: 160 QUANTITY Total cost 220 Total Revenue Refer to the figure above. The profit maximizing output for this firm is: a. above 220 units b. 220 units c. 160 units d. 90 units e. none of the above