Question Completion Status: QUESTION 1 Refer to the graph below: Price 24T 22 MC 20 18 ATC 16 14 AVC 12 10 8. 6. 4 2 MR 120 140 20 40 60 80 100 Quantity Based on the graph calculate: a. Profit maximizing quantity b. The price that will be charged by this firm c. Total revenue d. Total cost e. Profit or loss if any Note: Make sure to provide the reasoning and show calculations where applicable. T T T T Paragraph Arial 3 (12pt) T - O f O Mashups 1 66 HTML CS

Question Completion Status: QUESTION 1 Refer to the graph below: Price 24T 22 MC 20 18 ATC 16 14 AVC 12 10 8. 6. 4 2 MR 120 140 20 40 60 80 100 Quantity Based on the graph calculate: a. Profit maximizing quantity b. The price that will be charged by this firm c. Total revenue d. Total cost e. Profit or loss if any Note: Make sure to provide the reasoning and show calculations where applicable. T T T T Paragraph Arial 3 (12pt) T - O f O Mashups 1 66 HTML CS

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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5) Joe's Service Division Joe runs the Service Division for a car dealership. The overall dealership has profit of $10 million on sales of $100 million and costs of $90 million. Joe's division contributed $9 million in sales and $7 million in costs. If the Service Division is evaluated as a profit center, what dollar amount is most relevant to Joe? $7 million $10 million $2 million $9 million
Total Revenue Total C ost Proit/Loss/ Price( P) Quantity (TR) (TC) Break Even $3 5. 2 9. 3 8. 4 11 5. 15 6. 21 30 8. 42 6. 60 10 85 Yummy Cupcakes is a purely competitive firm. The firm's costs are shown in the table above. The market price is $5 (USE THIS TO FILL IN THE PRICE COLUMN) When Yummy Cupcakes produces 1 cupcakel Q-1).the firm : O breaks even incurs a loss O earns profits will shutdown
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Price (dollars per cup) $6.00 MC ATC 3.50 A 2.50 B Demand 0 1 2 3 4 5 6 7 8 9 10 Quantity MR (cups per week) According to the graph, if the firm is maximizing profits what is the dollar value of the profit?
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i. Calculate the marginal cost, marginal revenue and profit for each unit of production. ii. How many units should the firm produce to maximise profit?
This profit-maximizing/ loss minimizing firm is ? Note:- Please refrain from offering handwritten solutions. Please ensure that your response maintains accuracy and quality to avoid receiving a downvote. Take care of plagiarism. Answer completely. You will get up vote for sure.
2. Cost-Volume-Profit Chart The cost-volume-profit chart shows the relationship between sales volume, costs, and profit. To cre this chart, we need to calculate the following values: - Contribution Margin per Unit: Selling Price - Variable Cost per Unit - Contribution Margin Ratio: Contribution Margin per Unit / Selling Price - Break-Even Point: Fixed Costs / Contribution Margin per Unit - Profit: (Unit Sales * Selling Price) - (Unit Sales * Variable Cost per Unit) - Fixed Costs For the first 100 units of clever wearable devices, we can calculate these values as follows: - Contribution Margin per Unit: $150 $50 = $100 - Contribution Margin Ratio: $100/$150 = 0.67 or 67% - Break-Even Point: $10,000/$100 = 100 units - Profit: (Unit Sales $150) - (Unit Sales * $50) - $10,000 We can plot these values on a graph with unit sales on the x-axis and revenue, costs, and profit on the y-axis.
4. Complete the following schedule: Quantity 0 1 2 3 4 5 6 7 Total Cost $9 $12 $16 $21 $30 $40 $52 $6 ATC MC Assuming the price of this product is $12, at what output is (a) Total profit maximized (b) Total revenue maximized (c) Profit per unit maximized
22. Which one of these will continuously increase as more products are produced? a. None of the choices b. Variable cost c. Average fixed cost d. Fixed cost
Costs and Profit Maximization: Work It Out 1 Suppose Margie decides to lease a photocopier and open up a black-and-white photocopying service in her dorm room for use by faculty and students. Her total cost, as a function of the number of copies she produces per month, is given in the table. Number of Photocopies Per Month Total Cost Fixed Cost Variable Cost Total Revenue Profit 0 $100 1,000 $110 2,000 $125 3,000 $145 4,000 $175 5,000 $215 6,000 $285 a. Fill in the missing numbers in the table, assuming that Margie can charge 6 cents per black-and-white copy. Margie's fixed cost is: $ Variable cost, 0 photocopies/month: $ Variable cost, 1,000 photocopies/month: $ Variable cost, 2,000 photocopies/month: $ Variable cost, 3,000 photocopies/month: $ Variable cost, 4,000 photocopies/month: $…