John's VineyardQuantityProduced012345678Select one:O a. $25O b. $225COSTSTotalCostO c. $115O d. $75$0$50$102$157$217$285$365$462$582MarginalCostQuantityDemanded01~/3245678REVENUESPrice$80$80$80$80$80$80$80$80$80Refer to Table 6. What is John's Vineyard's economic profit at its profit-maximizing outputlevel?TotalRevenueMarginalRevenue

Marginal cost is the addition to the total cost of producing an additional unit of output. Marginal…

Answered: Refer to Table 6. What is John's…

Refer to Table 6. What is John's Vineyard's economic profit at its profit-maximizing output level? Select one: O a. $25 O b. $225 O c. $115 O d. $75

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

See similar textbooks

Similar questions

28
Quantity Price 0 20 1 18 2 16 3 14 4 12 5 10 Are the price and quantity combinations above for a perfectly competitive industry? Select one: O a. No, they are not because the demand curve should be perfectly elastic. O b. No, because the quantities are too low. O c. Yes, they are because the demand curve is downward sloping. O d. Yes, they are because the price falls the same amount for each increase in quantity. Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.
In the figure at right, at which output level is this firm earning negative economic profits? O A. 12 OB. 2 OC. 5 O D. 10 Revenues and Costs ($) 180 160- 140 120- 100+ 80- 60- 40 20- 0 0 2 4 6 8 TC TR 10 12 14 16 18 20 Quantity Q
12 Suppose Finnegan's Irish Pub earned $10,000 in positive Economic Profit last year. Its Total Revenue was $100,000, and its Explicit costs were $80,000. How much were its Implicit Costs? i of Select one: a. $80,000 b. $30,000 c. $10,000 d. $20,000 Not yet answered
Q2
Explanation it correctly
QUESTION 8 Which of the following is true for monopoly and perfect competition? O A. The demand for the individual firm's product is perfectly elastic. O B. Economic profits can be sustained indefinitely over time. OC. Marginal revenue is horizontal at the industry equilibrium price. O D. Profits are maximized by producing at the level of output where marginal revenue is equal to marginal cost
You own a firm in a perfectly competitive industry producing and selling gold recklaces. You know your costs (see table below) and the set market price $100. TC TFC TVC MC 150 100 50 50 170 100 70 20 200 100 100 30 250 100 150 50 350 100 250 100 500 100 400 150 700 100 600 200 8. 1000 100 900 300 What is profit at the profit maximizing quantity? O Profit 0 O Profit 500 O Profit 150 O Profit 50
A5.
1. Fill in this chart and explain why the firm earnsa profit no matter how many units they produce or the price they choose. 2. Using this data, how many units should this firm produce and what price should they chargeassuming they want to profit maximize.
Suppose that the firm in a competitive market faces the following revenues and cost: Quantity Total Revenue Total Cost 0 $0 3 1 $7 5 2 14 8 3 21 12 4 28 17 5 35 23 6 42 30 7 49 38 In order to maximize profits, the firm will produce__ a. 6 units of output because marginal revenue equals marginal cost. b. 8 units of output because marginal revenue equals marginal cost. c. 4 units of output because marginal revenue exceeds marginal cost. d. 1 unit of output because marginal cost is maximized.
1. Explain the relationship between price, marginal revenue and average revenue for a perfectly competitive firm? 2. When does a perfectly competitive firm maximize their profits? What they should do if at their current production level their marginal revenue is greater than marginal cost? 3. Explain the difference between a shut-down decision and exiting decision for a competitive firm? When and how they make such decision? 4. Refer to the graph below: Price 19 18 MC 16 12 ATC 1 2 3 43 6 1 8 Quantity In the above graph, assume that the price per unit is $10. Based on this information calculate: a. Profit maximization quantity b. Total revenue at that level c. Total cost at that level d. Profit or loss for this firm (if any) Please refer to the discussion board requirement announcement before posting. First post due on Thursday, May 6th, and reply to two other student's posts due on Sunday, May 9th.