n81out ofquestionRefer to the information provided in Figure below to answer the question thatfollow.Price per bushelO431971540Cost and demand conditionsMCATCAVCSelect one:O11Refer to Figure If this farmer is maximizing profit, his profit (or loss) isd-MR3 6 9 12 16 17 qBushels of wheata. $48.b. $156.c. $72.d. -$24.

In perfect competition, There exists a large number of buyers and sellers. The firm will produce…

Answered: Refer to the information provided in…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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On the preceding graph, use the blue rectangle (circle symbols) to fill in the area that represents profit or loss of the firm given the market price of $20 and the quantity of production from your previous answer. Note: In the following question, enter a positive number regardless of whether the firm earns a profit or incurs a loss. The rectangular area represents a short-run thousand per day for the firm. of
3. Profit maximization using total cost and total revenue curves Suppose Kenji runs a small business that manufactures shirts. Assume that the market for shirts is a competitive market, and the market price is $20 per shirt. The following graph shows Kenji's total cost curve. Use the blue points (circle symbol) to plot total revenue and the green points (triangle symbol) to plot profit for shirts quantities zero through seven (inclusive) that Kenji produces. 200 175 Total Revenue 150 Total Cost 125 Profit 100 -25 1 2. TOTAL COST AND REVENUE (Dollars)
17 $20 $18 MC АТС I of $16 P = MR $14 $12 $10 $8 AVC $6 $2 $0 200 400 600 800 1,000 1,200 Output (Q) The diagram above shows a Perfectly Competitive firm in the short-run. This firm will maximize its profit by choosing the Output (Q) level: Select one: а. 1,000 b. 800 С. 400 d. 600
13. Refer to Figure 2. For this farmer to maximize profits he should produce __________ bushels of wheat. Select one: a. 6 b. 16 c. 9 d. 12
Refer to the information provided in Figure 9.4 below to answer the question(s) that follow. MC AVC d%3 MR 100 Units of output Agure 9.4 Refer to Figure 9.4. In the short run, if economic conditions do not change, this firm should produce units of output and will earn a total revenue O a. 100; of $800 O b. 0; of S0 less than 100; > $0 but $800 Price per unit
If the market price were $8, what would be the profit for this firm? a. 120 b. 180 c. 0 d. $960
Refer to the information provided in Figure below to answer the question that follow. Price per bushel SA 15 13 688994 11 0 Cost and demand conditions ATC MC AVC d = MR 3 6 9 12 16 17 q Bushels of wheat Refer to Figure This farmer would earn a zero economic profit if price was Select one: O a. $9. b. $7. c. $10. d. $11.
Figure: Profit Maximization 5 $16 AC 14 12 MC 10 Price per can 8. Price 4. 0 20 160 Cans of pineapple (thousands) 40 60 80 100 120 140 Reference: Ref 11-12 (Figure: Profit Maximization 5) The firm in this diagram earns zero economic profit at a price of $3. O $5. $9 or less. $4 or less.
Refer to the figure and table to answer three questions. Price or Cost (dollars per bushel) 18 16 14 Price Marginal revenue 12 10 8 23450 6 4 N 0 Number of Bushels per Day 0 1 1 2 Price $13 13 13 13 13 13 3 4 5 Quantity (bushels of fish per day) Total Revenue c. Total profit or loss. $ SO 13 26 39 52 65 bushel(s) b. Profit or loss per bushel. per bushel Marginal cost 6 $10 15 22 31 44 61 Total Total Cost Profit $-10 -2 4 7 8 8 4 o Marginal Marginal Revenue Cost $13 13 13 13 13 $5 7 9 13 17 If the price of catfish changed from $13 to $12 per bushel, determine the Instructions: In parts a and c. enter your responses as a whole number. In part b, round your response to two decimal places. If you are entering any negative numbers be sure to include a negative sign (-) In front of those numbers. a. Profit-maximizing output. O
1: 2 (N 2: 4 > 3: sa 4: 5: 6 8 10 ✓ 6: Question 16 Listen Figure 12-2 $60 $45 $40 $30 $10 200 Marginal Cost Average Total Cost 450 800 650 Refer to Figure 12-2. If the market price equals $45, the maximum profit that the firm can earn is: approximately $29,250. approximately $19,500. approximately $9,750. zero dollars. Average Variable Cost
Completed 0 out of 30 Resources Submit All Question 16 of 30 The graph shows the costs, revenue, and demand facing a A profit-maximizing monopolistic competitor monopolistically competitive firm. Refer to the graph to answer the three questions. 50- Marginal cost 40- B 30 (5) 20-C Average cost The area covered by rectangle CDFE is the firm's ID 10- Demand 0- total cost. 10 20 30 40 50 60 70 80 90 100 1i0 -10- Marginal revenue total revenue. Quantity O profit. O None of the above. The area covered by rectangle A BDC is the firm's total cost. 8:19 P 46°F A E 4) 12/15/2 a Price ($)
Product Price = Quantity Sold = Explicit Costs Implicit Costs = = $30 5 units $42 $18 Referring to the above table, it can be concluded that: O Economic Costs are $24. O Economic Profit is $210. O Economic Loss is $30. O Economic Profit is $90.

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