Refer to the table below. At what output level or levels are this firm's owners doingas well as or better than they could do with the next best use of their resources?Quantity1015202530Total Revenue507510012515010 units10 and 15 units10, 15, and 20 units10, 15, 20, and 25 unitsExplicit Costs Implicit Costs36563693712581619

Total revenue is the total revenue generated from selling a good. Total revenue equals price times…

Refer to the table below. At what output level or levels are this firm's owners doing as well as or better than they could do with the next best use of their resources? Quantity 10 15 20 25 30 10 units Total Revenue Explicit Costs Implicit Costs 50 36 5 75 63 6 7 8 9 100 125 150 10 and 15 units 10, 15, and 20 units 10, 15, 20, and 25 units 93 125 161

Refer to the table below. At what output level or levels are this firm's owners doing as well as or better than they could do with the next best use of their resources? Quantity 10 15 20 25 30 10 units Total Revenue Explicit Costs Implicit Costs 50 36 5 75 63 6 7 8 9 100 125 150 10 and 15 units 10, 15, and 20 units 10, 15, 20, and 25 units 93 125 161

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question 1
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.
2. Sketch the MC and ATC curves. Put quantity of output on the horizontal axis and measure costs on the vertical axis. Quantity (Q) Price Total Total Profit Marginal Revenue Marginal Cost (TC) Cost (MC) (P) Revenue (TR) (MR) 6. 25 126 7 25 141 8 25 160 25 183 10 25 210 11 25 245 12 25 300 3. Complete the table above. 4. What is the profit-maximizing level of output? 5. What is the amount of profit at the profit maximizing output level?
Lisa lawn Company (LLC) is a lawn mowing business in a perfectly competitive market for lawn mowing services. The following table sets out Lisa's cost Quantity(lawns per hour) Total cost (dollars per lawn 0 $30 1 40 2 55 3 75 4 100 5 130 6 175 when Lisa shuts down, what will be her economic loss?
Output Total Revenue ($) Total Variable Cost ($) Total Fixed Costs 1 1,000 750 500 2 2,000 1,250 500 3 3,000 2,000 500 4 4,000 3,000 500 5 5,000 4,500 500 What is the slope of the total revenue curve? At about how many computers per day do economic profits seem to be at a maximum? Graph the economic model of this firm.
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
Using the graph attached, calculate the firm's profits at the profit maximizing output.
please give me correct answer and full explanation and don't use chatGPT otherwise i give downvote6
) Complete the following table of costs for a firm. (Note: enter the figures in the MC column between outputs of 0 and 1, 1 and 2, 2 and 3, etc.) Output TC (£) AC (£) MC (£) 0 1 2 3 4 5 6 7 8 9 10 55 85 110 130 160 210 280 370 480 610 760 – 85 55 43.33 40 42 46.66 52.80 60 67.77 76 30 25 20 30 50 70 90 110 130 150 How much is total fixed cost at: (i) an output of 0? ................................................................................................................. (ii) an output of 6? ................................................................................................................. How much is average fixed cost at: (i) an output of 5? ................................................................................................................. (ii) an output of 10?…
What will be the firms total profit?
36 Total Total Average Average Output Fixed Variable Total Variable Total Marginal (Q) Cost Cost Cost Cost Cost Cost I of 150 $500 $400 $900 $2.67 200 $500 $800 $1,300 $6.50 The table above shows costs for a firm. When Output (Q) changes from 150 to 200, Marginal Cost (MC) is equal to: Select one: a. $400 b. $8.00 c. $4.00 d. $5.00
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