Refer to the table below. How much profit would this firm make if it produces 2 units of goods? Q P TR MR TC MC 0 $30 0 - $15 - 1 $30 $30 $30 $25 $10 2 $30 $60 $30 $40 $15 3 $30 $90 $30 $60 $20 4 $30 $120 $30 $85 $25 5 $30 $150 $30 $115 $30 6 $30 $180 $30 $150 $35 Group of answer choices $20 $35 $30

Refer to the table below. How much profit would this firm make if it produces 2 units of goods? Q P TR MR TC MC 0 $30 0 - $15 - 1 $30 $30 $30 $25 $10 2 $30 $60 $30 $40 $15 3 $30 $90 $30 $60 $20 4 $30 $120 $30 $85 $25 5 $30 $150 $30 $115 $30 6 $30 $180 $30 $150 $35 Group of answer choices $20 $35 $30

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

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Similar questions

The table below shows the information on Ilham Bakery. Item AmountRevenue in operating the bakery shop RM 80 000Income that could have been earned if working as an employee to others RM 7 000Utility cost RM 1 200Salary of workers RM 15 000Cost of raw materials RM 20 000 What is the economic profit?
$ $50 MC $45 $40 $35 $20 0 MR 10 10 20 25 40 40 Quantity How much profit will this firm make? ATC D
Using the graph below, calculate the firm's profits at the profit maximizing output Price 120 112 104 96 88 80 72 64 56 48 40 32 24 16 8 0 0 34 68 102 136 170 204 238 272 Quantity 306 -P-MRMC AC 340 374 408 442 476
Case 1. 2. P TR TC TFC TVC AC AVC MC 1000 5000 $1,500 $5.50 5.00 8000 1000 3.50 3.00 4.50 At Min. 8000 Level At Min. 6000 9000 3.50 Level 7000 4.50 4.00 3. $1.00 10000 4. 3.00 5. 4.00 2000 What do you recommend to the firm in case #4? O increase output. decrease output, but not shut down. O maintain its current rate of output Oshut down.
5. Complete the table below and answer the following questions. Output Variable Total AFC AVC ATC Marginal Price Cost Cost 1 2 3456 7 Cost $100 $150 $210 $300 $430 $600 $819 300 350 410 500 630 800 1019 210 200 190 180 170 160 150 Total Revenue MR
17 of 16 BNW is one of many producers of luxury wheelchairs, which are differentiated to appeal to different market niches. BNW's Price per chair relevant demand and cost curves are depicted in the graph. $2,000 Average total Use this graph to answer the questions. Assume that there are 1,800 Marginal cost no significant barriers to entry. cost 1,600 Determine BNW's profit-maximizing price and quantity. 1,400 1,200 1,000 price per chair: $ 800 600 400 quantity of chairs: chairs 200 Demand Marginal revenue 100 200 300 400 500 600 700 800 900 Calculate BNW's profit. Chairs per week BNW's profit: $
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).
Phoenix Electricity is the only company providing electricity in City H. Will Phoenix Electricity earn a larger or a smaller amount of profit? Use words only to explain your answer.
You own Athleticon, which manufactures athletic wear. Your new contract with Atlanta United, a professional soccer team, allows Athleticon to be the sole suppler of athletic wear with the “Atlanta United” logo. No one lese can manufacture athletic wear with the “Atlanta United” logo. What do you think will be Athleticon’s level of profitability on the sale of “Atlanta United” athletic wear? Explain why. Your contract with Atlanta United only lasts 3 years. It was not renewed. Other firms can now manufacture athletic wear with the “Atlanta United” logo It is now 5 years after your contract with Atlanta United was terminated. Any manufacturer that wants to can manufacture and sell athletic wear with the “Atlanta United” logo. What do you think will be the level of profitability and rate of return on manufacturing athletic wear with the “Atlanta United” logo? Explain why.
Use Table A below and calculate ATC, Profit, marginal revenue and marginal cost at each quantity of output - keep your calculation for follow up questions: Q P TR TC ATC Profit MR MC 0 $1,900 $0 $1,000 1 $1,700 $1,700 $2,000 2 $1,650 $3,300 $2,800 3 $1,600 $4,800 $3,500 4 $1,550 $6,200 $4,000 5 $1,500 $7,500 $4,500 6 $1,450 $8,700 $5,200 7 $1,400 $9,800 $6,000 8 $1,350 $10,800 $7,000 9 $1,300 $11,700 $9,000 a. Q P TR TC ATC Profit MR MC 0 $1,900 $0 $1,000 $0 -$1000 $0 $0 1 $1,700 $1,700 $2,000 $2,000 -$300 $1,700 $1,000 2 $1,650 $3,300 $2,800 $1,400 $500 $1,600 $800 3 $1,600 $4,800 $3,500 $1,166.66 $1,300…
Use Table A below and calculate ATC, Profit, marginal revenue and marginal cost at each quantity of output - keep your calculation for follow up questions: Q P TR TC ATC Profit MR MC 0 $1,900 $0 $1,000 1 $1,700 $1,700 $2,000 2 $1,650 $3,300 $2,800 3 $1,600 $4,800 $3,500 4 $1,550 $6,200 $4,000 5 $1,500 $7,500 $4,500 6 $1,450 $8,700 $5,200 7 $1,400 $9,800 $6,000 8 $1,350 $10,800 $7,000 9 $1,300 $11,700 $9,000 a. Q P TR TC ATC Profit MR MC 0 $1,900 $0 $1,000 $0 -$1000 $0 $0 1 $1,700 $1,700 $2,000 $2,000 -$300 $1,700 $1,000 2 $1,650 $3,300 $2,800 $1,400 $500 $1,600 $800 3 $1,600 $4,800 $3,500 $1,166.66 $1,300…
Shakti Inc. has been granted a patent for its arnica toothache balm. The table to the right shows the demand and the total cost schedule for the firm. What is Shakti's profit minus maximizingoutput? A. 4 units B. 6 units C. 7 units D. 5 units Price per dose (Dollars) Quantity Demanded (Dose) Total Cost of Production (Dollars) $80 0 $80 72 1 82 64 2 88 56 3 100 48 4 124 40 5 164 32 6 208 24 7 268 16 8 340