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

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

Question 38 MC АТС 20 -MR 16 30 40 Firm What is the amount of profit in the above graph? 120 160 40 None of these answers
K Wilbur's is the only septic service in a remote village. The firm's total fixed cost is $50 a day and its marginal cost is zero. The table gives the demand schedule for service calls. Price (dollars per service call). Quantity (service calls per day) 500 0 400 1 300 2 200 3 100 4 5 0 Draw the firm's demand curve. Label it D Draw the firm's marginal revenue curve Label it MR. Draw the firm's marginal cost curve. Label it MC Draw a point at the profit-maximizing price and output.
(Figure 10-3)What is the maximum economic profit this firm depicted in Figure 10-3 will be able to earn? Group of answer choices $600 $200 $400 $0
Q 0 1 2 3 4 5 $164 O $100 $104 $93 P 65 59 53 47 41 35 Previous TR MR The chart below summarizes the demand curve and total cost function faced by a firm with market power. Profit at the profit maximizing level is. wwww TC 30 33 39 48 60 75 MC Profit Next >
Y6
28) The following table shows costs and revenue schedules for a firm. QuantityAC (£)MC (£) AR (£) MR (£) 100 3.20 3.00 3.00 3.00 200 2.80 2.80 3.00 3.00 300 2.84 3.00 3.00 3.00 400 3.00 3.60 3.00 3.00 500 4.00 6.00 3.00 3.00 600 6.00 9.00 3.00 3.00 At what output will the firm maximise profit? A) 400 B) 300 C) 600 D) 200
The graph below depicts the cost curves faced by all firms in a particular industry. While the second graph show the total market demand (in thousands). Initially there are 500 firms. 10 B N 5 20 40 60 80 100 120 140 160 180 200 9 50 100 150 200 250 300 350 400 450 500 Demand in thousands What is the SR profit per firm? -80 240 0300 400
Use the figure below to answer the following questions. Price and cost (dollars per unit) 100 90 85 80 70 55 40 0 MR₂ MC ATC La MR₁ 100 140 200 220 250 Quantity (units per week) Figure 13.2.3 Refer to Figure 13.2.3. Assume this firm faces demand curve D2. If the firm produces the efficient quantity, it makes zero economic profit. makes an economic profit. will face competition from new firms entering the industry. is in a long-run equilibrium. incurs an economic loss.
Use the following diagram to answer this question. This firm will have a profit per unit of Price 9.50 10 8 6.50 - 5 O $1.50 O $3.00 $4.50 $5.00 7,000+ 8,000 MR 10,000 MC ATC AVC AR-D Quantity of Widgets
Assume the table below is extracted from Dodi company Ltd a perfectly competitive firm selling cabbages. Assume that when the firm's selling price is AUD 15, the marginal revenue is also AUD15. i. Complete the table below and answer the questions that follow. Quantity (Kg) AVC AFC ATC MC 2.50 7.50 5.10 3.50 9.00 3.00 9.00 4.50 10.00 2.50 12.50 5.50 14.00 1.80 13.00 6.00 18.00 1.67 15.00 10.00 25.00 1.43 16.00 Qty = Quantity; AVC=Average variable cost; AFC = Average fixed cost; ATC=Average T otal Cost; MC= Marginal Cost; Rev = Revenue; MR= Marginal Revenue; Kg = Kilogram ii. Based on your answers to the table above, identify the profit maximizing guantiy supplied by the firm. Calculate the amount of profit/loss at this optimal point. Show your work. iii. State and examine the characteristics for a perfectly competitive firm such as Dodi Ltd selling cabbages.
Consider the following graph: Price and cost (per necklace) 200.00 240.00 220.00- 200.00 180.00 160.00- 140.00 120.00- 100.00 80.00 60.00 40.00- 20.00- 0.00+ -N 2 14 MC What is the maximum profit for the firm? D ATC MR 8 10 12 14 16 18 20 22 24 26 Quantity (diamond necklaces)
Help