(circle symbol) to plot marginal revenue and the orange points (square symbol) to plot marginal cost at each quantity.COSTS AND REVENUE (Dollars per shirt)403500125QUANTITY (Shirts)34678Marginal Revenue0Marginal Cost(?)Edison's profit is maximized when he producesshirts. When he does this, the marginal cost of the last shirt he produces is $whichisthan the price Edison receives for each shirt he sells. The marginal cost of producing an additional shirt (that is, one more shirt thanwould maximize his profit) is $which is▼ than the price Edison receives for each shirt he sells. Therefore, Edison's profit-maximizing quantity corresponds to the intersection of thecurves. Because Edison is a price taker, thislast condition can also be written as 11. Profit maximization using total cost and total revenue curvesSuppose Edison runs a small business that manufactures shirts. Assume that the market for shirts is a competitive market, and the market price is$25 per shirt.The following graph shows Edison'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 Edison produces.TOTAL COST AND REVENUE (Dollars)2001751501251000-25Ho0☐1☐2☐▬▬▬3 4 5QUANTITY (Shirts)■6Total Cost78OTotal RevenueProfit?

As per the question market type in the above scenario is perfectly competitive . Optimal…

Answered: s COSTS AND REVENUE (Dollars per shirt)…

Business

Economics

s COSTS AND REVENUE (Dollars per shirt) 8 8 O 5 2 Marginal Cost Marginal Revenue 1 1•1• 9 ?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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7 8 9 10 $4100 $5400 $7300 O a. $120 and $730 O b. $120 and $931.11 O c. $120 and $811.11 O d. $120 and $109.89 $10880 $135 $980 What is the average fixed cost and average variable cost if nine instructional modules are produced?
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. 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.
Give me correct answer with calculation and full explanation otherwise i give downvote Note:- Please avoid using ChatGPT and refrain from providing handwritten solutions; otherwise, I will definitely give a downvote. Also, be mindful of plagiarism. Answer completely and accurate answer. Rest assured, you will receive an upvote if the answer is accurate.
This profit-maximizing/ loss minimizing firm is ? Note:- Please refrain from offering handwritten solutions. Please ensure that your response maintains accuracy and quality to avoid receiving a downvote. Take care of plagiarism. Answer completely. You will get up vote for sure.
2. Cost-Volume-Profit Chart The cost-volume-profit chart shows the relationship between sales volume, costs, and profit. To cre this chart, we need to calculate the following values: - Contribution Margin per Unit: Selling Price - Variable Cost per Unit - Contribution Margin Ratio: Contribution Margin per Unit / Selling Price - Break-Even Point: Fixed Costs / Contribution Margin per Unit - Profit: (Unit Sales * Selling Price) - (Unit Sales * Variable Cost per Unit) - Fixed Costs For the first 100 units of clever wearable devices, we can calculate these values as follows: - Contribution Margin per Unit: $150 $50 = $100 - Contribution Margin Ratio: $100/$150 = 0.67 or 67% - Break-Even Point: $10,000/$100 = 100 units - Profit: (Unit Sales $150) - (Unit Sales * $50) - $10,000 We can plot these values on a graph with unit sales on the x-axis and revenue, costs, and profit on the y-axis.
The firm will A-increase its marginal revenue B increased its profits C decrease its marginal revenue D maximize its profits
abus ules Marginal Marginal Output Revenue Cost se Materials aw-Hill ct 012 $18 $4 $18 $6 $18 $10 3 $18 $18 4 $18 $26 $37 ns Resources 5 $18 Refer to the data in the accompanying table. If the firm's minimum average variable cost is $17, the firm's profit-maximizing level of output would be. p O 1 03 04 02 200m
Based on the table, what price does John's Tricycle Company charge for a tricycle?
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6. No. of COWS (Head) 0 25 50 75 100 125 150 175 200 225 250 275 If the price of beef was $98.00 what is the optimum number of cows and the profit or loss at that number and price? Output (cwt. of beef) 0 104 220 322 413 494 568 629 676 710 730 737 Total Total Average Average Average Marginal Marginal Total Total Profit Cost Variable Fixed Revenue Revenue Fixed Total Cost Cost Costs Costs Cost 20,000 20,000 XXX XXX XXX 20,000 24,500 43.27 192.31 235.58 90.91 131.82 20,000 29,000 40.91 20,000 33,500 41.93 62.11 104.04 20,000 38,000 43.58 48.43 92.01 45.55 40.49 86.03 20,000 42,500 47,000 27,000 20,000 47.54 35.21 82.75 20,000 51,500 50.08 31.80 81.88 31,500 36,000 20,000 56,000 53.25 29.59 82.84 57.04 28.17 85.21 40,500 20,000 60,500 45,000 20,000 65,000 61.64 27.40 89.04 49,500 20,000 69,500 67.16 27.14 94.30 Total Variable Cost 0 4,500 9,000 13,500 18,000 22,500 Ans. Ans. XXX 43.27 38.79 44.12 49.45 55.56 60.81 73.77 95.74 132.35 225.00 642.86 98.00 98.00 98.00 98.00 98.00 98.00 98.00…