Suppose that the steel firm’s costs are shown below: Complete the table and determine the optimal output to bePrice of steel is P175 per unit.Output (Q)TFCTVCTCMCTRMRProfit/Loss05000 150050 250090 3500140 4500200 5500270 6500350 7500450 8500600 9500800

TVC, TC, and TFC (I) TC is partitioned into two sections TFC and TVC like that TC = TFC + TVC.…

Answered: Suppose that the steel firm’s costs are…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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9 = √KE C10K+5E K = 1 C(q) = 10 +5q² Market price (P) : = 30 = 30 = 10q q = 3 P = MC = Profit per unit π = = = R TC P q q զ π = (P - ATC)q - P 30 25 20 15- - ATC 10 0 p = 30 Cost Curves for C(q)=10+5q² MC Profit ATC AVC AFC о 3 4 5 6
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The next 2 questions refer to the following total cost schedule for a competitive firm: Output Total Cost 012345 $15 100 145 205 290 410 If market price is $100, the maximum profit the firm can earn is $ If market price is $60, the firm will produce units of output.
QUESTION 14 Suppose a busness owner operates her business out of a building that she owns. Also assume that there are ho malntenance or utlity costs associated with the building This means that it is costless for the business owner to use the buildng to operate the business O True O False QUESTION 15 if the 15th unit of output has a marginal cost of s29.50 and the average total cost of producing 14 units of output is 3021 what will happen to the average total cost is the 15th unit is produced? O Average Total Cost will fal. O Average Total Cost will increase O Average Totual Cost could increase or decrease deperiding on whar happets to variable cost O Average Total Cost could inorease or decrease depending.on what happens to fed cost
Output TFC TVC TC MC АТС A 25 25 ---- -- ---- -- B 1 25 25 50 25 50 C 2 25 40 65 32.5 3 25 70 95 E 4 25 110 33.75 F 5 25 160 50 What is the total cost at point E? 135 125 185 Cannot be determined
Please explain each process and show your work
18 IV 16 III 14 E 12 %3D 10 8 4. 0246810 12 14 16 18 20 22 24 26 2830 32 34 Quantity 32. The marginal cost curve is labeled:
Cost, revenue, and profit are in dollars and x is the number of units. Suppose that the marginal revenue for a product is MR = 1800 and the marginal cost is MC = 90Vx + 4, with a fixed cost of $600. (a) Find the profit or loss from the production and sale of 5 units. There is a -Select-- | of $ (b) How many units will result in a maximum profit? units
Given Question #1 Cost function C= 3000+6Q Q = 4400 - 200Q Q= 1600 P = 14 Profit= 22400-12600 = 9800 Question #2 Q=$480 - Laredo Q=$1120 - SA Question #3 Ed=−1.25 - Laredo Ed=−0.55 - SA 0.5<0.8− markup index it is charging less. - Laredo 0.64<-1/-0.55--markup index it is charging less. - SA Please answer question number #4 (A-C) For Laredo only

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Output (Q)	TFC	TVC	TC	MC	TR	MR	Profit/Loss
0	500	0
1	500	50
2	500	90
3	500	140
4	500	200
5	500	270
6	500	350
7	500	450
8	500	600
9	500	800

Suppose that the steel firm’s costs are shown below: Complete the table and determine the optimal output to be Price of steel is P175 per unit. Output (Q) TFC TVC TC MC TR MR Profit/Loss 0 500 0 1 500 50 2 500 90 3 500 140 4 500 200 5 500 270 6 500 350 7 500 450 8 500 600 9 500 800