Suppose that Zoomba is one of over a dozen competitive firms in the Oviedo area that offers moving truck rentals.Based on the preceding graph showing the weekly market demand and supply curves, the price Zoomba must take as given is 5Fill in the price and the total, marginal, and average revenue Zoomba earns when it rents 0, 1, 2, or 3 trucks during move-in week.Quantity PriceTotal Revenue Marginal Revenue(Dollars)(Dollars)(Trucks)Average Revenue(Dollars per truck)0123(Dollars per truck)The demand curve faced by Zoomba is identical to which of its other curves? Check all that apply.Supply curveAverage revenue curveMarginal cost curveMarginal revenue curve 2. The demand curve facing a competitive firmThe following graph illustrates the market for small moving trucks in Oviedo, FL, during UCF's fall move-in week.1009080PRICE (Dollars per small truck);5 8 87050403020100Demand0 15,5082 3 4 5 6QUANTITY (Hundreds of small trucks)Supply9 10?Suppose that Zoomba is one of over a dozen competitive firms in the Oviedo area that offers moving truck rentals.

The per unit revenue by selling goods is AR(average revenue). The change in revenue due to a change…

Suppose that Zoomba is one of over a dozen competitive firms in the Oviedo area that offers moving truck rentals. Based on the preceding graph showing the weekly market demand and supply curves, the price Zoomba must take as given is $ Fill in the price and the total, marginal, and average revenue Zoomba earns when it rents 0, 1, 2, or 3 trucks during move-in week. Quantity Price Total Revenue Marginal Revenue (Trucks) (Dollars per truck) (Dollars) (Dollars) Average Revenue (Dollars per truck) 0 AAA

Suppose that Zoomba is one of over a dozen competitive firms in the Oviedo area that offers moving truck rentals. Based on the preceding graph showing the weekly market demand and supply curves, the price Zoomba must take as given is $ Fill in the price and the total, marginal, and average revenue Zoomba earns when it rents 0, 1, 2, or 3 trucks during move-in week. Quantity Price Total Revenue Marginal Revenue (Trucks) (Dollars per truck) (Dollars) (Dollars) Average Revenue (Dollars per truck) 0 AAA

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Please answer questions D, E and F
Move the cursor to draw the marginal revenue curve using the information in the following table. Quantity Produced 0 1 2 3 4 5 6 80 70 60 50 400 30 20 10 07 Price ($) 80 75 70 65 60 55 50 2 Total Revenue ($) 0 75 140 195 240 275 300 Marginal Revenue ($) 3 4 Quantity Produced 5 6
The following graph plots daily cost curves for a firm operating in the competitive market for rompers. Hint: Once you have positioned the rectangle on the graph, select a point to observe its coordinates. (?) PRICE (Dollars per romper) 50 45 40 3.5 30 20 15 10 10 5 0 + 0 2 MC ATC AVC 4 6 8 12 14 16 QUANTITY (Thousands of rompers per day) 10 18 H 20 Profit or Loss
The following graph plots daily cost curves for a firm operating in the competitive market for jumpsuits. Hint: Once you have positioned the rectangle on the graph, select a point to observe its coordinates. PRICE (Dollars per jumpsult) 50 45 40 35 30 25 20 15 10 5 10 W 0 Y ATC AVC 2 MC 4 8 QUANTITY (Thousands of jumpsuits per day) 6 10 + 14 16 18 12 20 Profit or Loss In the short run, given a market price equal to $15 per jumpsuit, the firm should produce a daily quantity of of On the preceding graph, use the blue rectangle (circle symbols) to fill in the area that represents profit or loss of the firm given the market price of $15 and the quantity of production from your previous answer. Note: In the following question, enter a positive number regardless of whether the firm earns a profit or incurs a loss. The rectangular area represents a rt-run thousand per day for the firm. jumpsuits.
Co Assignment Content 1) When the Price is $4 the quantity supplied of hats is 100. If the price changes to $6 dollars and the quantity supplied changes to 400, is the elasticity of supply elastic, inelastic or unit elastic? How did you reach that conclusion? 2) Why will economic profits for firms in a perfectly competitive industry tend to vanish in the long run? What about accounting AS 12
4
5. The demand curve facing a competitive firm The following graph illustrates the market for medium moving trucks in Flagstaff, AZ, during Northern Arizona's fall move-in week. PRICE (Dollars per medium truck) 200 180 160 140 120 100 80 40 20 0 0 Demand 1 3 4 5 6 7 8 QUANTITY (Hundreds of medium trucks) 2 Supply 9 10 ? Suppose that SendIt is one of over a dozen competitive firms in the Flagstaff area that offers moving truck rentals. Based on the preceding graph showing the weekly market demand and supply curves, the price Sendit must take as given is $
11. Problems and Applications Q3 Johnny Rockabilly has just finished recording his latest CD. The company can produce the CD with no fixed cost and a variable cost of $18 per CD. His record company's marketing department determines that the demand for the CD is as follows: Complete the following table by computing total revenue for each quantity listed and marginal revenue for each 5,000 increase in the quantity sold. Price Total Revenue Marginal Revenue (Dollars) Number of CDs (Dollars) (Dollars) 30 10,000 28 15,000 26 20,000 24 25,000 22 30,000 20 35,000 Profit is maximized at a quantity of CDs and a price of This results in a profit of If you were Johnny's agent, you would advise Johnny to demand a recording fee of from the record company.
9. Profit maximization in the cost -curve diagram The following graph plots daily cost curves for a firm operating in the competitive market for porch swings.Hint: Once you have positioned the rectangle on the graph, select a point to observe its coordinates. In the short run, given a market price equal to $50 per pressure cooker, the firm should produce a daily quantity of pressure cookers. On the preceding graph, use the blue rectangle (circle symbols) to fill in the area that represents profit or loss of the firm given the market price of $50 and the quantity of production from your s answer. Note: In the following question, enter a posi profit The rectangular area represents a short - run loss ber regardless of whether the firm earns a profit or incurs a loss. of thousand per day for the firm. Hint: Once you have positioned the rectangle on the graph, select a point to observe its coordinates. PRICE (Dollars per pressure cooker) 100 8 90 80 70 30 20 10 0 0 5 MC ATC AVC 10 15 20 25…
Use the table below to answer the following questions: Quantity Demand (Price) Marginal Revenue Marginal Cost Average Cost 1 $1200 1200 500 500 2 1100 1000 275 388 3 1000 800 225 333 4 900 600 250 313 5 800 400 400 330 6 700 200 500 358 7 600 0 700 407 What is this firm’s profit-maximizing price? What is its profit-maximizing output? What is the firm’s average profit? What is the firm’s total profit? If at least one consumer is willing to pay $1200 for this product, why won’t the monopolist charge $1200?
Help completing the table
2. The demand curve facing a competitive firm The following graph illustrates the market for small moving trucks in Bloomington, IN, during Indiana's fall move-in week. PRICE (Dollars per small truck) 100 90 Supply X 2 3 6 7 8 QUANTITY (Hundreds of small trucks) 80 70 60 50 40 30 20 10 0 Demand 0 1 4 5 9 10 ? Suppose that YouYeet is one of over a dozen competitive firms in the Bloomington area that offers moving truck rentals. Based on the preceding graph showing the weekly market demand and supply curves, the price You Yeet must take as given is $