Table 9.2 Price ($) 50 40 Quantity Demanded 2 23 30 4 20 10 5 6 Refer to Table 9.2. Marginal revenue from the sixth unit of output is O a. -$40. O b. $10. c. $100. O d. $40. O e. $60.
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- Price and cost $40.50 36.00 30.00 22.00 20.00 O Lover b. profit of $1,440 c. loss of $2,520 d. profit of $1,300 MC ATC 130 180 240 adest erias in 20 AVC MR Quantity 34. Please refer to the figure above: If the market price is $30 and the firm is producing output, what is the amount of the firm's profit or loss? a. loss of $1,080Homework 7 i Saved 1 Number of Bushels (per Day) Total Total Total Marginal Marginal Price Revenue Cost Profit Revenue Cost 6 points 012345 $13 $0 $10 -$10 13 13 15 -2 13 26 13 39 13 13 2285 22 4 31 8 52 44 8 65 61 4 13333 $13 13 1764G $5 Print Mc Graw Hill Help Save & Exit Su If the price of catfish fell from $13 to $7 per bushel, determine the Instructions: Enter your responses as a whole number. If you are entering any negative numbers be sure to include a negative sign (-) in front of those numbers. a. Profit-maximizing output. bushel(s) b. Profit or loss per bushel. Search L hiji's o of3. Answer the following questions about the figure below: eliqu Price $20 $18 $16 $14 $12 $10 $8. $6 $4 $2 0 MR D 1 2 3 4 5 6 7 8 9 10 11 12 13 14 Quantity MC a. What is the profit-maximizing level of output? iliw tailogonom off 010 +115d0-(899 moitiba T wilmM) loods.P b. What price with the monopolist charge to maximize profits?
- Price1 Price2 Quantity 1 Quantity2 demand for a.cashews 7.50dollar per pound 6.00 dollar per pound 800 pounds per month 1,000 pounds per month 65 per year b.portable hard drive (1 terabyte) 80 dollar 120 dollar 75 per year 65 per year c.12-gauge copper wire 0.60 per lineal foot 0.45 per lineal foot 2,5000 lineal feet per week 5,000 lineal feet per week d.Toothpaste 2.00 dollar per tube 2.40 dollar per tube 10 tubes per moth 9 tubes per month Using the midpoint formula, calculate elasticity for each of the following changes in demand.The market for apple pies in the city of Ectenia is competitive and has the followingdemand schedule:Price Quantity Demanded$ 1 1,200 pies2 1,1003 1,0004 9005 8006 7007 6008 5009 40010 30011 20012 10013 0 ch producer in the market has fixed costs of $9 and the following marginal cost:Quantity Marginal Cost1 pie $ 22 43 64 85 106 12a. Compute each producer’s total cost and average total cost for 1 to 6 pies.b. The price of a pie is now $11. How many pies are sold? How many pies does eachproducer make? How many producers are there? How much profit does eachproducer earn?c. Is the situation described in part (b) a long-run equilibrium? Why or why not?d. Suppose that in the long run there is free entry and exit. How much profit does eachproducer earn in the long-run equilibrium? What is the market price? How many piesdoes each producer make? How many pies are sold in the market? How many pieproducers are operating?(a) What is the profit-maximizing level of output and how much daily profit will the producer below earn if the price of pizza is $ 2.50 per slice? MC S/lice ATC AVe 2.50 1.40 slices/day S70
- Femi's Hook NLadder is the only company selling fire engines in the fictional country of Alexandrina. Femi initially produced eight trucks, but then decided to increase production to nine trucks. The following graph gives the demand curve faced by Femi's HookNLadder. As the graph shows, in order to sell the additional fire truck, Femi must lower the price from $80,000 to $40,000 per truck. Notice that Femi gains revenue from the sale of the additional engine, but at the same time, he loses revenue from the initial eight engines because they are all sold at the lower price. Use the purple rectangle (diamond symbols) to shade the area representing the revenue lost from the initial eight engines by selling at $40,000 rather than $80,000. Then use the green rectangle (triangle symbols) to shade the area representing the revenue gained from selling an additional engine at $40,000. PRICE (Thousands of dollars per fire engine) 220 200 180 160 140 120 100 BO 60 40 20 1 2 6 6 7 QUANTITY (Fire…ework 71 B Saved Help Save & Exit Subm Assume the price of basic white t-shirts in a perfectly competitive market is $21 and that the typical firm confronts the following costs: Quantity (t-shirts per day) Total Cost 0 $10 1 17 2 26 Print 3 37 4 50 5 65 6 82 7 101 8 122 9 145 10 170 aw Search ^ CExhibit 0127 Dollars per unit $40 36 32 28 ATC 24 20 AVC 16 12 100 150 200 250 9. In Exhibit 0127, a firm can sell all it wants at the market price of $28/unit. At the profit maximizing output level, the firm represented in Exhibit 0127 experiences a. a loss of $3,200 b. a profit of $1,600 a profit of $1,200 d. zero profit or loss a loss of $800 C. e.
- Question 18 2 3 40 Pt. Table 7-3 Susan's Sweaters Outlet Price $10 $20 $30 $40 $50 Quantity Marginal Total Cost Supplied Cost 1 O a. $60. O b. $90. O c. $20. O d. $30. 2 3 4 5 Total Revenue Producer Surplus Refer to Table 7-3. What was the producer surplus of three sweaters?A company manufactures three product. The productis sold in three communities, X, Y and Z. The supply function schedules of the three communities as well as that of the entire market supply for okyerefo soap are shown below Unit Price Community X Community Y Community Z Market Supply 100 250 520 725 640 850 700 1000 Usethe information in the table to estimate i. i. the supply equations of each of the three communities. ii. market supply function. ii. market supply when the price decreases to 50.Since most consumers spend very little on salt, a small increase in the price of salt will:A. reduce quantity demanded by a large amountB. not reduce quantity demanded by very muchC. not change quantity demandedD. increase quantity demanded by a small amount 2.Fred is considering opening a ski shop in Colorado. Assume Fred will incur the following costs: building rent= $100000/year, inventory= $250000/ year, energy=$50000/year, and labor (one clerk) = $10000/year. In addition, Fred’s current income as a computer programmer is $40000 per year. Assuming Fred would earn $ 460000 in revenues, he could expect to earn:A. an accounting profit of $10000 per yearB. an accounting profit of $ 60000 per yearC. an economic profit of $ 10000 per yearD. an economic profit of $50000 per year 3.Suppose a firm employs only capital and labour (K and L) and its production function is Q = 2KL. If the quantities of labour and capital are fixed at K =10 and L = 25, then:A. total output cannot exceed 125B.…