The cost data in the following table are for Marshall's Meats, a perfectly competitive firm. Round your answers to 2 decimal places. Average Variable Output 0 Cost Average Total Cost Marginal Cost Total Cost $125 1 $ 30 $ 155 $ 30 155 2 25 87.50 20 175 3 26.67 68.33 30 205 4 27.75 59 31 236 5 34 59 59 295 6 40.17 61 71 366 7 51.43 69.29 119 485 a. Complete above the table. b. What is the shutdown price? Shutdown price: $ 25 c. If the market price of the product is $59, what quantity will Marshall's Meats produce? What will be its profit or loss? Quantity: 5 Break-even :$ 0 d. If the market price of the product is $20, what quantity will Marshall's Meats produce? What will be its profit or loss? Quantity: 2 Loss $ 135

The cost data in the following table are for Marshall's Meats, a perfectly competitive firm. Round your answers to 2 decimal places. Average Variable Output 0 Cost Average Total Cost Marginal Cost Total Cost $125 1 $ 30 $ 155 $ 30 155 2 25 87.50 20 175 3 26.67 68.33 30 205 4 27.75 59 31 236 5 34 59 59 295 6 40.17 61 71 366 7 51.43 69.29 119 485 a. Complete above the table. b. What is the shutdown price? Shutdown price: $ 25 c. If the market price of the product is $59, what quantity will Marshall's Meats produce? What will be its profit or loss? Quantity: 5 Break-even :$ 0 d. If the market price of the product is $20, what quantity will Marshall's Meats produce? What will be its profit or loss? Quantity: 2 Loss $ 135

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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36 Total Total Average Average Output Fixed Variable Total Variable Total Marginal (Q) Cost Cost Cost Cost Cost Cost I of 150 $500 $400 $900 $2.67 200 $500 $800 $1,300 $6.50 The table above shows costs for a firm. When Output (Q) changes from 150 to 200, Marginal Cost (MC) is equal to: Select one: a. $400 b. $8.00 c. $4.00 d. $5.00
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Given the following Information about a competitive firm's costs, calculate marginal cost and then answer three questions. 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. Output (Units) Total Cost Marginal Cost 10 $50 11 52 $ 2 12 56 $ 4 13 62 $ 6 14 70 $ 8 15 80 $ 10 16 92 $ 12 17 106 $ 14 18 122 $ 16 19 140 $ 18 a. If the prevailing market price is $12 per unit, how much should the firm produce? 16 units b. How much profit will it earn at that output rate? 100 c. If the firm Increases output by 1 unit, the firm will make more profit.
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A firm has fixed costs of $40 and variable costs as indicated in the table below. For each level of output (total product) calculate total cost, average fixed cost, average variable cost, average total cost and marginal cost. Write your response in the table provided. b) Discuss why a firm in perfect competition will not charge a price above or below the market price.
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The data in the table represents annual costs and revenue for Aurora’s Orchid Emporium. Aurora works 60 hours a week at the Orchid Emporium. Aurora owns the building that houses the Orchid Emporium, and if she closed the shop, she could rent out the building for $40,000 per year go to work for Acme Flowers, and earn a salary of $30,000 per year. Calculate the economic profit and economic cost for Aurora’s Orchid Emporium. Are these figures the same as the accounting cost and accounting profit? Explain. Wages paid: $22,000 Interest Paid on Loans: $8,000 Other Expenditures for Factors: $26,000 of Production Total Revenue: $115,000.
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The following cost data is for a firm which is selling in a perfectly competitive market: Average fixed Average variable Average total Total Marginal cost S17 product cost S100.00 50.00 33.33 25.00 20.00 cost $17.00 cost $117.00 66.00 47.33 39.25 34.00 2 16.00 15 3 4 15.00 14.25 14.00 14.00 15.71 17.50 13 12 13 16.67 14.29 12.50 11.11 10.00 9.09 7.33 30.67 30.00 14 26 30 35 7 8. 9. 10 11 30.00 30.55 31.60 33.09 35.00 19.44 21.60 41 24.00 48 12 26.67 56 Refer to the data above. If there were 600 identical firms in this industry and total or market demand is as shown below, equilibrium price will be: Quantity demanded 3,000 6,000 9,000 11,000 14,000 19,500 Price $50 42 36 32 20 13 $36