The following table shows partial cost information of White T-shirt Manufacturing Company. The T-shirt market is a perfectly competitive market. Quantity Total fixed cost Average variable cost $70 0. $10 $70 $15 $70 $20 $70 $70 $25 $70 $32 $70 $40 6. The market price of T-shirt is $60 each. At what quantity should the company produce to maximize profit/minimize loss? Explain A. 2345 B. Calculate the profit or loss of the company if it produces at the quantity that maximizes profit/minimize loss. C. Is the current situation in a long-run equilibrium? Explain you answer. At what quantity is the company's Efficient Scale? Explain your answer. D.

The following table shows partial cost information of White T-shirt Manufacturing Company. The T-shirt market is a perfectly competitive market. Quantity Total fixed cost Average variable cost $70 0. $10 $70 $15 $70 $20 $70 $70 $25 $70 $32 $70 $40 6. The market price of T-shirt is $60 each. At what quantity should the company produce to maximize profit/minimize loss? Explain A. 2345 B. Calculate the profit or loss of the company if it produces at the quantity that maximizes profit/minimize loss. C. Is the current situation in a long-run equilibrium? Explain you answer. At what quantity is the company's Efficient Scale? Explain your answer. D.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Imagine you are the mayor of a town and you are trying to decide if you should pay for a fireworks show. Your staff survey your 400 citizens who say that they each value a fireworks show at $10. The fireworks show only costs $3,000 so you put on the show but when you ask for donations to pay for the fireworks you only receive $25 total. What does this result show? Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. You staff's survey must have overestimated the value of a fireworks show. b The fireworks cost must have been greater than their economic benefit. The firework show suffered from the Tragedy of the Commons problems d The town's citizens were free-riders.
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