The following table shows the costs of a firm. : Complete the following table: Quantity TC MC ATC AVC AFC 0 20 - - - - 1 ? 20 ? ? ? 2 ? 10 ? ? ? 3 ? 16 ? ? ? 4 ? 20 ? ? ? 5 ? 24 ? ? ? A. Fill in the missing terms. B. Explain the shape of the Average variable costs and Average fixed costs curve. C. If the firm was under perfect competition, and faced a price = Rs 16 , how much would the firm produce? What will be the shut down price for the firm?

The following table shows the costs of a firm. : Complete the following table: Quantity TC MC ATC AVC AFC 0 20 - - - - 1 ? 20 ? ? ? 2 ? 10 ? ? ? 3 ? 16 ? ? ? 4 ? 20 ? ? ? 5 ? 24 ? ? ? A. Fill in the missing terms. B. Explain the shape of the Average variable costs and Average fixed costs curve. C. If the firm was under perfect competition, and faced a price = Rs 16 , how much would the firm produce? What will be the shut down price for the firm?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Brody's firm produces trumpets in a perfectly competitive market. The table below shows Brody's total variable cost. He has a fixed cost of $240, and the price per trumpet is $60.-Calculate the average total cost of producing 6 trumpets. Show your work. -Calculate the marginal cost of producing the 11th trumpet. -What is Brody's profit-maximizing quantity? Use marginal analysis to explain your answer. -At the profit-maximizing quantity you determined in part (c), calculate Brody's profit or loss. Show your work. -Brody also produces saxophones at a loss in a perfectly competitive market. Draw a correctly labeled graph for Brody's firm showing the following at a market price of $200. -Brody's profit-maximizing quantity of saxophones -Brody's loss, completely shaded Quantity Total Variable cost 6 $120 7 $145 8 $165 9 $220 10 $290 11 $390
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“That segment of a competitive firm’s marginal-cost curve that lies above its average-variable-cost curve constitutes the shortrun supply curve for the firm.” Explain using a graph and words.
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QUESTION 1 DA MC ATC AVC Quantity Observe the graph above. Based on the original price being set at P1, what assumptions would you make about the company's condition and what might happen O The company is profitable and making a very good profit O Company is barely at the break-even point or even below that point because the price of the product is set to cover just its variable costs which means the company would not survive long if the price of P1 remains the same O Company is making small profits in the short run O None of the above.
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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Koki's problem: a. A firm named "Koki" operating in pork market (perfectly competitive market) has the following short-run total cost. Fill in the cost table below Quantity 0 Total costs (Baht) 5 1 10 2 13 3 18 4 25 5 6 FC VC AVC ATC MC 34 45 b. Market's quantity demand for pork is given by the following table: Price (Baht) 11 10 8 6 2.5 Market's quantity demanded 300 500 800 1200 2500 Suppose there are 100 firms in this market (including Koki) that have identical costs to those of Koki. Find Koki's quantity supplied and the market's quantity supplied at each price Note: quantity supplied is the quantity that a firm is willing and able produce and sell at a price. Price (Baht) Koki's quantity Supplied 11 10 Market's quantity Supplied 8 6 2.5 c. Based on the answers in b., find the equilibrium price and equilibrium quantity in the market and how much profits(losses) does Koki make at equilibrium? d. In long run, what will be the market price and market quantity?