The table below shows cost and revenue information for Choco Lovers, a perfectly competitive firm producing different quantities ofchocolate gift boxes. Fill in the blanks in the table.Instructions: Round your answers to 2 decimal places.Choco Lovers Costs and RevenueQuantityTCATCMCof Gift Boxes($)($)($)555.0011.001.001057.505.75154.16671.002072.502.002592.503.704.0030122.5040.8336.00Instructions: Enter your answers below as whole numbers. For profit andprofit per unit, round your answers to 2 decimal places. Include a negativesign if necessary.4Profit-maximizing priceProfit-maximizing quantity =Total revenue =Profit =%3DProfit per unit =12Next >%24%24%24

MC(n)=(TC(n)-TC(p))(n-p) MC(n)=marginal cost of n th unitTC(n)=Total cost of n units of…

Answered: The table below shows cost and revenue…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Output 1 2 3 4 5 6 7 8 9 10 AFC $ 300 150 100 75 60 50 43 38 33 30 Multiple Choice AVC $ 100 75 production of 4 units. produce 6 units. shut down. 70 73 80 90 103 119 138 160 The accompanying table shows cost data for a firm that is selling in a purely competitive market. If the market price for the firm's product is $80, the firm will produce 5 units. ATC $ 400 225 170 148 140 140 146 156 171 190 MC $100 50 60 80 110 140 180 230 290 360
QUESTION 5 Price 10 97 8- 7+ 6 3 2 MC ATC AVC Pl P2 P3 P4 + + 1 2 3 1 S 6 7 N Quantity At the price level labeled "P2," what happens in the short-run (SR) and long-run (LR) O SR: This firm will have positive economic profit. LR: Firm(s) enter this market and price decreases. SR: This firm will have positive economic profit. LR: Firm(s) enter this market and price remains the same. SR: This firm will have zero economic profit. LR: Firm(s) enter this market and price decreases. SR: This firm will have zero economic profit. LR: Price remains the same. OSR: This firm will operate with negative profit. LR: Firm(s) exit this market and price remains the same. OSR: This firm will operate with negative profit. LR: Firm(s) exit this market and price rises. OSR: This firm will not operate (shutdown). LR: Firm(s) exit this market and price remains the same. OSR: This firm will not operate (shutdown). LR: Firm(s) exit this market and price rises.
The table below shows cost and revenue information for Choco Lovers, a purely competitive firm producing different quantities of chocolate gift boxes. Fill in the blanks in the table. Instructions: Enter your answers rounded to two decimal places. Choco Lovers Cost and Revenue Quantity TC АТC MC of Gift Boxes ($) ($) ($) 25 205.00 8.20 7.00 30 237.50 7.92 35 7.79 7.00 40 312.50 8.00 45 362.50 8.06 10.00 50 422.50 8.45 12.00 Assume the profit-maximizing price is $10 per gift box, and then answer the following questions: a. Profit-maximizing quantity = gift boxes b. Total revenue = $
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The table below shows cost and revenue information for Choco Lovers, a purely competitive firm producing different quantities of chocolate gift boxes. Fill in the blanks in the table. Instructions: Enter your answers rounded to two decimal places. Choco Lovers Cost and Revenue Quantity TC ATC MC of Gift Boxes ($) ($) ($) 60.00 12.00 2.00 10 67.50 6.75 15 5.17 2.00 20 92.50 3.00 25 117.50 4.70 5.00 30 152.50 5.08 7.00 Assume the profit-maximizing price is $3 per gift box, and then answer the following questions: a. Profit-maximizing quantity = gift boxes b. Total revenue = $ c. Profit = $ d. Profit per unit = $ per gift box
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MC. ATC AVC $70 $60 $50 D MR $40 $30 $20 $10 50 100160 200 250 300360 400 Output This firm would in the short run and in the long run. O shut down; stay in business operate: go out of business O operate; stay in business O shut down; go out of business Which statement is true about the perfect competitor in the short run? O He may take a loss, but he won't make a profit. O He will break-even. O None of the statements are true. O He may make a profit, but he won't take a loss. asop
5. Profit maximization and shutting down in the short run The following graph plots daily cost curves for a firm operating in the competitive market for air fryers. PRICE (Dollars per thyer 8 & 0 Price (Dollars per fryer) 25.00 70.00 MC 100.00 ATC AVC Using the following table, for each price level, calculate the optimal quantity of units for the firm to produce. Using the data from the graph to determine the firm's total variable cost, calculate the profit or loss associated with producing that quantity. Assume that if the firm is indifferent between producing and shutting down, it will choose to produce. (Hint: Select purple points [diamond symbols] on the graph to receive exact average variable cost information.) QUANTITY (Thousands offers) Quantity Total Revenue Fixed Cost (Fryers) (Dollars) 30,000 (Dollars) 1,600,000 1,600,000 1,600,000 Variable Cost (Dollars) Profit (Dollars) If the firm shuts down, it must incur its fixed costs (FC) in the short run. In this case, the firm's…
8. Firm's Revenue A firm in a competitive market receives $1,080 in total revenue and has marginal revenue of $20. The firm's average revenue is S units were sold.
2. Sketch the MC and ATC curves. Put quantity of output on the horizontal axis and measure costs on the vertical axis. Quantity (Q) Price Total Total Profit Marginal Revenue Marginal Cost (TC) Cost (MC) (P) Revenue (TR) (MR) 6. 25 126 7 25 141 8 25 160 25 183 10 25 210 11 25 245 12 25 300 3. Complete the table above. 4. What is the profit-maximizing level of output? 5. What is the amount of profit at the profit maximizing output level?
section C and D No A and B

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