1. Use the table below to answer the following questions:CostsRevenuesTotal CostMarginalCostQuantityPrice ($)QuantityProducedTotalMarginalRevenueDemandedRevenue1001701401601841503230314028041305335395512011074757100575895a. Find the average fixed cost and average variable cost for the 4th unit of output.b. How much does profit change if 6 units are sold instead of 5? b. How much does profit change if 6 units are sold instcad of 5?2. The diagram below shows a perfectly competitive firm. Use the diagram to answer the followingquestions.MCATCIAVC232216MR121417 19Quantity (units)What is the profit maximizing level of output for the firm?b. What is the economic profit earned or loss incurred by the firm?a.- Based on your answers of (a) & (b) determine if the firm should shut down or operate in theshort run. Explain your answer.Price (dollars per unit)

Use the table below to answer the following questions: Costs Revenues Price ($) Total Quantity Produced Marginal Cost Quantity Demanded Marginal Revenue Total Cost Revenue 100 170 140 160 2 184 150 3 230 140 280 4 130 335 395 475 575 5 120 6. 6. 110 100 95 a. Find the average fixed cost and average variable cost for the 4th unit of output. b. How much does profit change if 6 units are sold instead of 5?

Use the table below to answer the following questions: Costs Revenues Price ($) Total Quantity Produced Marginal Cost Quantity Demanded Marginal Revenue Total Cost Revenue 100 170 140 160 2 184 150 3 230 140 280 4 130 335 395 475 575 5 120 6. 6. 110 100 95 a. Find the average fixed cost and average variable cost for the 4th unit of output. b. How much does profit change if 6 units are sold instead of 5?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Use the information for a firm in the table below to answer the following questions. Quantity Total Revenue Total Cost $0 $10 14 18 19 3 27 25 4 36 32 45 40 6 54 49 7. 63 59 72 70 81 82 Refer to Table 14-3. If the firm finds that its maginal cost is $11, it should OA increase production to maximize profit. OB, increase the price of the product to maximize profit. C advertise to attract additional buyers to maximize profit. D. reduce production to increase profit. MC Price АТС P4 P3 P2 AVC P, 3. Q, Q, Quantity Figure 14-5 The figure below depicts the cost structure of a firm in a competitive market. Click on the hyperlink below to see the figure Final 2019 F1 fig14.5.png Refer to Figure 14-5. When market price is P1, a profit-maximizing firm's total revenue can be represented by the area OA, a. P1 x Q2 OB. b. P2 x Q2. OC c. P3 x Q2. OD.d. P, x Q3. QUESTION 23
Total revenue, total cost, and profit. Oscar runs a lemonade stand. He sells each cup of lemonade for $2.50. The variable cost per cup, including lemons, sugar, and cups, is 50.75. Additionally, Oscar has fixed costs of $20 for his stand and equipment. In a day, Oscar sells 50 cups of lemonade. Calculate Oscar's total revenue, total cost, and profit for the day. Provide your rationa
a. what is the optimal quantity of goods for the firm to produce b. what is the optimal price for the quantity of goods for the firm to produce c. what is the total revenue for the firm d. what is the total cost for the firm e. what is profit/loss for the firm
The next 6 questions relate to the following table. Calculate total revenue at a quantity of 5 units. (The table gives you Quantity, Price, and Total Costs, leaving the Total Revenue and Profit for you to calculate.) Quantity Price Total Revenue Total Cost Profit 0 70 0 1 70 60 2 70 120 3 70 180 4 70 300 5 70 410 Calculate profit at an output of 4 units. What is the highest profit possible? What is the profit maximizing level of output What is the profit maximizing price? Can you tell if this is the short run or long run? Explain.
Total Revenue Total C ost Proit/Loss/ Price( P) Quantity (TR) (TC) Break Even $3 5. 2 9. 3 8. 4 11 5. 15 6. 21 30 8. 42 6. 60 10 85 Yummy Cupcakes is a purely competitive firm. The firm's costs are shown in the table above. The market price is $5 (USE THIS TO FILL IN THE PRICE COLUMN) When Yummy Cupcakes produces 1 cupcakel Q-1).the firm : O breaks even incurs a loss O earns profits will shutdown
Use the following graphs for questions 22 and 23. At what price would a firm exit the market? (a) Relationship of total cost to total variable cost and total fixed cost (b) Relationship of marginal cost to average total cost, average variable cost, and average fixed cost Total Costs (dollars) 700 Cost 150 Per 140 TC Unit 130 TVC (dollars) 120 MC 600 110 100 500 90 80 400 70 60 ATC 300 TFC 50 AVC 40 AFC 200 30 20 TFC 100 10 AFC 0 1 2 3 4 5 6 7 8 9 10 11 12 0 1 2 3 4 5 6 7 8 9 10 11 12 Quantity of Output Quantity of Output (units per hour) (units per hour) O $20 O $30 $45 $50
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. $5.00
2. Find the volumes over which each site for making a product is the lowest cost. Site Fixed Variable 1 20,000 18 2 10,000 32,000 23 166 4. 35,000 20 a) What is the highest volume where site 2 is the lowest cost? b) What is the lowest volume where site 3 is the lowest cost?
Use the cost and revenue data to answer the questions. Quantity Price Total Revenue Total Cost 10 90 900 675 15 80 1200 825 20 70 1400 25 60 1500 30 50 1500 35 40 1400 1025 1250 1500 1850
Just a discussion post no format needed Topic: Increase in Fixed Costs 1. Suppose a business experiences a sudden increase in its fixed costs. For example, suppose property taxes increase dramatically. What impact, if any, will this have on the following: 1. the firm's AFC (average fixed cost); 2. the firm’s AVC (average variable cost); 3. the firm’s ATC (average total cost); and, 4. the firm’s MC (marginal cost)? 2. What changes, if any, is there likely to be in these same cost CURVES?
Quantity Price ($) Total Revenue ($) Marginal Revenue ($) Total Cost ($) Marginal Cost ($) Average Cost($) 2 24 48 23 35 2.5 17.5 4 23 92 21 45 5 11.25 6 22 132 19 60 7.5 10 8 21 168 17 77 8.5 9.63 10 20 200 15 100 11.5 10 12 19 228 13 126 13 10.5 14 18 252 11 165 19.5 11.79 16 17 272 9 210 22.5 13.13 18 16 288 7 260 25 14.44 20 15 300 5 320 30 16 The table above is for a monopolistic competitive firm. What price will the firm charge? Question 19 options: $13 $15 $19 $24
PRINT YOUR NAME (LAST) (FIRST) Aggregate Cost Data Unit Cost Data Average Average Average I Fixed Variable Total Cost TC Marginal Quantity Fixed Variable Total Change in I Cost of Output (FC) (VC) Cost ATC Cost Cost Total Cost (TC) (ATC) Plot MC at Output Cost Cost IFC VC $600 $ 0 $ 600 I XX XX XX XX $3.00 $300 50 100 600 300 900 I $6.00 $3.00 $9.00 100 1.00 150 200 600 400 | 3.00 2.00 5.00 50 .50 - 250 300 1050 I 2.00 1.50 1.00 350 400 1150 I 1.50 1.38 2.88 200 2.00 - 450 500 600 750 1350 I 1.20 1.50 550 600 600 1200 1800 3.00 10.00 - 650 700 2200 2800 I.85 3.15 PLOT THE APPROPRIATE DATA FROM THE PRECEDING TABLE ON THE GRAPHS ON P. 134 AND 135 BEFORE ANSWERING THE EIGHT QUESTIONS BELOW. QUESTIONS 5-8 ARE ON PAGE 136. 1. How is marginal cost (ATC/AQ) represented in your graph on page 134? 2. On your graph on page 135 Variable Cost per unit (VC/Q or average variable cost) is at a minimum at an output level of, units. 3. On your graph on page 135 Total Cost per unit (TC/Q or average…