Use this table to answer the following question. Output Total Variable Cost 1 $20 2 $24 3 $33 4 $40 IT 5 $45 6 $60 7 $77 8 $96 9 $180 $200 10 The government just mandated that all firms must install a new technology to reduce pollution. The new technology costs $3. The market price is $10. In the long run, will the firm stay open or shut down? Select the best answer. Answer O The firm will stay open. O There is not enough information to determine what the firm will do. O The firm will shut down. Keypad Keyboard Shortcuts

Use this table to answer the following question. Output Total Variable Cost 1 $20 2 $24 3 $33 4 $40 IT 5 $45 6 $60 7 $77 8 $96 9 $180 $200 10 The government just mandated that all firms must install a new technology to reduce pollution. The new technology costs $3. The market price is $10. In the long run, will the firm stay open or shut down? Select the best answer. Answer O The firm will stay open. O There is not enough information to determine what the firm will do. O The firm will shut down. Keypad Keyboard Shortcuts

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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NEED HELP! I am absolutely bad at graphs I need help with A through F and can you please explain. Draw the MR, MC, AVC, ATC, Demand, supply, MC and MR for the following situations. For each of these situations show the total revenue, total cost area, and shade the profit or loss area, and if the situation is a shut down state why it should shutdown. a. A perfectly competitive firm showing a profitb. A perfectly competitive firm showing a loss but not a shut-downc. A perfectly competitive firm at a break-even pointd. A monopolist showing a profite. A monopolist showing a loss but not a shut-downf. A monopolist at a break-even pointg. Difference between a monopolist and a perfectly competitive firm for a profit situation on the same graph space.
Required information The following figure shows the costs for a perfectly competitive producer: AVC, ATC, MC $46 235 30 25 20 15 10 5 0 MC 10 20 30 40 50 60 70 80 90 100 ATC AVC Output per period Refer to the above figure to answer this question. If the price of the product is $10, what is the profit-maximizing (or loss-minimizing) output?
The cost data in the following table are for Marshall’s Meats, a perfectly competitive firm. Round your answers to 2 decimal places. Output Average Variable Cost AverageTotal Cost MarginalCost Total Cost 0 / / / $ 95 1 $ $ $ 115 2 125 3 150 4 200 5 270 6 350 7 450 a. Complete above the table. b. What is the break-even price? Break-even price: $ c. What is the shutdown price? Shutdown price: $ d. If the market price of the product is $50, what quantity will Marshall’s Meats produce? What will be its profit or loss? Quantity: ; : $ e. If the market price of the product is $100, what quantity will Marshall’s Meats produce? What will be its profit or loss? Quantity: ; : $
Price, cost of bushel $30 MC 26 22 ATC 18 14 10 Break-even price 2 1 4. 6. Quantity of tomatoes (bushels) Look at the figure Total Cost for Tomato Producers. The market for tomatoes is perfectly competitive. The market price of a bushel of tomatoes is $14. The farmer's total cost at the profit-maximizing number of bushels is: O $3.50. $14.00. $56.00. O $72.00. O None of these options is correct.
Tomas is the general manager for a local automated car wash. The market he operates is perfectly competitive. Every car wash in the area is charging $7 for a car wash, which is also the marginal cost per wash. What will happen to Tomas’ profits if he changes his price to $8. Why? What about the price of $5? What is his profit-maximizing price?
What is the firms profit or loss?
t of 40 40 35 55 30 25 25 20 15 10 5 MC, AC MC AC 9 0 100 200 300 400 500 The graph shows average and marginal cost curves for a typical firm in a perfectly competitive industry in LONG-RUN equilibrium. The long-run equilibrium price of the product is $ In long-run equilibrium the firm will produce units. In long-run equilibrium the firm will earn $ economic profit.
why the answer is 150. Please answer correct calculation asap plz Don't answer by pen paper plz
$11.00 MC| $10.00 $9.00 ATC $8.00 $7.00 TRAVCI $6.00 $5.00 $4.00 $3.00 2 3 7 9 10 Quantity of Output (q) Pierre is a photographer in a perfectly competitive market. The graph shown above gives his MC, ATC and AVC curves. Suppose the market price is $10.50. How much profit does Pierre make? 22.5 24 20 O18 S per unit
The figure below shows the demand and costs facing Mike's Bikes, a producer of mountain bikes. What quantity does the firm produce and what is its price? Calculate the firm's economic profit or economic loss. Price and cost (dollars per bike) 400 350 300 250 200 150 100 50 MC ATC MR 100 200 Quantity (mountain bikes per week) Quantity produced is 100 mountain bikes per week, price of a mountain bike is $200 per bike, and economic loss is $10,000. Quantity produced is 100 mountain bikes per week, price of a mountain bike is $250 per bike, and economic loss is $5,000. Quantity produced is 100 mountain bikes per week, price of a mountain bike is $200 per bike, and economic profit is $5,000. Quantity produced is 100 mountain bikes per week, price of a mountain bike is $250 per bike, and economic profit is $5,000.
Use this table to answer the following question. Output Total Variable Cost $1 $20 $2 $24 $3 $33 $4 $40 $5 $45 $6 $60 $7 $77 $8 $96 $9 $180 $10 $200 The government just mandated that all firms must install new technology to reduce pollution. The new technology costs $13. The market price is $8. In the long run, will the firm stay open or shut down?
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