Note:-Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism.Answer completely.You will get up vote for sure. 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 todetermine the firm's total variable cost, calculate the profit or loss associated with producing that quantity. Assume that if the firm is indifferentbetween producing and shutting down, it will choose to produce. (Hint: Select purple points (diamond symbols) on the graph to receive exact averagevariable cost information.)Price(Dollars per scooter)25.0040.0065.00Quantity(Scooters)Total Revenue(Dollars)Fixed Cost Variable Cost(Dollars)(Dollars)520,000520,000520,000Profit(Dollars)If the firm shuts down, it must incur its fixed costs (FC) in the short run. In this case, the firm's fixed cost is $520,000 per day. In other words, if itshuts down, the firm would suffer losses of $520,000 per day until its fixed costs end (such as the expiration of a building lease).This firm's shutdown price-that is, the price below which it is optimal for the firm to shut down-isper scooter. 5. Profit maximization and shutting down in the short runThe following graph plots daily cost curves for a firm operating in the competitive market for motor scooters.PRICE (Dollars per scooter)10090807060504030201000MCATCAVC10 20 30 40 50 60 70QUANTITY (Thousands of scooters)BO90100?

Firms operate in a competitive market based on customer demand and their cost structures. When the…

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.) Price (Dollars per scooter) 25.00 40.00 65.00 Quantity (Scooters) Total Revenue (Dollars) Fixed Cost (Dollars) 520,000 520,000 520,000 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 fixed cost is $520,000 per day. In other words, if it shuts down, the firm would suffer losses of $520,000 per day until its fixed costs end (such as the expiration of a building lease). This firm's shutdown price-that is, the price below which it is optimal for the firm to shut down-is per scooter.

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.) Price (Dollars per scooter) 25.00 40.00 65.00 Quantity (Scooters) Total Revenue (Dollars) Fixed Cost (Dollars) 520,000 520,000 520,000 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 fixed cost is $520,000 per day. In other words, if it shuts down, the firm would suffer losses of $520,000 per day until its fixed costs end (such as the expiration of a building lease). This firm's shutdown price-that is, the price below which it is optimal for the firm to shut down-is per scooter.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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