Anything crossed out does not have to be completed. R24AKTI12345678 22131415File5Undo19110 1∞ O11 1192012 1222451211116117118 12311Home Insert Draw Page Layout FormulasPasteClipboard NBLON340256789101112131415161822 Fixed Costs =OPONY FEX ✓ fxCTP0124155688091101110118125131136140143Arial145146146BIUDMPPV✓10FontEFCVVFVLCA^ AData Review View Automate HelpINGVMCAlignmentHTVCTC7General$VJAFC% 9Number$5K interest and principle, insurance and property tax + $1 K Lawyer's retainer+ $2K Government Regulation compliance manager + $1K HR/diversity compliance manager+ $2.5K accountant + $3K principal's opportunity cost←.0.00KAVTC→.05Conditional Format asFormatting Table ✓StylesATCMCellStylesN* InsertDeleteFormatCellsVP图MΣATSort & Find &Filter Select ✓EditingRCommentsAnalyzeDataAnalysis=SShareTColumn A: K = units of capitalColumn B: L =Column C: TP =Column D: MPP = Marginal Physical ProductColumn E: FC = Fixed CostColumn F: VLC = Variable Labor CostColumn G: VMC = Variable Material Cost (parts and utilities)Column H: TVC = Total Variable Cost = VLC + VMCColumn I: TC = Total Cost = FC + TVCColumn J: AFC = Average Fixed Cost Fixed Cost/TP = FC/QColumn K: AVTC = Average Variable Total Cost = VTC/QColumn L: ATC = Average Total Cost = Total Cost/QColumn M: MC* = Marginal Cost = (Change in TC/Change in TP)(*: MC is really average MC per unit because we are changing outpunits of labor per 40 hour weekTotal Product = Quantity of output per week = Q▶ 22 Fixed Costs = $5K interest and principle, insurance and property tax + $1 K Lawyer's retainer23242526 Variable Costs =2728 1. Fill out all the blank cells in the table based on the information given.riable input-doce-Diminishing Returns set in?29what lovel30At what level of output (Total Product) does increasing Marginal cost set in31 4. What is the rule for maximizing profit for a competitive firm?32 5. If the competitive market price for lawn mowers was $145, calculate the profit or loss the firm would experience.33 6. Would the firm produce lawn mowers if the price of lawn mowers was $145? Why or why not?34 7. If the competitive market price for lawn mowers was $170, calculate the profit or loss the firm would experience.35 8. Would the firm produce lawn mowers if the price of lawn mowers was $170? Why or why not?36 9. If the competitive market price for lawn mowers was $420, calculate the profit or loss the firm would experience.37 10. Would the firm produce lawn mowers if the price of lawn mowers was $420? Why or why not?38 11.At approximately what price/output combination is this firm's shut down point?39 12.At approximately what price/output combination is this firm's break even point?40 13. Describe this firm's short run supply curve from the data in the spreadsheet.+ $2K Government Regulation compliance manager + $1K HR/diversity compliance manager+ $2.5K accountant + $3K principal's opportunity cost$1500 per week per worker + $45 parts and utilities per mower

Since you have posted multiple questions we will provide answer for the first question as per our…

Answered: What is the rule for maximizing profit…

Business

Economics

What is the rule for maximizing profit for a competitive 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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Concept explainers

Monopoly Market

When a company and its products dominate a sector or an industry, it is termed a monopoly. When a firm and its products control a market, then it is called a monopoly.

Question

Anything crossed out does not have to be completed.

R24
AKTI
12345678 22
13
14
15
File
5
Undo
1
9
1
10 1
∞ O
11 1
19
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12 1
22245
1
21
1
1
16
1
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1
18 1
23
1
1
Home Insert Draw Page Layout Formulas
Paste
Clipboard N
BLON34
0
2
5
6
7
8
9
10
11
12
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16
18
22 Fixed Costs =
OPONY FE
X ✓ fx
C
TP
0
12
41
55
68
80
91
101
110
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125
131
136
140
143
Arial
145
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146
BIU
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V
✓10
Font
E
FC
V
V
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VLC
A^ A
Data Review View Automate Help
IN
G
VMC
Alignment
H
TVC
TC
7
General
$
V
J
AFC
% 9
Number
$5K interest and principle, insurance and property tax + $1 K Lawyer's retainer
+ $2K Government Regulation compliance manager + $1K HR/diversity compliance manager
+ $2.5K accountant + $3K principal's opportunity cost
←.0
.00
K
AVTC
→.0
5
Conditional Format as
Formatting Table ✓
Styles
ATC
M
Cell
Styles
N
* Insert
Delete
Format
Cells
V
P
图M
Σ
AT
Sort & Find &
Filter Select ✓
Editing
R
Comments
Analyze
Data
Analysis
=
S
Share
T
Column A: K = units of capital
Column B: L =
Column C: TP =
Column D: MPP = Marginal Physical Product
Column E: FC = Fixed Cost
Column F: VLC = Variable Labor Cost
Column G: VMC = Variable Material Cost (parts and utilities)
Column H: TVC = Total Variable Cost = VLC + VMC
Column I: TC = Total Cost = FC + TVC
Column J: AFC = Average Fixed Cost Fixed Cost/TP = FC/Q
Column K: AVTC = Average Variable Total Cost = VTC/Q
Column L: ATC = Average Total Cost = Total Cost/Q
Column M: MC* = Marginal Cost = (Change in TC/Change in TP)
(*: MC is really average MC per unit because we are changing outp
units of labor per 40 hour week
Total Product = Quantity of output per week = Q
▶

22 Fixed Costs = $5K interest and principle, insurance and property tax + $1 K Lawyer's retainer
23
24
25
26 Variable Costs =
27
28 1. Fill out all the blank cells in the table based on the information given.
riable input-doce-Diminishing Returns set in?
29
what lovel
30
At what level of output (Total Product) does increasing Marginal cost set in
31 4. What is the rule for maximizing profit for a competitive firm?
32 5. If the competitive market price for lawn mowers was $145, calculate the profit or loss the firm would experience.
33 6. Would the firm produce lawn mowers if the price of lawn mowers was $145? Why or why not?
34 7. If the competitive market price for lawn mowers was $170, calculate the profit or loss the firm would experience.
35 8. Would the firm produce lawn mowers if the price of lawn mowers was $170? Why or why not?
36 9. If the competitive market price for lawn mowers was $420, calculate the profit or loss the firm would experience.
37 10. Would the firm produce lawn mowers if the price of lawn mowers was $420? Why or why not?
38 11.At approximately what price/output combination is this firm's shut down point?
39 12.At approximately what price/output combination is this firm's break even point?
40 13. Describe this firm's short run supply curve from the data in the spreadsheet.
+ $2K Government Regulation compliance manager + $1K HR/diversity compliance manager
+ $2.5K accountant + $3K principal's opportunity cost
$1500 per week per worker + $45 parts and utilities per mower

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