You own a firm in a perfectly competitive industry producing and selling gold recklaces. Youknow your costs (see table below) and the set market price $100.TCTFCTVCMC1501005050170100702020010010030250100150503501002501005001004001507001006002008.1000100900300What is profit at the profit maximizing quantity?O Profit 0O Profit 500O Profit 150O Profit 50

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You own a firm in a perfectly competitive industry producing and selling gold recklaces. You know your costs (see table below) and the set market price $100. TC TFC TVC MC 1. 150 100 50 50 170 100 70 20 200 100 100 30 250 100 150 50 350 100 250 100 500 100 400 150 700 100 600 200 8. 1000 100 900 300 What is profit at the profit maximizing quantity? O Profit 0 O Profit 500 O Profit 150 O Profit 50

You own a firm in a perfectly competitive industry producing and selling gold recklaces. You know your costs (see table below) and the set market price $100. TC TFC TVC MC 1. 150 100 50 50 170 100 70 20 200 100 100 30 250 100 150 50 350 100 250 100 500 100 400 150 700 100 600 200 8. 1000 100 900 300 What is profit at the profit maximizing quantity? O Profit 0 O Profit 500 O Profit 150 O Profit 50

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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$6.40 5.50 4.70 4.00 2.50 A C E G 012 3 O $5.50. O $6.00. O $16.00. D O $22.00. MC ATC 6 The total profit at the profit-maximizing rate of output is MR Demand 7 S k
If all of the firms in an industry are making positive economic profit, what does it mean for those firms? O The firms accounting profit the firms" opportunity cost O The firms' explicit cost firms' opportunity cost
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3.30 3.00 2.70 2:40 2.10 1.80 1,50 1.20 0.90 0.60 0.30 50 100 150 If price is $2.40, what is the output choice for the firm? O a. 200 O b. 250 O c. 150 O d. 300 200 250 300 Marginal Cost 350 Average Total Cost Average Variable Cost 400
Figure 14-1 Suppose that a firm in a competitive market has the following cost curves: 20 ATC 18 16 AVC 14 13 H 12 6. MC 2 1 2 3 QUANTITY Refer to Figure 14-1. If the market price is $13, the firm will earn O a. positive economic profits in the short run. O b. zero economic profits in the short run. O c. negative economic profits in the short run but remain in business. O d. negative economic profits and shut down.
Fim A Firm B Price and Cost (dolars) Pnce and Cost (dolars) MC MC ATC 11 - 11 10 10 AVC ATC 8. 8. AVC 7. 2. 0 / 100 150 200 Quantity 70 90 100 150 Quantity Refer to Exhibit 22-8. What is the profit (loss) of firm A at the profit-maximizing (or loss-minimizing) level of production? O $300 O $270 O $600 O $400 O$300
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. XY Pharmaceuticals company is a price taking firm which produces a single, liquid, drug 'painclear which it sell. at price = £300/ litre. Lach additional unit produced generates costs: the 1 litre adds £4 to costs, the second litre adas to to Tilm s costs, the third adas tlz, etc over all guantities. here are no costs it must pay when output is Zero 1. Create and explain a diagram which shows relevant costs, price, surplus going to XY, at the profit maximising position of the tirm explain how you ca culated that point). [15 % ] It is discovered that production of painclear damages groundwater quality - this affects just one party Greenview Nature Park (a park run by the local council which people can access, for free, for recreation). The value of the damage caused is £48 per litre of paint produced - so the pollution damage caused when output is 1 litre = f 48 the 2 nd litre causes another £48 of damage, so pollution damage caused when output is 2 lites = £96. This damage happens…
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1.4) Suppose market price is RM60. How much will the firm produce in the short run? How much are total profits?
If the market price were $8, what would be the profit for this firm? a. 120 b. 180 c. 0 d. $960
3 The figure below shows the cost curves for a profit-maxmizing firm in a periecny competitive narket. If the market price is $30 and if the firm is producing outpul. the amount of its total variable cost? Price TVC and cost TO ATCHO MC ATC AVC PAL $40.50 36.00 30.00 MR 22.00 7LEE 20.00 130 180 240 Quantity O S7,200 b. $6,480 C. $5,400 d. $3,960