Econ Micro (book Only)
6th Edition
ISBN: 9781337408066
Author: William A. McEachern
Publisher: Cengage Learning
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Chapter 8, Problem 15P
To determine
Complete the table and answer the sub parts.
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- 21. The long-run average cost curve for an industry is represented in the following graph. Add short-run average cost curves and short-run marginal cost curves for three firms in this industry, with one firm producing an output of 10,000 units, one firm producing an out put of 20,000, and one firm producing an out- put of 30,000. Label these as Scale 1, Scale 2, and Scale 3, respec- tively. What is likely to happen to the scale of each of these three firms in the long run? Cost per| unit ($) LRAC 10,000 20,000 30,000 Units of outputarrow_forward6arrow_forward2.10 The long-run average cost curve for an industry is repre- sented in the following graph. Add short-run average cost curves and short-run marginal cost curves for three firms in this industry, with one firm producing an output of 10,000 units, one firm producing an output of 20,000, and one firm producing an output of 30,000. Label these as Scale 1, Scale 2, and Scale 3, respectively. What is likely to happen to the scale of each of these three firms in the long run? Cost per unit ($) LRAC 10,000 20,000 30,000 Units of outputarrow_forward
- Q34arrow_forward(What’s So Perfect About Perfect Competition) Use thefollowing data to answer the questions.Marginal MarginalQuantity Cost Benefit0 — —1 $ 2 $102 $ 3 $ 93 $ 4 $ 84 $ 5 $ 75 $ 6 $ 66 $ 8 $ 57 $10 $ 48 $12 $ 3a. For the product shown, assume that the minimum pointof each firm’s average variable cost curve is at $2. Construct a demand and supply diagram for the product andindicate the equilibrium price and quantity.b. on the graph, label the area of consumer surplus as f.Label the area of producer surplus as g.c. If the equilibrium price were $2, what would be theamount of producer surplus?arrow_forward36 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. $5.00arrow_forward
- How can I answer H and I with the information given?arrow_forwardAnswer question 6D onlyarrow_forward40 The following cost data is for a firm which in nelling in a perfectly competitive market It the market price for the firm's product is $32, the competitive firm will: t of Total Average Average variable Average total Marginal product fixed cost cost cost cost $100.00 $17.00 $117.00 $17 50.00 16.00 66.00 15 3. 33.33 15.00 47.33 13 25.00 14.25 39.25 12 20.00 14.00 34.00 13 9. 16.67 14.00 30.67 14 7. 14,29 15.71 30.00 26 8. 12.50 17.50 30.00 30 9. 11.11 19.44 30.55 35 10 10.00 21.60 31.60 41 11 9.09 24,00 33.09 48 7.33 26.67 35.00 56 12 Select one: O a. produce 8 units at an economic profit of $16. O b. produce 8 units at a loss equal to the firm's total fixed cost. O c. produce 5 units at a loss of $10. nd produce 7 units at an economic profit of $41.50.arrow_forward
- A firm's output, variable costs, and total costs are given in the table below. Instructions: Round your answers to the nearest dollar. a. Calculate marginal cost using the formula given in the chapter: A total cost / A quantity. Variable cost ($) Total cost ($) Marginal cost ($) 0 100 50 150 80 180 220 280 360 Quantity 0 1 2 3 4 5 120 180 260 b. Calculate A variable cost / A quantity. Quantity 0 1 2 3 4 5 Variable cost ($) 0 50 80 120 180 260 Total cost ($) 100 150 180 220 280 360 A variable cost / A quantity ($)arrow_forward15. The table below shows cost data for producing different amounts of refrigerators. Use the given information to answer the questions below. Quantity Total Cost Variable Cost Marginal Cost Average Variable Cost Average Total Cost in $ in $ in $ in $ in $ 241 0 271 30 361 120 491 250 681 440 901 660 0 10 What is the profit (loss) at that level of production? 20 30 40 50 How many refrigerators would a competitive firm produce if the market price was $19? 3 9 13 19 22 3.00 6.00 8.33 11.00 13.20 27.10 18.05 16.37 17.02 18.02arrow_forwardPlease use the following table to answer the question. Q AVC TVC TFC TC MC 0 - $0 5 $25 10 $15 $150 $150 $300 What is the average variable cost when quantity is equal to five? $5 $25 $125 O $0 $150 - $150 $175 $5arrow_forward
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