ECON MICRO (with MindTap, 1 term (6 months) Printed Access Card) (New, Engaging Titles from 4LTR Press)
6th Edition
ISBN: 9781337408059
Author: William A. McEachern
Publisher: Cengage Learning
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Question
Chapter 8, Problem 6P
To determine
The loss when firm decides to shut down in the short run.
Introduction: Not required.
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Output (unit)
Total Cost (RM)
Price (RM)
-
-
1
550
660
2
670
585
3
720
510
4
740
435
5
800
360
960
285
1190
210
1520
135
2160
60
Table 3
Table 3 shows data for a firm's production and costs in the long run.
b. What is the fixed cost of this production?
d. Does the firm make a profit or loss?
e. Can we consider this is an imperfectly competitive firm? Why?
Only typed answer
Chapter 8 Solutions
ECON MICRO (with MindTap, 1 term (6 months) Printed Access Card) (New, Engaging Titles from 4LTR Press)
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- What is the effect of the decline of Ford Australia’s productivity on its cost efficiency, production, and profit? discuss.arrow_forwardOutput (unit) Total Cost (RM) Price (RM) 1 550 660 2 670 585 3 720 510 4 740 435 800 360 960 285 1190 210 135 60 8 1520 2160 Table 3 Table 3 shows data for a firm's production and costs in the long run. a. Based on Table 3, compute the marginal cost, average cost, marginal revenue, and average revenue as the output increases from 0 to 9 units. C. Based on your calculation from question (a), show the quantity and price where the equilibrium condition is found.arrow_forward(1.) Johnny Rockabilly has just finished recording his latest CD. His record company marketing department determines that the demand for the CD is as follows: Number of CDs Price $24 10,000 22 20,000 20 30,000 18 40,000 6 50,000 3 60,000 The company can produce the CD with no fixed cost and a variable cost of $12 per CD. a. Find total revenues and marginal revenues for each of the quantities. b. What quantity of CDs would maximize profit? What would the price be?arrow_forward
- My dear good expert hand written not allowed.arrow_forwardQuestion: What are the kinds of cost which firm face in short run. Explain theoretically and graphically the relation of these costs with the output.arrow_forward(Table: Costs for Alina's Apple Pies) Use the table Costs for Alina's Apple Pies. If Alina's Apple Pies operates in a perfectly competitive market and the market price for a pie is $38, what profit (or loss) will this firm earn? a profit of $200 a loss of $30 T a loss of $200 a profit of $80 This is what I think the answerisarrow_forward
- (Short-Run Profit Maximization) A perfectly competitive firm has the following fixed and variable costs in the short run. The market price for the firm’s product is $150. Profit/Output FC VC TC TR Lossarrow_forward(Exhibit: A ) The firm will shut down in the short run if the price falls below: 0G. 0F. 0E. 0P. 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.arrow_forwarda. The following presents the costs and revenues for a firm. (The table is attached) Calculate the marginal cost, marginal revenue and profit for each unit of production. How many units should the firm produce to maximise profit? b. Describe the relationship between the marginal product and the total product of a firm.arrow_forward
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