Micro Economics For Today
10th Edition
ISBN: 9781337613064
Author: Tucker, Irvin B.
Publisher: Cengage,
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Question
Chapter 8, Problem 7SQ
To determine
The most-profitable level of revenue of the firm at price OB.
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Students have asked these similar questions
1) The cost curves for a firm in a perfectly competitive industry are given below. Complete the table.
If the firm operates in a perfectly competitive market, and the market price is $25 per unit, what Quantity should
this firm produce at?
TFC
TC
TVC
AVC
ATC
MC
TR
S100
S100
1
S100
S130
2
S100
S150
S100
S160
S100
S172
5
S100
S185
6
S100
$210
S100
$240
S100
$280
S100
$330
10
S100
$390
Table 9.1
Donald is a producer in the perfectly competitive market for cronuts - a pastry that is half croissant, half donut.
Total Fixed Cost
Total Variable Cost
Quantity
(cronuts)
TFC ($)
TVC ($)
125
5
125
10
10
125
18
15
125
32
20
125
52
25
125
82
If Donald's profit-maximising quantity is 20 cronuts, what is the market price per cronut at that quantity? Answer to the
nearest whole number (with no decimal places or $ sign).
A firm in a competitive market receives $500 in total revenue and has marginal revenue of $10. What is the average revenue, and how many units were sold?
Microeconomics - Mankiw
Chapter 8 Solutions
Micro Economics For Today
Ch. 8.5 - Prob. 1YTECh. 8.5 - Prob. 2YTECh. 8 - Prob. 1SQPCh. 8 - Prob. 2SQPCh. 8 - Prob. 3SQPCh. 8 - Prob. 4SQPCh. 8 - Prob. 5SQPCh. 8 - Prob. 6SQPCh. 8 - Prob. 7SQPCh. 8 - Prob. 8SQP
Ch. 8 - Prob. 9SQPCh. 8 - Prob. 10SQPCh. 8 - Prob. 11SQPCh. 8 - Prob. 12SQPCh. 8 - Prob. 1SQCh. 8 - Prob. 2SQCh. 8 - Prob. 3SQCh. 8 - Prob. 4SQCh. 8 - Prob. 5SQCh. 8 - Prob. 6SQCh. 8 - Prob. 7SQCh. 8 - Prob. 8SQCh. 8 - Prob. 9SQCh. 8 - Prob. 10SQCh. 8 - Prob. 11SQCh. 8 - Prob. 12SQCh. 8 - Prob. 13SQCh. 8 - Prob. 14SQCh. 8 - Prob. 15SQCh. 8 - Prob. 16SQCh. 8 - Prob. 17SQCh. 8 - Prob. 18SQCh. 8 - Prob. 19SQCh. 8 - Prob. 20SQ
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Similar questions
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- The table below shows cost and revenue information for Choco Lovers, a purely competitive firm producing different quantities of chocolate gift boxes. Fill in the blanks in the table. Instructions: Enter your answers rounded to two decimal places. Quantity of Gift Boxes 20 25 30 35 40 45 b. Total revenue = Choco Lovers Cost and Revenue TC ($) ATC ($) 5.75 5.50 5.42 c. Profit = $ 227.50 d. Profit per unit = $ 115.00 137.50 162.50 192.50 232.50 282.50 Assume the profit-maximizing price is $8 per gift box, and then answer the following questions: a. Profit-maximizing quantity = 35 gift boxes 12 5.81 6.28 MC ($) per gift box 5.00 4.50 5.00 6.00 8.00 10.00arrow_forward1)A perfectly competitive firm produces 1000 units of burger in the long run. Themarginal revenue is RM6. Calculate this firm's marginal cost, average fixed cost, longrun average cost, total cost, total revenue, and total profit.arrow_forwardAnswer the question on the basis of the following demand and cost data for a specific firm. (1) Price $ 12.00 11.00 10.00 9.00 8.00 7.00 6.00 Demand Data (2) Price (3) Quantity $ 10.00 6 8.85 7 8.00 8 7.00 9 6.10 10 5.00 11 4.15 12 Multiple Choice $10.00. $9.00. Cost Data Output 6 7 8 9 10 11 12 If columns (1) and (3) of the demand data shown are this firm's demand schedule, the profit-maximizing price will be Total Cost $ 61 62 64 67 72 79 86arrow_forward
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