Total Output Total fixed cost Total Variable cost Total cost 0 50 0 50 1 50...
| Total Output | Total fixed cost | Total Variable cost | Total cost |
| 0 | 50 | 0 | 50 |
| 1 | 50 | 70 | 120 |
| 2 | 50 | 120 | 170 |
| 3 | 50 | 150 | 200 |
| 4 | 50 | 220 | 270 |
| 5 | 50 | 300 | 350 |
| 6 | 50 | 390 | 440 |
Answer the next question on the basis of the above cost data for a purely competitive seller:
Refer to the above data. Given the $75 product price, at its optimal price the firm will:
a. Realize a $25 Economic Profit
b. Realize a $30 economic profit
c. incur a $25 loss
d. realize a $30 loss
Homework Answers
A competitive firm is in equilibrium when P=MC.In this situation the firm can either produce 4 units or 5 units for MC 30 and 25 respectively.
However if it chooses to produce 4 units of output,its profits will be higher.It should produce 4 units for economic profit is $30
Answer-B
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Total Output
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Total Product Total Variable Cost Total Fixed Cost $150 150 0 $ OL 1 50 2...
Total Product Total Variable Cost Total Fixed Cost $150 150 0 $ OL 1 50 2 150 75 3 150 105 4 150 145 5 150 200 6 150 270 7 150l 360 8 150 475 9 150 620 10 150 800 Refer to the accompanying cost table. If a competitive firm faced with these costs finds that it can sell its product at $60 per unit, it will o produce 6 units and incur a loss of $30. o...
Quantity Total Cost Marginal Cost Average Total Cost Average Variable Cost 0 1,000 - - -...
Quantity Total Cost Marginal Cost Average Total Cost Average Variable Cost 0 1,000 - - - 10 1,600 60 160 60 20 2,100 50 105 55 30 2,500 40 83.33 50 40 2,800 30 70 45 50 3,200 40 64 44 60 3,700 50 61.67 45 70 4,300 60 61.43 47.14 80 5,000 70 62.50 50 90 5,800 80 62.44 53.33 Consider the above costs of a purely competitive firm. Calculate this firm's profit maximizing quantity and profit (or loss)...
Answer the next question based on the following cost data for a competitive seller: Total Product ...
Answer the next question based on the following cost data for a competitive seller: Total Product FC VC 0 $200 $0 1 200 70 2 200 120 3 200 150 4 200 220 5 200 300 6 200 390 Refer to the above data. If the product price is $68 at its optimal output, exactly how many units should be produced to maximize profits or minimize losses? How much will the profit or...
Economics: Answer the next question based on the following cost data for a competitive seller: ...
Economics: Answer the next question based on the following cost data for a competitive seller: Total Product FC VC 0 $200 $0 1 200 70 2 200 120 3 200 150 4 200 220 5 200 300 6 200 390 Refer to the above data. If the product price is $68 at its optimal output, exactly how many units should be produced to maximize profits or minimize losses? How much will the...
- 4 Average Fixed Average Variable Average Total Total Product Cost Cost Cost Marginal Cost 1...
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4 Average Fixed Average Variable Average Total Total Product Cost Cost Cost Marginal Cost 1 $100.00 $17.00 $117.00 $17 2 50.00 16.00 66.00 151 3 33.33 15.00 48.33 13 25.00 14.25 39.25 121 5 20.00 14.00 34.00 13 6 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 48 121 8.33 26.67 35.00 56 The accompanying table gives cost data...
Table 13-3 Number of Workers Output Fixed Cost Variable Cost Total Cost 0 0 $50 $0...
Table 13-3 Number of Workers Output Fixed Cost Variable Cost Total Cost 0 0 $50 $0 $50 1 90 $50 $20 $70 2 170 $50 $40 $90 3 230 $50 $60 $110 4 240 $50 $80 $130 Refer to Table 13-3. If the firm can sell its output for $1 per unit, what is the profit-maximizing level of output? a. 170 units b. 190 units c. 240 units d. 230 units
Assume the following cost data are for a purely competitive producer: Average Product Fixed Cost Variable...
Assume the following cost data are for a purely competitive producer: Average Product Fixed Cost Variable Cost Total Cost Average Average Marginal Total Cost $60.00 $45.00 $105,00 $45.00 1 72.50 2 30.00 42.50 40.00 3 20.00 40.00 60.00 35.00 30.00 15.00 37.50 52.50 5 12.00 37.00 49.00 35.00 6 10.00 37.50 47.50 40.00 8.57 7 38.57 47.14 45.00 7.50 40.63 48.13 50.00 55.00 9 6.67 43.33 65.00 10 6.00 46.50 52.50 75.00 Answer the following questions (a - c) using...
the total variable cost above whell he I Is pioduoi 5. What is A) $50 B)...
the total variable cost above whell he I Is pioduoi 5. What is A) $50 B) $240 C) $60 $190 Price ATC, AVC and MC (per unit) P4 P3 P2 P1 41 92 3 4 qs Quantity (per period) 6. The figure above shows cost curves for a firm operating in a perfectly competitive market. Label the 3 cost curves and then answer the following question. If the market price is Ps, the firm will produce quantityand A) q2, make...
Assume the following cost data are for a purely competitive producer: Total Average Average Product Fixed...
Assume the following cost data are for a purely competitive producer: Total Average Average Product Fixed Cost Variable Cost Average Total Cost Marginal Cost COVOAN $60.00 30.00 20.00 15.00 12.00 10.00 8.57 7.50 6.67 6.00 $45.00 42.50 40.00 37.50 37.00 37.50 38.57 40.63 43.33 46.50 $105.00 72.50 60.00 52.50 49.00 47.50 47.14 48.13 50.00 52.50 $45.00 40.00 35.00 30.00 35.00 40.00 45.00 55.00 65.00 75.00 Answer the following questions (a - c) using the table above. Instructions: 1. For any...
Assume that a purely competitive firm has the following schedule of average and marginal costs: Output...
Assume that a purely competitive firm has the following schedule of average and marginal costs: Output 1 AFC $300 150 100 No от во 60 50 43 38 33 30 AVC $100 75 70 73 80 90 103 119 138 160 ATC $400 225 170 148 140 140 146 156 171 190 MC $100 50 60 80 110 140 180 230 290 360 9 10 e. At a price of $55, the firm would produce units of output. At a...
Total Product Total Variable Cost Total Fixed Cost $150 150 0 $ OL 1 50 2 150 75 3 150 105 4 150 145 5 150 200 6 150 270 7 150l 360 8 150 475 9 150 620 10 150 800 Refer to the accompanying cost table. If a competitive firm faced with these costs finds that it can sell its product at $60 per unit, it will o produce 6 units and incur a loss of $30. o...
-
4 Average Fixed Average Variable Average Total Total Product Cost Cost Cost Marginal Cost 1 $100.00 $17.00 $117.00 $17 2 50.00 16.00 66.00 151 3 33.33 15.00 48.33 13 25.00 14.25 39.25 121 5 20.00 14.00 34.00 13 6 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 48 121 8.33 26.67 35.00 56 The accompanying table gives cost data...
Assume the following cost data are for a purely competitive producer: Average Product Fixed Cost Variable Cost Total Cost Average Average Marginal Total Cost $60.00 $45.00 $105,00 $45.00 1 72.50 2 30.00 42.50 40.00 3 20.00 40.00 60.00 35.00 30.00 15.00 37.50 52.50 5 12.00 37.00 49.00 35.00 6 10.00 37.50 47.50 40.00 8.57 7 38.57 47.14 45.00 7.50 40.63 48.13 50.00 55.00 9 6.67 43.33 65.00 10 6.00 46.50 52.50 75.00 Answer the following questions (a - c) using...
the total variable cost above whell he I Is pioduoi 5. What is A) $50 B) $240 C) $60 $190 Price ATC, AVC and MC (per unit) P4 P3 P2 P1 41 92 3 4 qs Quantity (per period) 6. The figure above shows cost curves for a firm operating in a perfectly competitive market. Label the 3 cost curves and then answer the following question. If the market price is Ps, the firm will produce quantityand A) q2, make...
Assume the following cost data are for a purely competitive producer: Total Average Average Product Fixed Cost Variable Cost Average Total Cost Marginal Cost COVOAN $60.00 30.00 20.00 15.00 12.00 10.00 8.57 7.50 6.67 6.00 $45.00 42.50 40.00 37.50 37.00 37.50 38.57 40.63 43.33 46.50 $105.00 72.50 60.00 52.50 49.00 47.50 47.14 48.13 50.00 52.50 $45.00 40.00 35.00 30.00 35.00 40.00 45.00 55.00 65.00 75.00 Answer the following questions (a - c) using the table above. Instructions: 1. For any...
Assume that a purely competitive firm has the following schedule of average and marginal costs: Output 1 AFC $300 150 100 No от во 60 50 43 38 33 30 AVC $100 75 70 73 80 90 103 119 138 160 ATC $400 225 170 148 140 140 146 156 171 190 MC $100 50 60 80 110 140 180 230 290 360 9 10 e. At a price of $55, the firm would produce units of output. At a...
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