Homework Answers
| Q | P | TC | FC | VC = TC - FC | TR = Q * P | MR = CHANGE IN TOTAL REVENUE | MC = CHANGE IN TOTAL COST | ATC = TC / Q | AVC = VC / Q | PROFIT = TR - TC |
| 0 | 5 | 9 | 9 | 0 | 0 | - | - | - | - | -9 |
| 1 | 5 | 10 | 9 | 1 | 5 | 5 | 1 | 10 | 1 | -5 |
| 2 | 5 | 12 | 9 | 3 | 10 | 5 | 2 | 6 | 1.5 | -2 |
| 3 | 5 | 15 | 9 | 6 | 15 | 5 | 3 | 5 | 2 | 0 |
| 4 | 5 | 19 | 9 | 10 | 20 | 5 | 4 | 4.75 | 2.5 | 1 |
| 5 | 5 | 24 | 9 | 15 | 25 | 5 | 5 | 4.8 | 3 | 1 |
| 6 | 5 | 30 | 9 | 21 | 30 | 5 | 6 | 5 | 3.5 | 0 |
| 7 | 5 | 45 | 9 | 36 | 35 | 5 | 15 | 6.42 | 5.14 | -10 |
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MR MC Profit ATC 1. A. Fill in the remaining spaces in the table below QP...
only need questions B,C, D, and E done. 1. A. Fill in the remaining spaces in...
only need questions B,C, D, and E done.
1. A. Fill in the remaining spaces in the table below MR MC Profit FC VC TR ATC AVC Q P TC $9 $0 $0 -$9 0 $5 $9 $5 $5 1 $10 $9 $1 $1 1.5 2 2 2 $5 $12 $9 $5 3 $5 $9 $6 $15 $3 $2 20 4 4 $5 $19 $9 D $4.75 2.5 $5 $24 $9 15 4.8 3 $1 6 $30 $9 Z $5...
A firm's ATC, AVC, MR, and MC curves are shown in the graph below. Profit-Maximizing Point...
A firm's ATC, AVC, MR, and MC curves are shown in the graph below. Profit-Maximizing Point Profit-Maximizing Point Economic Profit (shaded region) 54+ 48 IMR Cost and revenues AVC HHHHHHHHHHHHHHHHHHHHO 044 Reset 8 12 16 20 24 28 32 36 40 44 48 Output a) Draw the short-run profit-maximizing point and the economic profit region. Select which item you want to draw from the drop-down menu at the top of the graph to draw that item. b) What is the...
$ per unit MC ATC MR $40 AVC $20 2 4 6 8 10 12 Output (9) The graph above shows a firm's Marginal Revenue (MR), M...
$ per unit MC ATC MR $40 AVC $20 2 4 6 8 10 12 Output (9) The graph above shows a firm's Marginal Revenue (MR), Marginal Cost (MC), Average Total Cost (ATC) and Average Variable Cost (AVC). This firm is a profit-maximizing price taker. Find the firm's short run shutdown price. (Do not include a S sign in your response. Round to the nearest two decimal places if necessary.) Answer: Check
3. Given the data below, compute TR, TC, TFC, TVC, ATC, AVC, AFC, MR, MC, AR,...
3. Given the data below, compute TR, TC, TFC, TVC, ATC, AVC, AFC, MR, MC, AR, and Profit 1 2 3 6 7 8 9 10 11 0 TC = 10 +570 - 80+ TR = 452 - 0 50. Find the profit maximizing level of output and graph all the curves. Note: for both problems. Graph all the total curves together on one graph Graph all the average and marginal curves together on one graph Graph the profit curve...
II.A. Identify and label the profit-maximizing level of output (Q) that will be pursued by this...
II.A. Identify and label the profit-maximizing level of output (Q) that will be pursued by this 'monopolistic' firm. (5 Points) $$ MC ATC AVC Market Demand Output(Q) MR II.B. Draw and label the rectangle that represents the Total Revenue (TR) generated by this 'monopolistic' firm. (5 Points) $$ MC ATC AVC Market Demand -Output(Q) MR II.C. Draw and label the rectangles that represent Total Cost (TC), Total Fixed Cost (TFC) and Total Variable Cost (TVC) generated by this ‘monopolistic' firm....
2. A. Fill in the table below. AC Quantity Total Cost Total Profit PPU TR $20 B. If this industry only has one firm...
2. A. Fill in the table below. AC Quantity Total Cost Total Profit PPU TR $20 B. If this industry only has one firm, what is the profit maximizing price and quantity? C. Roughly sketch a graph of this firm's market, including MR, MC and AC curves. D. Add an appropriate demand curve for this firm to your graph At the profit maximizing price and quantity, shade in the area of the graph indicating the firm's profit.
MC Cost and Revenue ATC MR AVC o '1'2'3'4'56'58' Quantity 10 a. (1 points) Using the...
MC Cost and Revenue ATC MR AVC o '1'2'3'4'56'58' Quantity 10 a. (1 points) Using the graph above, what is the profit maximizing or loss minimizing output and price? b. (1 point)Using the graph above, what is the profit or loss at the profit maximizing or loss minimizing point c. (1 point) What is the shutdown price and quantity?
$ per unit MC ATC MR $20 AVC 5 10 15 20 25 30 Output (g)...
$ per unit MC ATC MR $20 AVC 5 10 15 20 25 30 Output (g) The graph above shows a firm's Marginal Revenue (MR), Marginal Cost (MC), Average Total Cost (ATC) and Average Variable Cost (AVC). This firm is a profit-maximizing price taker. Calculate the firm's profit. (Do not include a $ sign in your response. Round to the nearest two decimal places if necessary.)
At the profit-maximizing output, total fixed cost MC MR ATC b AVC hkn Output Multiple Choice...
At the profit-maximizing output, total fixed cost MC MR ATC b AVC hkn Output Multiple Choice is fgab. is Ogan. is ba Dollars Saved If a perfectly competitive firm is producing at the P MC output and realizing an economic profit, at that output Multiple Choice marginal revenue is less than price. marginal revenue exceeds ATC. ATC is being minimized. total revenue equals total cost. The average total cost curve for a perfectly competitive firm. Suppose the marginal cost curve...
Use Figure 1 to answer questions 1-2. Figure 1 Dollars ATC Output 100 150 180 210...
Use Figure 1 to answer questions 1-2. Figure 1 Dollars ATC Output 100 150 180 210 1 Which price corresponds to the breakeven point on the graph? 2. Which price corresponds to the shut-down point on the graph? Use Figure 2 to answer questions 3-5. Figure 2 Dollars MC ATC AVC Output 100 150 180 210 Assume that the market price is $25. 3. Should the firm produce or shutdown? Why? 4. What is the firm's profit maximizing output level?...
only need questions B,C, D, and E done.
1. A. Fill in the remaining spaces in the table below MR MC Profit FC VC TR ATC AVC Q P TC $9 $0 $0 -$9 0 $5 $9 $5 $5 1 $10 $9 $1 $1 1.5 2 2 2 $5 $12 $9 $5 3 $5 $9 $6 $15 $3 $2 20 4 4 $5 $19 $9 D $4.75 2.5 $5 $24 $9 15 4.8 3 $1 6 $30 $9 Z $5...
A firm's ATC, AVC, MR, and MC curves are shown in the graph below. Profit-Maximizing Point Profit-Maximizing Point Economic Profit (shaded region) 54+ 48 IMR Cost and revenues AVC HHHHHHHHHHHHHHHHHHHHO 044 Reset 8 12 16 20 24 28 32 36 40 44 48 Output a) Draw the short-run profit-maximizing point and the economic profit region. Select which item you want to draw from the drop-down menu at the top of the graph to draw that item. b) What is the...
$ per unit MC ATC MR $40 AVC $20 2 4 6 8 10 12 Output (9) The graph above shows a firm's Marginal Revenue (MR), Marginal Cost (MC), Average Total Cost (ATC) and Average Variable Cost (AVC). This firm is a profit-maximizing price taker. Find the firm's short run shutdown price. (Do not include a S sign in your response. Round to the nearest two decimal places if necessary.) Answer: Check
3. Given the data below, compute TR, TC, TFC, TVC, ATC, AVC, AFC, MR, MC, AR, and Profit 1 2 3 6 7 8 9 10 11 0 TC = 10 +570 - 80+ TR = 452 - 0 50. Find the profit maximizing level of output and graph all the curves. Note: for both problems. Graph all the total curves together on one graph Graph all the average and marginal curves together on one graph Graph the profit curve...
II.A. Identify and label the profit-maximizing level of output (Q) that will be pursued by this 'monopolistic' firm. (5 Points) $$ MC ATC AVC Market Demand Output(Q) MR II.B. Draw and label the rectangle that represents the Total Revenue (TR) generated by this 'monopolistic' firm. (5 Points) $$ MC ATC AVC Market Demand -Output(Q) MR II.C. Draw and label the rectangles that represent Total Cost (TC), Total Fixed Cost (TFC) and Total Variable Cost (TVC) generated by this ‘monopolistic' firm....
2. A. Fill in the table below. AC Quantity Total Cost Total Profit PPU TR $20 B. If this industry only has one firm, what is the profit maximizing price and quantity? C. Roughly sketch a graph of this firm's market, including MR, MC and AC curves. D. Add an appropriate demand curve for this firm to your graph At the profit maximizing price and quantity, shade in the area of the graph indicating the firm's profit.
MC Cost and Revenue ATC MR AVC o '1'2'3'4'56'58' Quantity 10 a. (1 points) Using the graph above, what is the profit maximizing or loss minimizing output and price? b. (1 point)Using the graph above, what is the profit or loss at the profit maximizing or loss minimizing point c. (1 point) What is the shutdown price and quantity?
$ per unit MC ATC MR $20 AVC 5 10 15 20 25 30 Output (g) The graph above shows a firm's Marginal Revenue (MR), Marginal Cost (MC), Average Total Cost (ATC) and Average Variable Cost (AVC). This firm is a profit-maximizing price taker. Calculate the firm's profit. (Do not include a $ sign in your response. Round to the nearest two decimal places if necessary.)
At the profit-maximizing output, total fixed cost MC MR ATC b AVC hkn Output Multiple Choice is fgab. is Ogan. is ba Dollars Saved If a perfectly competitive firm is producing at the P MC output and realizing an economic profit, at that output Multiple Choice marginal revenue is less than price. marginal revenue exceeds ATC. ATC is being minimized. total revenue equals total cost. The average total cost curve for a perfectly competitive firm. Suppose the marginal cost curve...
Use Figure 1 to answer questions 1-2. Figure 1 Dollars ATC Output 100 150 180 210 1 Which price corresponds to the breakeven point on the graph? 2. Which price corresponds to the shut-down point on the graph? Use Figure 2 to answer questions 3-5. Figure 2 Dollars MC ATC AVC Output 100 150 180 210 Assume that the market price is $25. 3. Should the firm produce or shutdown? Why? 4. What is the firm's profit maximizing output level?...
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