Homework Answers
20.
Correct Answer:
C
Explanation:
Since it is a perfect competition, then MR = P
So,
MR from selling the 3rd unit = $120
=======
22.
Add Answer to:
Table 14-2 The following table presents cost and revenue information for Soper's Port Vineyard. COSTS REVENUES...
Table 14-2 The following table presents cost and revenue information for Soper's Port Vineyard. Quantity Produced...
Table 14-2 The following table presents cost and revenue information for Soper's Port Vineyard. Quantity Produced Marginal Cost Quantity Demanded Marginal Revenue 0 COSTS Total Cost 100 150 202 257 317 50 52 135 120 I 120 120 00aWN- REVENUES Total Price Revenue 120 120 120 240 120 360 120 480 120 1.00 120 720 120 S4 AUAWN- 385 68 465 562 97 120 120 682 120 31. Refer to Table 14-2. Consumers are willing to pay $120 per unit...
Table 14-2 The following table presents cost and revenue information for Soper's Port Vineyard. COSTS Total Cost 1...
Table 14-2 The following table presents cost and revenue information for Soper's Port Vineyard. COSTS Total Cost 100 Marginal Cost Quantity Demanded 0 150 1 Quantity Produced 0 1 2 T 3 4 5 6 T 7 52 257 35 317 0 4 385 168 465 so 56297 682 1208 UAWN REVENUES Total Marginal Price Revenue Revenue 120 20 120 120 240 120 360 120 120 1480 120 120 12000 120 720 120 120 Sun 120 doo T I 29....
Figure 14-5 Suppose a firm operating in a competitive market has the following cost curves: Price...
Figure 14-5 Suppose a firm operating in a competitive market has the following cost curves: Price MC ATC AVC Q1 02 03 04 05 Quantity Refer to Figure 14-5. When market price is P2, a profit-maximizing firm's losses can be represented by the area a. At a market price of P2, the firm earns profits, not losses. b. At a market price of P2 the firm has losses, but the reference points in the figure don't identify the losses. C....
32) Refer to table below. How much output will be produced by this perfectly competitive firm?...
32) Refer to table below. How much output will be produced by this perfectly competitive firm? COSTS REVENUES Quantity Total Marginal Quantity Marginal Produced cost Cost Demanded Price Revenue Revenue $100 - 10 $120 $150 li $120 $202 12 $120 $257 $120 $317 14 $120 $385 15 $120 |$ 4656 $120 $ 562 7 $120 196828 $120 a) 0 units b) 1 unit C) 2 units d) 3 units e) 4 units f) 5 units g) 6 units h) 7...
Table 14-6 John's Vineyard Marginal Cost Marginal Revenue Quantity Produced 0 Quantity Demanded 0 1 1...
Table 14-6 John's Vineyard Marginal Cost Marginal Revenue Quantity Produced 0 Quantity Demanded 0 1 1 2 3 4 5 6 7 8 COSTS Total Cost $0 $50 $102 5157 $217 $285 5365 $462 5582 2 3 4 5 6 7 8 REVENUES Total Price Revenue $80 $80 $80 $80 $80 $80 $80 $80 $80 Refer to Table 14-6. What is John's Vineyard's economic profit at its profit-maximizing output level? $25 $75 $115 $225
The following table presents cost and information for Bob's bakery production and sales. Marginal Cost Total...
The following table presents cost and information for Bob's bakery production and sales. Marginal Cost Total Revenue Marginal Revenue Quantity Total Cost Price S6.50 8.00 $10.00 $12.50 SI5.50 $19.00 $23.00 Refer to Table 14-14. What is Bob's total fixed cost?
COSTS REVENUES Quantity Produced Total Cost Marginal Cost Quantity Demanded Price Total Revenue Marginal Revenue 0...
COSTS REVENUES Quantity Produced Total Cost Marginal Cost Quantity Demanded Price Total Revenue Marginal Revenue 0 $50.00 -- 0 $60 -- 1 $75.00 1 $60 2 $101.00 2 $60 3 $128.50 3 $60 4 $158.50 4 $60 5 $192.50 5 $60 6 $232.50 6 $60 7 $281.00 7 $60 8 $341.00 8 $60 Refer to Table 14-13. What is the economic profit at the profit maximizing point for this firm? a. $187.50 b. $139 c. $39 d. $121.50
The following table presents cost and revenue information for a firm operating in a competitive industry...
The following table presents cost and revenue information for a firm operating in a competitive industry Use this table to answer the following questions. (Use the following table. It will not be graded.) Quantity Total Cost Total Revenue Marginal Revenue Profit/Loss 0 1 $4.00 $5.50 $6.50 $8.00 $10.00 $12.50 $15.50 $19.00 $23.00 Price $3.25 $3.25 $3.25 $3.25 $3.25 $3.25 $3.25 $3.25 $3.25 Question 1.a What is the firm's profit-maximizing (or loss-minimizing) quantity? [10 points) Question 1.b When the firm produces...
The table below shows the marginal revenue and costs for a monopolist. Demand, Costs, and Revenues Price Quantity M...
The table below shows the marginal revenue and costs for a monopolist. Demand, Costs, and Revenues Price Quantity Marginal Revenue (dollars) Demanded (dollars) $130 200 $110 120 300 90 110 400 70 100 500 SO 90 600 30 80 700 10 Marginal Cost Average Total Cost (dollars) dollars) $25 $139.00 32 103.30 40 87.50 50 8 0.00 62 77.00 77 7 7.00 What is the monopolist's profit at the profit maximizing level of output? $10,000 $50,000 $80,000 $0
Table 14-12 Bill's Birdhouses COSTS REVENUES Quantity Total Produced Cost Marginal Quantity Cost Demanded Price Total...
Table 14-12 Bill's Birdhouses COSTS REVENUES Quantity Total Produced Cost Marginal Quantity Cost Demanded Price Total Marginal Revenue Revenue $0 $80 $50 $102 a wo $157 $217 $80 Ca W NA $285 $365 $80 $462 $80 $582 Refer to Table 14-12. What is the total revenue from selling 4 units? $320 5137 $480 $80 Question 3 Refer to Table 14-12 (above in Q2). What is the average revenue when 4 units are sold? $0 $68 $400 $80 Question 4 Refer...
Table 14-2 The following table presents cost and revenue information for Soper's Port Vineyard. Quantity Produced Marginal Cost Quantity Demanded Marginal Revenue 0 COSTS Total Cost 100 150 202 257 317 50 52 135 120 I 120 120 00aWN- REVENUES Total Price Revenue 120 120 120 240 120 360 120 480 120 1.00 120 720 120 S4 AUAWN- 385 68 465 562 97 120 120 682 120 31. Refer to Table 14-2. Consumers are willing to pay $120 per unit...
Table 14-2 The following table presents cost and revenue information for Soper's Port Vineyard. COSTS Total Cost 100 Marginal Cost Quantity Demanded 0 150 1 Quantity Produced 0 1 2 T 3 4 5 6 T 7 52 257 35 317 0 4 385 168 465 so 56297 682 1208 UAWN REVENUES Total Marginal Price Revenue Revenue 120 20 120 120 240 120 360 120 120 1480 120 120 12000 120 720 120 120 Sun 120 doo T I 29....
Figure 14-5 Suppose a firm operating in a competitive market has the following cost curves: Price MC ATC AVC Q1 02 03 04 05 Quantity Refer to Figure 14-5. When market price is P2, a profit-maximizing firm's losses can be represented by the area a. At a market price of P2, the firm earns profits, not losses. b. At a market price of P2 the firm has losses, but the reference points in the figure don't identify the losses. C....
32) Refer to table below. How much output will be produced by this perfectly competitive firm? COSTS REVENUES Quantity Total Marginal Quantity Marginal Produced cost Cost Demanded Price Revenue Revenue $100 - 10 $120 $150 li $120 $202 12 $120 $257 $120 $317 14 $120 $385 15 $120 |$ 4656 $120 $ 562 7 $120 196828 $120 a) 0 units b) 1 unit C) 2 units d) 3 units e) 4 units f) 5 units g) 6 units h) 7...
Table 14-6 John's Vineyard Marginal Cost Marginal Revenue Quantity Produced 0 Quantity Demanded 0 1 1 2 3 4 5 6 7 8 COSTS Total Cost $0 $50 $102 5157 $217 $285 5365 $462 5582 2 3 4 5 6 7 8 REVENUES Total Price Revenue $80 $80 $80 $80 $80 $80 $80 $80 $80 Refer to Table 14-6. What is John's Vineyard's economic profit at its profit-maximizing output level? $25 $75 $115 $225
The following table presents cost and information for Bob's bakery production and sales. Marginal Cost Total Revenue Marginal Revenue Quantity Total Cost Price S6.50 8.00 $10.00 $12.50 SI5.50 $19.00 $23.00 Refer to Table 14-14. What is Bob's total fixed cost?
The following table presents cost and revenue information for a firm operating in a competitive industry Use this table to answer the following questions. (Use the following table. It will not be graded.) Quantity Total Cost Total Revenue Marginal Revenue Profit/Loss 0 1 $4.00 $5.50 $6.50 $8.00 $10.00 $12.50 $15.50 $19.00 $23.00 Price $3.25 $3.25 $3.25 $3.25 $3.25 $3.25 $3.25 $3.25 $3.25 Question 1.a What is the firm's profit-maximizing (or loss-minimizing) quantity? [10 points) Question 1.b When the firm produces...
The table below shows the marginal revenue and costs for a monopolist. Demand, Costs, and Revenues Price Quantity Marginal Revenue (dollars) Demanded (dollars) $130 200 $110 120 300 90 110 400 70 100 500 SO 90 600 30 80 700 10 Marginal Cost Average Total Cost (dollars) dollars) $25 $139.00 32 103.30 40 87.50 50 8 0.00 62 77.00 77 7 7.00 What is the monopolist's profit at the profit maximizing level of output? $10,000 $50,000 $80,000 $0
Table 14-12 Bill's Birdhouses COSTS REVENUES Quantity Total Produced Cost Marginal Quantity Cost Demanded Price Total Marginal Revenue Revenue $0 $80 $50 $102 a wo $157 $217 $80 Ca W NA $285 $365 $80 $462 $80 $582 Refer to Table 14-12. What is the total revenue from selling 4 units? $320 5137 $480 $80 Question 3 Refer to Table 14-12 (above in Q2). What is the average revenue when 4 units are sold? $0 $68 $400 $80 Question 4 Refer...
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