Homework Answers
Answer
Option C
Profit=TR-TC
The profit is maximum when the TR and TC distance is highest and TR>TC
So it is maximum at Q2 units
===
The breakeven is at Q0 and Q4 where TR=TC
Add Answer to:
Total Costs and revenue cost/ Total revenue 1.000 Quantity Refer to Figure 12-2. Suppose the firm...
Figure 12-2 Costs and Total cost/ revenue Total revenue 1,000 QQ Quantity Refer to Figure 12-2....
Figure 12-2 Costs and Total cost/ revenue Total revenue 1,000 QQ Quantity Refer to Figure 12-2. Suppose the firm is currently producing less than Qo goods. Which of the following is true? OA) It makes the highest profit. B) It makes zero profit. C) It makes profit, but it is not maximized. D) It incurs a loss.
Figure 12-2 Costs Total cost and revenue Total revenue e C b 1,000 Quantity Refer to...
Figure 12-2 Costs Total cost and revenue Total revenue e C b 1,000 Quantity Refer to Figure 12-2. Suppose the firm is currently producing Q2goods. What happens if it increases production to Q3? A) It makes less profit. B) It breaks even. C) It has a lower loss. D) It will maximize the profit.
Figure 12-2 Costs Total and cost Total revenue revenue e b 1,000 2 Quantity Refer to...
Figure 12-2 Costs Total and cost Total revenue revenue e b 1,000 2 Quantity Refer to Figure 12-2. How many goods should this firm produce such that its MR was equal to its МC A) 3 B) 4 C) 2 D) 1
33. In the figure above, a firm's total revenue and total cost curves are shown. Which...
33. In the figure above, a firm's total revenue and total cost curves are shown. Which one of the following statements is FALSE? a. Total profit is the vertical distance by which the total revenue curve exceeds the total cost curve. b. At output Q1, the firm makes zero economic profit. c. At an output above Q3, the firm suffers an economic loss. d. At output Q2, the firm suffers an economic loss. Price and cost (dollars per unit) 01...
Use the cost and revenue data to answer the questions. Quantity Price Total Revenue Total Cost|...
Use the cost and revenue data to answer the questions. Quantity Price Total Revenue Total Cost| | 4 90 360 300 6 80 480 420 8 70 560 560 10 60 720 50 600 600 560 12 14 900 40 1100 What is marginal revenue when quantity is 10? What is marginal cost when quantity is 12? If this firm is a monopoly, at what quantity will profit be maximized? quantity: 6 If this is a perfectly competitive market, which...
QUESTION 21 Assume a competitive firm faces a market price of $90. The total cost of...
QUESTION 21 Assume a competitive firm faces a market price of $90. The total cost of the firm is given by 1 Q3 +9Q+ 1250. c- Which of the following is true in the short-run situation? [Hint: First calculate the profit-maximizing quantity and price, and then calculate the profit. If t O The firm makes profit of more than $500 O The firm makes a loss of $764 and should shut down OThe firm breaks even he firm makes a...
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...
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
Suppose that each firm in a competitive industry has the following costs: Total Cost: TC =...
Suppose that each firm in a competitive industry has the following costs:Total Cost: TC=50+1/2 q2Marginal Cost: MC=qwhere q is an individual firm's quantity produced.The market demand curve for this product is:Demand QD=160-4 Pwhere P is the price and Q is the total quantity of the good.Each firm's fixed cost is $_______ What is each firm's variable cost?1/2 q50+1/2 q1/2 q^{2}qWhich of the following represents the equation for each firm's average total cost?50/q+1/2 q50+1/2 q50/q1/2 qComplete the following table by computing the...
Table: Demand and Total Cost Table: Demand and Total Cost Quantity Price per (megawatts) Megawatt Total...
Table: Demand and Total Cost Table: Demand and Total Cost Quantity Price per (megawatts) Megawatt Total Cost $550 $1.000 500 1.075 450 1.200 1.375 350 1.600 300 1.875 250 2200 2.575 400 200 Use Table: Demand and Total Cost. Lenoia runs a natural monopoly firm producing electricity for a small mountain village. The table shows Lenoia's demand and total cost of producing electricity. The profit-maximizing quantity of electricity for her to produce is megawatts. O2 os Figure: The Monopolist Price,...
Figure 12-2 Costs and Total cost/ revenue Total revenue 1,000 QQ Quantity Refer to Figure 12-2. Suppose the firm is currently producing less than Qo goods. Which of the following is true? OA) It makes the highest profit. B) It makes zero profit. C) It makes profit, but it is not maximized. D) It incurs a loss.
Figure 12-2 Costs Total cost and revenue Total revenue e C b 1,000 Quantity Refer to Figure 12-2. Suppose the firm is currently producing Q2goods. What happens if it increases production to Q3? A) It makes less profit. B) It breaks even. C) It has a lower loss. D) It will maximize the profit.
Figure 12-2 Costs Total and cost Total revenue revenue e b 1,000 2 Quantity Refer to Figure 12-2. How many goods should this firm produce such that its MR was equal to its МC A) 3 B) 4 C) 2 D) 1
33. In the figure above, a firm's total revenue and total cost curves are shown. Which one of the following statements is FALSE? a. Total profit is the vertical distance by which the total revenue curve exceeds the total cost curve. b. At output Q1, the firm makes zero economic profit. c. At an output above Q3, the firm suffers an economic loss. d. At output Q2, the firm suffers an economic loss. Price and cost (dollars per unit) 01...
Use the cost and revenue data to answer the questions. Quantity Price Total Revenue Total Cost| | 4 90 360 300 6 80 480 420 8 70 560 560 10 60 720 50 600 600 560 12 14 900 40 1100 What is marginal revenue when quantity is 10? What is marginal cost when quantity is 12? If this firm is a monopoly, at what quantity will profit be maximized? quantity: 6 If this is a perfectly competitive market, which...
QUESTION 21 Assume a competitive firm faces a market price of $90. The total cost of the firm is given by 1 Q3 +9Q+ 1250. c- Which of the following is true in the short-run situation? [Hint: First calculate the profit-maximizing quantity and price, and then calculate the profit. If t O The firm makes profit of more than $500 O The firm makes a loss of $764 and should shut down OThe firm breaks even he firm makes a...
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: Demand and Total Cost Table: Demand and Total Cost Quantity Price per (megawatts) Megawatt Total Cost $550 $1.000 500 1.075 450 1.200 1.375 350 1.600 300 1.875 250 2200 2.575 400 200 Use Table: Demand and Total Cost. Lenoia runs a natural monopoly firm producing electricity for a small mountain village. The table shows Lenoia's demand and total cost of producing electricity. The profit-maximizing quantity of electricity for her to produce is megawatts. O2 os Figure: The Monopolist Price,...
Most questions answered within 3 hours.
-
A baseball batter hits a 0.145kg baseball straight up into the
air. The baseball leaves the...
asked 25 minutes ago -
An FM modulator is tested using
single-tone baseband signal with frequency of 50kHz and a sprectrum...
asked 44 minutes ago -
Write the ionic equations for the first stage of salts
hydrolysis.
Anion, Cation?
Na2S
NiSO4
K2SO4...
asked 2 hours ago -
suppose there is a normally distributed population with a mean of
250 and a standard deviation...
asked 3 hours ago -
Question Three
Suppose you as project manager are using the Waterfall
development methodology on a large...
asked 4 hours ago -
Which statement is not true about welfare in Canada?
A.Benefits typically vary based on one's ability...
asked 4 hours ago -
Please help me with FLOWCHART and UML diagram for class,
thank you!
#include <iostream>
#include <fstream>...
asked 5 hours ago -
3. Describe the “logic circuit” of the Lac operon. Which
proteins are bound or not to...
asked 5 hours ago -
Ayesha’s adjusted gross income is $60,000 in 2019. She donated a
piece of artwork with a...
asked 5 hours ago -
For Dijkstra’s shortest path algorithm:
a. Give the Big-O time for Dijkstra’s shortest path algorithm
and...
asked 5 hours ago -
Phosphorus violates the 'octet rule' in biological molecules,
forming more covalent bonds than expected based on...
asked 5 hours ago -
A 1.3 eV electron has a 10-4 probability of tunneling
through a 2.4 eV potential barrier....
asked 5 hours ago