Homework Answers
1. TFC = TC when output is zero
From graph, TFC = 200
2. Profit = TR - TC
The difference of TR - TC is maximum at the output level of 320
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Total $1,400 cost 1,200 Total revenue 1,000 800 600 400 200 100 320 Output 440 What...
Which of the following is correct? Total cost $1,400 1,200 Total revenue 1,000 800 600 400...
Which of the following is correct? Total cost $1,400 1,200 Total revenue 1,000 800 600 400 200 100 440 320 Output DO | Ο This firm will maximize its profit at 440 units of output. Ο This firm's marginal revenue rises with output. Ο Any level of output less than 100 units or greater than 440 units is profitable. Ο Any level of output between 100 and 440 units will yield an economic profit.
Help with #3-5 please! Total Cost Total $1,400 Revenue 1,200 1,000 800 600 400 200 0...
Help with #3-5 please!
Total Cost Total $1,400 Revenue 1,200 1,000 800 600 400 200 0 100 320 440 Output 3. Refer to the above short-run data. The profit-maximizing output for this firm is: A. Above 440 units. B 440 units. C. 320 units. D. 100 units. 4. Refer to the above short-run data. Which of the following is correct? A. Any level of output between 100 and 440 units will yield an economic profit. B. Any level of output...
Use the following to answer questions 39-40 Total cost Total $1,400 1,200 1,000 800 400 200...
Use the following to answer questions 39-40 Total cost Total $1,400 1,200 1,000 800 400 200 0 100 440 320 Output 39. Refer to the above short-run data. Total fixed cost for this firm: A) is about $67. B) Vis 5300. C) is $200. D is $100. data given E) cannot be determined from the 40. Refer to the above short-run data. The profit maximizing output for this firm is: A) above 440 units. B) 440 units. C) 320 units....
Figure: The Profit-Maximizing Output and Price Price, cost, marginal revenue of diamond $1,000 800 600 400...
Figure: The Profit-Maximizing Output and Price Price, cost, marginal revenue of diamond $1,000 800 600 400 200 C MC -200 -400 8 10 16 20 Quantity of diamonds Reference: Ref 13-17 (Figure: The Profit-Maximizing Output and Price) Look at the figure The Proht-Maximizing Output and Price. Assume that there are no fixed costs and AC MC-$200. At the profit-maximizing output and price for competitor perfectly competitive industry, consumer surplus is: $6,400 O $1.600. o$0. С $3,200.
Variable Cost (dollars) $0 Quantity O 100 200 300 400 500 600 Total Cost (dollars) $1,000 1,360 1,560 1,960 2,760 4,000...
Variable Cost (dollars) $0 Quantity O 100 200 300 400 500 600 Total Cost (dollars) $1,000 1,360 1,560 1,960 2,760 4,000 5,800 360 560 960 1,760 3.000 4.800 Table 10.1 shows the short-run cost data of a perfectly competitive firm that produces plastic camera cases. Assume that output can only be increased in batches of 100 units. Refer to Table 10.1. If the market price of each camera case is $8, what is the profit- maximizing quantity?
Market Price 90 80 70 Total Market Output 600 800 1,000 1.200 1,400 1.600 1.800 60...
Market Price 90 80 70 Total Market Output 600 800 1,000 1.200 1,400 1.600 1.800 60 50 40 30 (Table: Three-Country Oil Production) Suppose that three countries are engaged in oil production. For simplicity, assume zero costs so that revenue equals profit. If the countries create a cartel and agree to mimic monopoly-like behavior to maximize total profit, the level of output each firm would produce is type your answer... units. Now, suppose that country A breaks the agreement by...
#1 1. A firm has the following demand and total cost schedule. TR Profit MR MC O 0 10 20 30 40 50 60 P 100 90 80 70...
#1
1. A firm has the following demand and total cost schedule. TR Profit MR MC O 0 10 20 30 40 50 60 P 100 90 80 70 60 50 40 TC 200 400 600 800 800 1,000 1.200 1.400 a) Is the firm a price-taker or price searcher? Explain. b) Complete the Total Revenue (TR) and Profit schedules. c) How many units of output (Q) should the firm produce to maximize profits? d) What price (P) should the...
Show work pretty please. 30. Average total cost a. b. c. d. e. increases as output...
Show work pretty please.
30. Average total cost a. b. c. d. e. increases as output increases. decreases as output increases. increases if marginal cost is increasing increases if marginal cost is greater than average total cost. both c and d 31. Amonopolist which suffers losses in the short run will continue to operate as long as total revenue covers fixed cost. raise price in order to eliminate losses exit in the long run if there is no plant size...
Fill out the table, answer questions at the end. Avg Total Cost Total Marginal Marginal Revenue Revenue Cost Perfect Co...
Fill out the table, answer
questions at the end.
Avg Total Cost Total Marginal Marginal Revenue Revenue Cost Perfect Competition Price of output: $10 Fixed costs: $200 Avg Variable Fixed Total Variable Avg Fixed Output Cost Cost Cost Cost Cost $0 10 $50 $250 $20.00 20 $90 $4.50 30 $160 $360 $5.33 $6.67 $225 $300 $500 $6.00 $4.00 $395 70 $510 $710 $7.29 $2.86 80 $640 $8.00 1. What is the profit-maximizing level of output? 2. What are profits at...
Figure 1. Market for Rental Apartments in Alpha City $2,000 Supply $1,800 $1,600+ $1,400 + $1,200...
Figure 1. Market for Rental Apartments in Alpha City $2,000 Supply $1,800 $1,600+ $1,400 + $1,200 + MONTHLY RENT $1,0 +---- $800 $600 $400+ Demand $200 + 0 200 400 600 800 1,000 QUANTITY 1,200 1,400 1,600 1,800 2,000 PART 2 The mayor of Alpha City has decided to build a new public park, and to pay for it with a new tax. She is currently considering placing the tax either on rental apartments or luxury watches, and she has...
Which of the following is correct? Total cost $1,400 1,200 Total revenue 1,000 800 600 400 200 100 440 320 Output DO | Ο This firm will maximize its profit at 440 units of output. Ο This firm's marginal revenue rises with output. Ο Any level of output less than 100 units or greater than 440 units is profitable. Ο Any level of output between 100 and 440 units will yield an economic profit.
Help with #3-5 please!
Total Cost Total $1,400 Revenue 1,200 1,000 800 600 400 200 0 100 320 440 Output 3. Refer to the above short-run data. The profit-maximizing output for this firm is: A. Above 440 units. B 440 units. C. 320 units. D. 100 units. 4. Refer to the above short-run data. Which of the following is correct? A. Any level of output between 100 and 440 units will yield an economic profit. B. Any level of output...
Use the following to answer questions 39-40 Total cost Total $1,400 1,200 1,000 800 400 200 0 100 440 320 Output 39. Refer to the above short-run data. Total fixed cost for this firm: A) is about $67. B) Vis 5300. C) is $200. D is $100. data given E) cannot be determined from the 40. Refer to the above short-run data. The profit maximizing output for this firm is: A) above 440 units. B) 440 units. C) 320 units....
Figure: The Profit-Maximizing Output and Price Price, cost, marginal revenue of diamond $1,000 800 600 400 200 C MC -200 -400 8 10 16 20 Quantity of diamonds Reference: Ref 13-17 (Figure: The Profit-Maximizing Output and Price) Look at the figure The Proht-Maximizing Output and Price. Assume that there are no fixed costs and AC MC-$200. At the profit-maximizing output and price for competitor perfectly competitive industry, consumer surplus is: $6,400 O $1.600. o$0. С $3,200.
Variable Cost (dollars) $0 Quantity O 100 200 300 400 500 600 Total Cost (dollars) $1,000 1,360 1,560 1,960 2,760 4,000 5,800 360 560 960 1,760 3.000 4.800 Table 10.1 shows the short-run cost data of a perfectly competitive firm that produces plastic camera cases. Assume that output can only be increased in batches of 100 units. Refer to Table 10.1. If the market price of each camera case is $8, what is the profit- maximizing quantity?
Market Price 90 80 70 Total Market Output 600 800 1,000 1.200 1,400 1.600 1.800 60 50 40 30 (Table: Three-Country Oil Production) Suppose that three countries are engaged in oil production. For simplicity, assume zero costs so that revenue equals profit. If the countries create a cartel and agree to mimic monopoly-like behavior to maximize total profit, the level of output each firm would produce is type your answer... units. Now, suppose that country A breaks the agreement by...
#1
1. A firm has the following demand and total cost schedule. TR Profit MR MC O 0 10 20 30 40 50 60 P 100 90 80 70 60 50 40 TC 200 400 600 800 800 1,000 1.200 1.400 a) Is the firm a price-taker or price searcher? Explain. b) Complete the Total Revenue (TR) and Profit schedules. c) How many units of output (Q) should the firm produce to maximize profits? d) What price (P) should the...
Show work pretty please.
30. Average total cost a. b. c. d. e. increases as output increases. decreases as output increases. increases if marginal cost is increasing increases if marginal cost is greater than average total cost. both c and d 31. Amonopolist which suffers losses in the short run will continue to operate as long as total revenue covers fixed cost. raise price in order to eliminate losses exit in the long run if there is no plant size...
Fill out the table, answer
questions at the end.
Avg Total Cost Total Marginal Marginal Revenue Revenue Cost Perfect Competition Price of output: $10 Fixed costs: $200 Avg Variable Fixed Total Variable Avg Fixed Output Cost Cost Cost Cost Cost $0 10 $50 $250 $20.00 20 $90 $4.50 30 $160 $360 $5.33 $6.67 $225 $300 $500 $6.00 $4.00 $395 70 $510 $710 $7.29 $2.86 80 $640 $8.00 1. What is the profit-maximizing level of output? 2. What are profits at...
Figure 1. Market for Rental Apartments in Alpha City $2,000 Supply $1,800 $1,600+ $1,400 + $1,200 + MONTHLY RENT $1,0 +---- $800 $600 $400+ Demand $200 + 0 200 400 600 800 1,000 QUANTITY 1,200 1,400 1,600 1,800 2,000 PART 2 The mayor of Alpha City has decided to build a new public park, and to pay for it with a new tax. She is currently considering placing the tax either on rental apartments or luxury watches, and she has...
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