Homework Answers
1) The firm will set P=MC for profit maximization
so, Q = 4 pounds
option(C)
2) Profits = TR-TC
= (4*16)-52
= 12
Option(B)
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Question Completion Status: ion Status: Consider the following table, showing the total cost of producing strawberries...
Consider the following table, showing the total cost of producing strawberries on a small plot of...
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Consider the following total cost schedule for a perfectly competitive firm producing ball-point pens. Suppose the...
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complete the following table by computing the total cost of producing each quantity. then compute the...
complete the following table by computing the total cost of
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Consider the following table, showing the total cost of producing strawberries on a small plot of land in Mexico: Pounds of Total Costs Strawberries (Pesos) 18 22 1 2 3 28 36 5 The Marginal Cost Schedule is 52 70 Pounds of Strawberries Total Costs Marginal Cost The Marginal Cost Schedule is Pounds of Strawberries Total Costs (Pesos) Marginal Cost 18 22 28 6 8 36 52 16 70 18 [4 points Suppose the price of 1 pound of strawberries...
Given the following information about a competitive firm's costs, calculate marginal cost and answer four questions. Instructions: Enter your responses as whole numbers. Indicate negative responses with a (-) negative sign. Marginal Cost Output (units) Total Cost 10 $50 11 52 2 12 56 4 13 62 $ 14 70 15 80 10 $ 16 92 12 106 17 14 $ 18 122 16 $ 19 140 18 a. If the prevailing market price is $12 per unit how much...
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Consider the following total cost schedule for a perfectly competitive firm producing ball-point pens. Suppose the prevailing market price for this firm's product is $0.14 and the firm is currently producing 20 units of output. This competitive firm wishing to maximize its profit would Output per period TVC (S) TFC (S) 0 0 10 25 20 30 6 5 40 10 5 50 15 3. Increase output because marginal revenue is greater than marginal cost b. produce zero output because...
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complete the following table by computing the total cost of
producing each quantity. then compute the total revenue earned at
each price level and the marginal revenue earned at each price
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