Homework Answers
31. The profit maximizing condition is where P=MC= MR.
So, profit maximizing output = 8 units
At this output level ,TC= $682 and TR=$960
Therefore, profit = TR-TC =$(960-682)= $278.
Hence,option(C) is correct.
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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. COSTS REVENUES...
Table 14-2 The following table presents cost and revenue information for Soper's Port Vineyard. COSTS REVENUES Quantity Produced Total Marginal Cost Quantity Demanded Total Revenue Marginal Revenue Cost Price 0 100 120 0 1 150 1 120 2 202 2 120 257 317 120 3 120 4 4 5 385 120 5 465 6 120 6 7 120 562 7 8 120 8 682 20. Refer to Table 14-2. Consumers are willing to pay $120 per unit of port wine....
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....
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
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...
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?
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...
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
2. The following table shows the revenue and cost information for a firm in a competitive...
2. The following table shows the revenue and cost information for a firm in a competitive market. $Price $Total Revenue $Marginal Revenue SMC Quantity 0 5 400 80 80 80 10 15 800 80 80 80 $Total Cost 100 600 1,075 1,525 1,925 2,525 3,525 1200 1600 100 95 90 80 120 200 80 80 20 25 30 80 80 2000 2400 80 80 a) Graph the total revenue and the total cost curves on a graph. Show that profit...
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. COSTS REVENUES Quantity Produced Total Marginal Cost Quantity Demanded Total Revenue Marginal Revenue Cost Price 0 100 120 0 1 150 1 120 2 202 2 120 257 317 120 3 120 4 4 5 385 120 5 465 6 120 6 7 120 562 7 8 120 8 682 20. Refer to Table 14-2. Consumers are willing to pay $120 per unit of port wine....
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....
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
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...
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...
2. The following table shows the revenue and cost information for a firm in a competitive market. $Price $Total Revenue $Marginal Revenue SMC Quantity 0 5 400 80 80 80 10 15 800 80 80 80 $Total Cost 100 600 1,075 1,525 1,925 2,525 3,525 1200 1600 100 95 90 80 120 200 80 80 20 25 30 80 80 2000 2400 80 80 a) Graph the total revenue and the total cost curves on a graph. Show that profit...
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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