Total Product Average Fixed Cost Average Variable Cost Average Total Cost Marginal Cost 1 $100.00 $17.00...
Total Product Average Fixed Cost Average Variable Cost Average Total Cost Marginal Cost 1 $100.00 $17.00 $117.00 $17 2 50.00 16.00 66.00 15 3 33.33 15.00 48.33 13 4 25.00 14.25 39.25 12 5 20.00 14.00 34.00 13 6 16.67 14.00 30.67 14 7 14.29 15.71 30.00 26 8 12.50 17.50 30.00 30 9 11.11 19.44 30.55 35 10 10.00 21.60 31.60 41 11 9.09 24.00 33.09 48 12 8.33 26.67 35.00 56 The accompanying table gives cost data for a firm that is selling in a purely competitive market. If the market price for the firm's product is $32, the competitive firm will produce
Homework Answers
If the market price for the firm's product is $32, the competitive firm will produce zero units at a loss of $100. This is because at Price equals to MC condition, the output that maximises profits/minimises losses is 4 units. At Q=4, the price is less than the average variable costs. The firm will therefore will not be able to cover even its variable costs and will shut down and NOT produce any unit. So q=0 and loss will be equal to fixed costs which is $100.
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Total Product Average Fixed Cost Average Variable Cost Average
Total Cost Marginal Cost 1 $100.00 $17.00...
- 4 Average Fixed Average Variable Average Total Total Product Cost Cost Cost Marginal Cost 1...
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4 Average Fixed Average Variable Average Total Total Product Cost Cost Cost Marginal Cost 1 $100.00 $17.00 $117.00 $17 2 50.00 16.00 66.00 151 3 33.33 15.00 48.33 13 25.00 14.25 39.25 121 5 20.00 14.00 34.00 13 6 16.67 14.00 30.67 14 7 14.29 15.71 30.00 26 8 12.50 17.50 30.00 30 9 11.11 19.44 30.55 35 10 10.00 21.60 31.60 41 11 9.09 24.00 33.09 48 121 8.33 26.67 35.00 56 The accompanying table gives cost data...
Use the following to answer questions 36-37 Answer the next question(s) on the basis of the...
Use the following to answer questions 36-37 Answer the next question(s) on the basis of the following cost data for a firm which is selling in a purely competitive market Average fixed Average variable Average Total product total Marginal cost $100.00 cost cost cost 1 $17.00 $117.00 66.00 $17 15 13 12 13 14 26 30 35 41 50.00 33.33 25.00 20.00 16.67 16.00 15.00 14.25 14.00 14.00 15.71 48.33 39.25 34.00 5 6 30.67 30.00 7 14.29 12.50 11.11...
Answer the next question on the basis of the following cost data for a perfectly competitive...
Answer the next question on the basis of the following cost data for a perfectly competitive firm. Total Product 1 2 3 4 5 Marginal Cost $17 15 13 12 13 1 Average Fixed Cost $100.00 50.00 | 33.33 25.00 20.00 16.67 14.29 12.50 11.11 10.00 9.09 8.33 Average Variable Cost $17.00 16.00 15.00 14.25 14.00 14.00 15.71 17.50 19.44 21.60 24.00 26.67 Average Total Cost $117.00 66.ee 48.33 39.25 34.00 30.67 30.00 30.00 30.55 31.60 33.09 35.00 14 ON...
Answe r the next six questions on the basis of the information in Table 1 which...
Answe r the next six questions on the basis of the information in Table 1 which shows the short-run cost curves for a competitive firm. typical Table 1 4. QI ATC | AVC | AFC | MC S117.00 $17.00 $100.00 $17.00 Based on the information in Table I, which of the following represents the profit-maximizing, competitive firm's short-run supply curve? 2 66.00 600 50.00 15.00 3 48.33 15.0033.33 13.00 4 39.25 14.25 25.00 12.00 5 34.00 14.00 20.00 13.00 $50...
2 Average | Average Average Total Fixed Variable Total Marginal Product Cost Cost Cost Cost 1...
2 Average | Average Average Total Fixed Variable Total Marginal Product Cost Cost Cost Cost 1 $150.00 $25.00 $175.00 25.00 75.00 23.00 98.00 21.00 50.00 20.00 70.00 14.00 37.50 21.00 58.50 24.00 30.00 23.00 53.00 31.00 25.00 25.00 50.00 35.00 21.43 28.00 49.43 46.01 18.75 33.00 51.76 68.07 9 1 6.67 39.00 55.67 86.95 10 15.00 48.00 63.00 128.97 The accompanying table gives cost data for a firm that is selling in a purely competitive market. At 6 units of...
Assume that the following cost data are for a purely competitive producer: total product average fixed...
Assume that the following cost data are for a purely competitive
producer:
total
product
average
fixed
cost
average
variable
cost
average
total
coast
marginal
cost
0
na
$0.00
$0.00
na
1
$60.00
$45.00
$105.00
$45.00
2
$30.00
$42.50
$72.50
$40.00
3
$20.00
$40.00
$60.00
$35.00
4
$15.00
$37.50
$52.00
$30.00
5
$12.00
$37.00
$49.00
$35.00
6
$10.00
$37.50
$47.50
$40.00
7
$8.57
$38.57
$47.14
$45.00
8
$7.50
$40.63
$48.13
$55.00
9
$6.67
$43.33
$50.00
$65.00
10
$6.00
$46.50
$52.50
$75.00...
Assume the following cost data are for a purely competitive producer: Average fixed Total Product Average...
Assume the following cost data are for a purely competitive producer: Average fixed Total Product Average variable cost Average total cost Marginal cost cost $45 40 can AWN $60.00 30.00 20.00 15.00 12.00 10.00 8.57 $45.00 42.50 40.00 37.50 37.00 37.50 38.57 40.63 43.33 46.50 $105.00 72.50 60.00 52.50 49.00 47.50 47.14 48.13 50.00 52.50 7.50 6.67 6.00 (1) (3) (2) Quantity supplied, single firm (4) Quantity supplied, 1500 firms Price Profit (+) or loss (1) $26 32 e. Explain:...
i l Cort Total Product Average Fixed Average Average Total M Cost Variable Cost Cost 0.00...
i l Cort Total Product Average Fixed Average Average Total M Cost Variable Cost Cost 0.00 $ 0.00 S 6 0.00 45.00 S 105.00 S 2 s 30.00 S 42.50 $ 72.50 $ S 20.00 S 40.00 S 60.00 S 15.00 S 37.50 $ 52.50 $ 12.00 S 37.00 S 49.00 S 10.00 S 37.50 S 47.50 S 8.571 $ 38.57 S 47.14 S $ 7.50 S 40.63 S 48.13 S 9S 43.33 S 10 $ 6.00 $ 46.50 $...
The graph below shows the marginal, average variable, and average total cost curves for a perfectly...
The graph below shows the marginal, average variable, and average total cost curves for a perfectly competitive firm. Refer to the graph to answer the following questions. Instructions: Indicate the profit-maximizing level of output. Enter your response as a whole number. Price and cost MC ATC AVC $40.50 36.00 30.00 MR 22.00 20.00 130 180 240 Quantity a. What is the amount of the fixed cost of production? $ b. Suppose the market price is $30 what is the firm's...
Assume that the following cost data are for a purely competitive producer Total Product Average Fixed...
Assume that the following cost data are for a purely competitive producer Total Product Average Fixed Average Average Total Marainal cos Cost Variable Cost Cost na 0.00 $ 0.00 na $ 60.00 $ 45.00 $ 105.00 $ 45.00 $ 30.00 $ 42.50 $ 72.50 $ 40.00 $ 20.00 $ 40.00 $ 60.00 $ 35.00 $ 15,00 $ 37.50 $ 52.50 $ 30.00 12.00 $ 37.00 $ 49.00 $ 35.00 10.00 $ 37.50 $ 47.50 $ 40.00 $ 8.57 $ 38.57...
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4 Average Fixed Average Variable Average Total Total Product Cost Cost Cost Marginal Cost 1 $100.00 $17.00 $117.00 $17 2 50.00 16.00 66.00 151 3 33.33 15.00 48.33 13 25.00 14.25 39.25 121 5 20.00 14.00 34.00 13 6 16.67 14.00 30.67 14 7 14.29 15.71 30.00 26 8 12.50 17.50 30.00 30 9 11.11 19.44 30.55 35 10 10.00 21.60 31.60 41 11 9.09 24.00 33.09 48 121 8.33 26.67 35.00 56 The accompanying table gives cost data...
Use the following to answer questions 36-37 Answer the next question(s) on the basis of the following cost data for a firm which is selling in a purely competitive market Average fixed Average variable Average Total product total Marginal cost $100.00 cost cost cost 1 $17.00 $117.00 66.00 $17 15 13 12 13 14 26 30 35 41 50.00 33.33 25.00 20.00 16.67 16.00 15.00 14.25 14.00 14.00 15.71 48.33 39.25 34.00 5 6 30.67 30.00 7 14.29 12.50 11.11...
Answer the next question on the basis of the following cost data for a perfectly competitive firm. Total Product 1 2 3 4 5 Marginal Cost $17 15 13 12 13 1 Average Fixed Cost $100.00 50.00 | 33.33 25.00 20.00 16.67 14.29 12.50 11.11 10.00 9.09 8.33 Average Variable Cost $17.00 16.00 15.00 14.25 14.00 14.00 15.71 17.50 19.44 21.60 24.00 26.67 Average Total Cost $117.00 66.ee 48.33 39.25 34.00 30.67 30.00 30.00 30.55 31.60 33.09 35.00 14 ON...
Answe r the next six questions on the basis of the information in Table 1 which shows the short-run cost curves for a competitive firm. typical Table 1 4. QI ATC | AVC | AFC | MC S117.00 $17.00 $100.00 $17.00 Based on the information in Table I, which of the following represents the profit-maximizing, competitive firm's short-run supply curve? 2 66.00 600 50.00 15.00 3 48.33 15.0033.33 13.00 4 39.25 14.25 25.00 12.00 5 34.00 14.00 20.00 13.00 $50...
2 Average | Average Average Total Fixed Variable Total Marginal Product Cost Cost Cost Cost 1 $150.00 $25.00 $175.00 25.00 75.00 23.00 98.00 21.00 50.00 20.00 70.00 14.00 37.50 21.00 58.50 24.00 30.00 23.00 53.00 31.00 25.00 25.00 50.00 35.00 21.43 28.00 49.43 46.01 18.75 33.00 51.76 68.07 9 1 6.67 39.00 55.67 86.95 10 15.00 48.00 63.00 128.97 The accompanying table gives cost data for a firm that is selling in a purely competitive market. At 6 units of...
Assume that the following cost data are for a purely competitive
producer:
total
product
average
fixed
cost
average
variable
cost
average
total
coast
marginal
cost
0
na
$0.00
$0.00
na
1
$60.00
$45.00
$105.00
$45.00
2
$30.00
$42.50
$72.50
$40.00
3
$20.00
$40.00
$60.00
$35.00
4
$15.00
$37.50
$52.00
$30.00
5
$12.00
$37.00
$49.00
$35.00
6
$10.00
$37.50
$47.50
$40.00
7
$8.57
$38.57
$47.14
$45.00
8
$7.50
$40.63
$48.13
$55.00
9
$6.67
$43.33
$50.00
$65.00
10
$6.00
$46.50
$52.50
$75.00...
Assume the following cost data are for a purely competitive producer: Average fixed Total Product Average variable cost Average total cost Marginal cost cost $45 40 can AWN $60.00 30.00 20.00 15.00 12.00 10.00 8.57 $45.00 42.50 40.00 37.50 37.00 37.50 38.57 40.63 43.33 46.50 $105.00 72.50 60.00 52.50 49.00 47.50 47.14 48.13 50.00 52.50 7.50 6.67 6.00 (1) (3) (2) Quantity supplied, single firm (4) Quantity supplied, 1500 firms Price Profit (+) or loss (1) $26 32 e. Explain:...
i l Cort Total Product Average Fixed Average Average Total M Cost Variable Cost Cost 0.00 $ 0.00 S 6 0.00 45.00 S 105.00 S 2 s 30.00 S 42.50 $ 72.50 $ S 20.00 S 40.00 S 60.00 S 15.00 S 37.50 $ 52.50 $ 12.00 S 37.00 S 49.00 S 10.00 S 37.50 S 47.50 S 8.571 $ 38.57 S 47.14 S $ 7.50 S 40.63 S 48.13 S 9S 43.33 S 10 $ 6.00 $ 46.50 $...
The graph below shows the marginal, average variable, and average total cost curves for a perfectly competitive firm. Refer to the graph to answer the following questions. Instructions: Indicate the profit-maximizing level of output. Enter your response as a whole number. Price and cost MC ATC AVC $40.50 36.00 30.00 MR 22.00 20.00 130 180 240 Quantity a. What is the amount of the fixed cost of production? $ b. Suppose the market price is $30 what is the firm's...
Assume that the following cost data are for a purely competitive producer Total Product Average Fixed Average Average Total Marainal cos Cost Variable Cost Cost na 0.00 $ 0.00 na $ 60.00 $ 45.00 $ 105.00 $ 45.00 $ 30.00 $ 42.50 $ 72.50 $ 40.00 $ 20.00 $ 40.00 $ 60.00 $ 35.00 $ 15,00 $ 37.50 $ 52.50 $ 30.00 12.00 $ 37.00 $ 49.00 $ 35.00 10.00 $ 37.50 $ 47.50 $ 40.00 $ 8.57 $ 38.57...
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