Homework Answers
MC = Change in TC / Change in Q
ATC = TC / Q
Profit = TR- TC
Profit per unit = Profit / Q
| P | Q | TC | MC | ATC | TR | Profit | Profit per unit |
| 6 | 0 | 3.00 | 0.00 | -3.00 | |||
| 6 | 1 | 4.00 | 1.00 | 4.00 | 6.00 | 2.00 | 2.00 |
| 6 | 2 | 6.00 | 2.00 | 3.00 | 12.00 | 6.00 | 3.00 |
| 6 | 3 | 10.00 | 4.00 | 3.33 | 18.00 | 8.00 | 2.67 |
| 6 | 4 | 16.00 | 6.00 | 4.00 | 24.00 | 8.00 | 2.00 |
| 6 | 5 | 24.00 | 8.00 | 4.80 | 30.00 | 6.00 | 1.20 |
a. TR maximized at 5 units
b. ATC minimized at 2 units
c. Profit per unit maximized at 2 units
d. Profit maximized at 4 units (At P = MC = 6, output level is 4 units)
Add Answer to:
Assume the price of the product is 56. Complete the table and then answer four questions...
Marginal cost 14 Price = Marginal revenue Price or Cost(dollars per bushel) Quantity (bushels of fish...
Marginal cost 14 Price = Marginal revenue Price or Cost(dollars per bushel) Quantity (bushels of fish per day) Number of Bushels per Day Price Total Revenue Total Cost Total Profit Marginal Marginal Revenue Cost $13 $10 $-10 15 $13 31 44 61 If the price of catfish changed from $13 to $14 per bushel, determine the Instructions: in parts a and c, enter your responses as a whole number. In part b.round your response to two decimal places. If you...
Assume that the following marginal costs exist in catfish production: Instructions: Complete the table below. If...
Assume that the following marginal costs exist in catfish production: Instructions: Complete the table below. If you are entering any negative numbers be sure to include a negative sign (-) in front of those numbers. Quantity produced (units per day) 10 11 12 13 14 15 16 Marginal cost (per unit) $4 6 8 10 12 14 16 Price (per unit) - $25 24 23 22 - 21 - 20 19 - 18 Quantity demanded (units per day) 10 11...
Given the following information about a competitive firm's costs, calculate marginal cost and answer four questions....
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...
Refer to the following graph: 00 Market demand v PRICE OR COST (dollars per unit) -...
Refer to the following graph: 00 Market demand v PRICE OR COST (dollars per unit) - Nw Au Average total cost Marginal cost 0 10 20 30 40 50 60 70 80 90 100 110 120 130 Marginal revenue QUANTITY (units per period) Identity output and price and calculate profits for: Instructions: Enter your responses for output and profits as a whole number. Round your responses for price to two decimal places. If you are entering any negative numbers be...
Refer to the table below to answer two questions. The table shows the monthly economic profit...
Refer to the table below to answer two questions. The table shows the monthly economic profit of a drugstore. $ 27,000 9.09 points $ 17.000 2.500 800 700 $ 21.000 $ 6,000 ebook Total (gross) revenues per month less explicit costs: Cost of merchandise sold Wages to cashier, stock, and delivery help Rent and utilities Tæves Total explicit costs Accounting profit (revenue minus explicit costs) less implicit costs Wages of owner-manager, 300 hours $10 per hour Return on inventory investment,...
Use the graph to answer four questions. Typical Computer Firm Price or Cost (dollars per computer)...
Use the graph to answer four questions. Typical Computer Firm Price or Cost (dollars per computer) $1,400 $1,300 $1,200 $1,100 $1,000 $900 $800 $700 $600 $500 $400 (600, 400) $300 $200 0 100 200 300 400 500 600 700 800 900 1,000 Quantity (computers per month) If the market price for computers is $500, Instructions: Enter your responses as a whole number. If you are entering any negative numbers be sure to include a negative sign (-) in front of...
Assume that the cost data in the following table are for a purely competitive producer:
Assume that the cost data in the following table are for a purely competitive producer: TotalProductAverageFixed CostAverageVariable CostAverageTotal CostMarginal Cost01$60.00$45.00$105.00$45.00230.00 42.50 72.5040.00320.00 40.00 60.0035.00415.00 37.50 52.5030.00512.00 37.00 49.0035.00610.00 37.50 47.5040.0078.57 38.57 47.1445.008 7.50 40.63 48.1355.009 6.67 43.33 50.0065.0010 6.00 46.50 52.5075.00 Instructions: If you are entering any negative numbers be sure to include a negative sign (−) in front of those numbers. Select "Not applicable" and enter a value of "0" for output if the firm does not produce. a. At a product price of $66.00 (i) Will this firm produce in the short run? (Click to select) No Yes (ii) If it is preferable to produce, what...
Use the cost data to complete the charts. Assume that the following cost data are for...
Use the cost data to complete the charts.
Assume that the following cost data are for a purely competitive producer. Marginal Cost en WN- enn Average Fixed Average Average Total Cost Variable Cost Cost na $ 0.00 $ 0.00 60.00 $ 45.00 $ 105.00 30.00 $ 42.50 72.50 20.00 $ 40.00 60.00 15.00 37.50 52.50 55 12.00 37.00 49.00 6 $ 10.00 $ 37.50 $ 47.50 7 $ 8.57 $ 38.57 $ 47.14 8 $ 7.50 $ 40.63 $ 48.13...
Assume that the following cost data are for a purely competitive producer: Total Product Avg. Fixed...
Assume that the following cost data are for a purely competitive producer: Total Product Avg. Fixed Cost Avg. Var. Cost Avg. Total Cost Marg. Cost 0 n/a $0.00 $0.00 n/a 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 $52.50 $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 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...
Marginal cost 14 Price = Marginal revenue Price or Cost(dollars per bushel) Quantity (bushels of fish per day) Number of Bushels per Day Price Total Revenue Total Cost Total Profit Marginal Marginal Revenue Cost $13 $10 $-10 15 $13 31 44 61 If the price of catfish changed from $13 to $14 per bushel, determine the Instructions: in parts a and c, enter your responses as a whole number. In part b.round your response to two decimal places. If you...
Assume that the following marginal costs exist in catfish production: Instructions: Complete the table below. If you are entering any negative numbers be sure to include a negative sign (-) in front of those numbers. Quantity produced (units per day) 10 11 12 13 14 15 16 Marginal cost (per unit) $4 6 8 10 12 14 16 Price (per unit) - $25 24 23 22 - 21 - 20 19 - 18 Quantity demanded (units per day) 10 11...
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...
Refer to the following graph: 00 Market demand v PRICE OR COST (dollars per unit) - Nw Au Average total cost Marginal cost 0 10 20 30 40 50 60 70 80 90 100 110 120 130 Marginal revenue QUANTITY (units per period) Identity output and price and calculate profits for: Instructions: Enter your responses for output and profits as a whole number. Round your responses for price to two decimal places. If you are entering any negative numbers be...
Refer to the table below to answer two questions. The table shows the monthly economic profit of a drugstore. $ 27,000 9.09 points $ 17.000 2.500 800 700 $ 21.000 $ 6,000 ebook Total (gross) revenues per month less explicit costs: Cost of merchandise sold Wages to cashier, stock, and delivery help Rent and utilities Tæves Total explicit costs Accounting profit (revenue minus explicit costs) less implicit costs Wages of owner-manager, 300 hours $10 per hour Return on inventory investment,...
Use the graph to answer four questions. Typical Computer Firm Price or Cost (dollars per computer) $1,400 $1,300 $1,200 $1,100 $1,000 $900 $800 $700 $600 $500 $400 (600, 400) $300 $200 0 100 200 300 400 500 600 700 800 900 1,000 Quantity (computers per month) If the market price for computers is $500, Instructions: Enter your responses as a whole number. If you are entering any negative numbers be sure to include a negative sign (-) in front of...
Use the cost data to complete the charts.
Assume that the following cost data are for a purely competitive producer. Marginal Cost en WN- enn Average Fixed Average Average Total Cost Variable Cost Cost na $ 0.00 $ 0.00 60.00 $ 45.00 $ 105.00 30.00 $ 42.50 72.50 20.00 $ 40.00 60.00 15.00 37.50 52.50 55 12.00 37.00 49.00 6 $ 10.00 $ 37.50 $ 47.50 7 $ 8.57 $ 38.57 $ 47.14 8 $ 7.50 $ 40.63 $ 48.13...
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...
Most questions answered within 3 hours.
-
How much must I invest today if I want to withdraw 1/3 of my
original investment...
asked 1 hour ago -
What is meant by a “term premium”?
What can explain such a premium? Is it a...
asked 2 hours ago -
23. Which molecule has only covalent bonds? A. CO2 B. Al2O3 C.
Mg3N2
24. The octet...
asked 3 hours ago -
the
total pressure for a mixture of N2O4 and NO2 is 2.20 atm. If Kp=
7.10...
asked 3 hours ago -
Delaware Corp. prepared a master budget that included $22,385
for direct materials, $28,600 for direct labor,...
asked 3 hours ago -
For pesticide HCB (hexachlorobenzene), its logarithmic partition
coefficient log Kow is 5.6. What would be the...
asked 3 hours ago -
A chemist requires 0.422 mil Na2CO3 for a reaction. How many
grams does this correspond to?
asked 3 hours ago -
If the vapor pressure of carvone is approximately 9.4 torr at 99
°C, approximately how much...
asked 3 hours ago -
A juice bottling company is carrying out a test at 10%
significance that the mean population...
asked 4 hours ago -
What is the reflectivity (in percent) needed to keep water at a
temperature near its freezing...
asked 4 hours ago -
Suppose that the average surface temperature of Earth is 300K.
Assume this is uniform over its...
asked 4 hours ago -
Draw the condensed structural formula for alkenes and alkynes or
the line-angle structural formula for cycloalkenes...
asked 4 hours ago