Homework Answers
1. Answer is (b) Total revenue is $40 because Total reveue = price X Quantity = $10 X 4 = $40
2. Answer is (c) none of these because in perfect competetion firm maximize profit where differenve between total revenue and total cost is highest so in graph we can see highest difference when firm is producing 10 units of output and earn profit $30.
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Total Costs Refer to the above table. The table represents information on the costs for Ajax...
uestion 36 (1 point) The accompanying table represents the quantity produced, the total revenue, and the...
uestion 36 (1 point) The accompanying table represents the quantity produced, the total revenue, and the total cost of a firm operating in a perfectly competitive market. Refer to this table to answer the following questions. Quantity Total Revenue Total Cost $0 $5 $10 $15 $20 $3 $5 $9 $13 Profits are maximized when producing units). o (zero) 2 3 4
The accompanying table represents the quantity produced, the total revenue, and the total cost of a...
The accompanying table represents the quantity produced, the total revenue, and the total cost of a firm operating in a perfectly competitive market. Refer to this table to answer the following questions. Quantity Total Revenue Total Cost 0 $0 $3 1 $5 $5 2 $10 $9 3 $15 $13 4 $20 $19 Assuming that all firms have the same cost structure, the price is options: $5. $3. $10. $2. $9.
The table below represents the output and cost structure for a firm. The market is perfectly...
The table below represents the output and cost structure for a
firm. The market is perfectly competitive, and the market price is
$10. Total costs include all implicit opportunity costs.
Calculate the firm’s profit at each rate of output and fill in
the values in the table.
Calculate firm's marginal cost and marginal revenue at each
rate of output and fill in the values in the table.
Calculate the firm’s average total costs and average variable
costs at each rate...
The table shows the costs that a firm faces when producing corn in a perfectly competitive...
The table shows the costs that a firm faces when producing corn in a perfectly competitive market. Use it to answer the following questions. Show your work. Quantity (bushels) 0 1 2 3 4 5 6 7 9 8 10 Total Cost (dollars) | 36 46 54 60 64 | 65 | 69 | 77 | 92 | 117 | 160 Does this table describe the short run situation or the long run situation for the firm? How can you...
The table below represents the output and cost structure for a firm. The market is perfectly...
The table below represents the output and cost structure for a firm. The market is perfectly competitive, and the market price is $10. Total costs include all implicit opportunity costs. Total Cost Marginal Marginal Cost Revenue Total Revenue 0 Average Total Cost Average Variable Cost Output 0 Profit 3 XXX XXX 1 2 7 9 10 10 20 30 3 4 12 40 5 16 50 6 22 60 7 30 70 8 40 80 90 9 52 10 68...
The table below represents the output and cost structure for a firm. The market is perfectly...
The table below represents the output and cost structure for a firm. The market is perfectly competitive, and the market price is $10. Total costs include all implicit opportunity costs. Output Total Cost Total Revenue Profit Marginal Cost Marginal Revenue Averrage Total Cost Average Variable Cost 0 3 0 1 7 10 2 9 20 3 10 30 4 12 40 5 16 50 6 22 60 7 30 70 8 40 80 9 52 90 10 68 100 ...
The table shows the costs that a firm faces when producing corn in a perfectly competitive...
The table shows the costs that a firm faces when producing corn in a perfectly competitive market. Use it to answer the following questions. Show your work. o Quantity (bushels) 1 2 3 4 uh 6 7 8 9 10 Total Cost (dollars) | 36 46 54 60 | 64 | 65 | 69 | 77 | 92 | 117 | 160 What is the average fixed cost for the firm when it makes 4 bushels? (8 points) HTML Editor
The table shows the costs that a firm faces when producing corn in a perfectly competitive...
The table shows the costs that a firm faces when producing corn in a perfectly competitive market. Use it to answer the following questions. Show your work. Quantity (bushels) | 0 1 2 3 4 5 6 7 8 9 10 Total Cost (dollars) | 36 | 46 | 54 | 64 | 65 | 69 | 77 | 92 | 117 | 160 If the price for corn is $7 per bushel, how much profit or loss will the...
Quest Exhibit 10-2 A monopolistic competitive firm Price, costs, and revenue (dollars) 10 100 200 300...
Quest Exhibit 10-2 A monopolistic competitive firm Price, costs, and revenue (dollars) 10 100 200 300 400 500 Quantity of output (units per week) Comparing the monopolistically competitive firm in Exhibit 10-2 to the long-run profit-maximizing outcome for a perfectly comp form with a price of $15 per unit and a quantity of 600, a. the profit earned by the monopolistically competitive firm is higher than that of the perfectly competitive firm the marginal revenue of the monopolistically competitive firm...
The table shows the costs that a firm faces when producing corn in a perfectly competitive...
The table shows the costs that a firm faces when producing corn in a perfectly competitive market. Use it to answer the following questions. Show your work. Quantity (bushels) 0 1 1 2. 3 4. сл. 6 7 8 9 10 Total Cost (dollars) | 36 46 54 60 | 64 | 65 | 69 | 77 | 92 117 | 160 If the price for corn is $16 per bushel, how many bushels of corn should the farm grow?
uestion 36 (1 point) The accompanying table represents the quantity produced, the total revenue, and the total cost of a firm operating in a perfectly competitive market. Refer to this table to answer the following questions. Quantity Total Revenue Total Cost $0 $5 $10 $15 $20 $3 $5 $9 $13 Profits are maximized when producing units). o (zero) 2 3 4
The table below represents the output and cost structure for a
firm. The market is perfectly competitive, and the market price is
$10. Total costs include all implicit opportunity costs.
Calculate the firm’s profit at each rate of output and fill in
the values in the table.
Calculate firm's marginal cost and marginal revenue at each
rate of output and fill in the values in the table.
Calculate the firm’s average total costs and average variable
costs at each rate...
The table shows the costs that a firm faces when producing corn in a perfectly competitive market. Use it to answer the following questions. Show your work. Quantity (bushels) 0 1 2 3 4 5 6 7 9 8 10 Total Cost (dollars) | 36 46 54 60 64 | 65 | 69 | 77 | 92 | 117 | 160 Does this table describe the short run situation or the long run situation for the firm? How can you...
The table below represents the output and cost structure for a firm. The market is perfectly competitive, and the market price is $10. Total costs include all implicit opportunity costs. Total Cost Marginal Marginal Cost Revenue Total Revenue 0 Average Total Cost Average Variable Cost Output 0 Profit 3 XXX XXX 1 2 7 9 10 10 20 30 3 4 12 40 5 16 50 6 22 60 7 30 70 8 40 80 90 9 52 10 68...
The table shows the costs that a firm faces when producing corn in a perfectly competitive market. Use it to answer the following questions. Show your work. o Quantity (bushels) 1 2 3 4 uh 6 7 8 9 10 Total Cost (dollars) | 36 46 54 60 | 64 | 65 | 69 | 77 | 92 | 117 | 160 What is the average fixed cost for the firm when it makes 4 bushels? (8 points) HTML Editor
The table shows the costs that a firm faces when producing corn in a perfectly competitive market. Use it to answer the following questions. Show your work. Quantity (bushels) | 0 1 2 3 4 5 6 7 8 9 10 Total Cost (dollars) | 36 | 46 | 54 | 64 | 65 | 69 | 77 | 92 | 117 | 160 If the price for corn is $7 per bushel, how much profit or loss will the...
Quest Exhibit 10-2 A monopolistic competitive firm Price, costs, and revenue (dollars) 10 100 200 300 400 500 Quantity of output (units per week) Comparing the monopolistically competitive firm in Exhibit 10-2 to the long-run profit-maximizing outcome for a perfectly comp form with a price of $15 per unit and a quantity of 600, a. the profit earned by the monopolistically competitive firm is higher than that of the perfectly competitive firm the marginal revenue of the monopolistically competitive firm...
The table shows the costs that a firm faces when producing corn in a perfectly competitive market. Use it to answer the following questions. Show your work. Quantity (bushels) 0 1 1 2. 3 4. сл. 6 7 8 9 10 Total Cost (dollars) | 36 46 54 60 | 64 | 65 | 69 | 77 | 92 117 | 160 If the price for corn is $16 per bushel, how many bushels of corn should the farm grow?
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