Use the following table to answer questions 10 – 13: # Units Produced Total Revenue Total...
Use the following table to answer questions 10 – 13:
|
# Units Produced |
Total Revenue |
Total Costs |
|
0 |
0 |
0 |
|
1 |
100 |
50 |
|
2 |
180 |
110 |
|
3 |
250 |
180 |
|
4 |
290 |
270 |
|
5 |
310 |
380 |
10. What is the marginal revenue of producing the 2nd unit?
a) 50.
b) 70.
c) 90.
d) 80.
11. What is the marginal cost of producing the 4th unit?
a) 270.
b) 110.
c) 50.
d) 90.
12. At what level of output does marginal cost equal marginal revenue?
a) 1.
b) 2.
c) 3.
d) 4.
13. What is the level of net benefits when three units are produced?
a) 120.
b) 70.
c) -70.
d) 20.
Homework Answers
10. d) 80
Marginal revenue = 180-100= 80
11. d) 90
Marginal cost = 270 - 180 = 90
12. c) 3
Marginal revenue at Q= 3 is 250-180= 70
Marginal cost at Q= 3 is 180-110= 70
13. b) 70
Net benefits at Q= 3 is 250-180= 70
Add Answer to:
Use the following table to answer questions 10 –
13:
# Units Produced
Total Revenue
Total...
What is the level of profit when four units are produced? Quantity Total Revenue Total Cost...
What is the level of profit when four units are produced? Quantity Total Revenue Total Cost 100 50 180 110 250 180 290 270 310 380 a -70 c. 20 0.70
What is the level of net benefits when four units are produced? Total Total costs No....
What is the level of net benefits when four units are produced? Total Total costs No. units roduced Revenue 100 180 250 290 310 50 110 180 270 380 2 4 5 Multiple Choice 0 70 70 20
Fill out the table, answer questions at the end. Avg Total Cost Total Marginal Marginal Revenue Revenue Cost Perfect Co...
Fill out the table, answer
questions at the end.
Avg Total Cost Total Marginal Marginal Revenue Revenue Cost Perfect Competition Price of output: $10 Fixed costs: $200 Avg Variable Fixed Total Variable Avg Fixed Output Cost Cost Cost Cost Cost $0 10 $50 $250 $20.00 20 $90 $4.50 30 $160 $360 $5.33 $6.67 $225 $300 $500 $6.00 $4.00 $395 70 $510 $710 $7.29 $2.86 80 $640 $8.00 1. What is the profit-maximizing level of output? 2. What are profits at...
Table 13-3 Number of Workers Output Fixed Cost Variable Cost Total Cost 0 0 $50 $0...
Table 13-3 Number of Workers Output Fixed Cost Variable Cost Total Cost 0 0 $50 $0 $50 1 90 $50 $20 $70 2 170 $50 $40 $90 3 230 $50 $60 $110 4 240 $50 $80 $130 Refer to Table 13-3. If the firm can sell its output for $1 per unit, what is the profit-maximizing level of output? a. 170 units b. 190 units c. 240 units d. 230 units
19. Table 13-16 Quantity Total Cost Fixed Cost Variable Cost Marginal Cost Average Fixed Cost Average Variable Aver...
19. Table 13-16 Quantity Total Cost Fixed Cost Variable Cost Marginal Cost Average Fixed Cost Average Variable Average Total Cost 0 $24 $16 $50 $108 Refer to Table 13-16. What is the fixed cost of producing units of output? a. $16 b. $24 C. $12 d. $0 20. Refer to Table 13-16 in Question 19. What is the total cost of producing 2 units of output? a $76 b. $74 C. $58 d. $50 21. Refer to Table 13-16 in...
Use the cost and revenue data to answer the questions. Quantity Price Total Revenue Total Cost|...
Use the cost and revenue data to answer the questions. Quantity Price Total Revenue Total Cost| | 4 90 360 300 6 80 480 420 8 70 560 560 10 60 720 50 600 600 560 12 14 900 40 1100 What is marginal revenue when quantity is 10? What is marginal cost when quantity is 12? If this firm is a monopoly, at what quantity will profit be maximized? quantity: 6 If this is a perfectly competitive market, which...
the answer is c 80 units can you explain how ? thanks Table 13-3 Number of...
the answer is c 80 units can you explain how ? thanks
Table 13-3 Number of Workers Fixed Output Total Cost o 90 1170 $50 Variable Cost $O $20 $40 $50 550 650 $70 $90 Name: Class: Sample Exam II 540 5015805130 41. Refer to Table 13-3. The marginal product of the second worker is a. 90 units. b. 85 units. c. 80 units. d. 20 units.
(10 pts) A firm has the following relationship between output (Q) and total cost (TC): Q...
(10 pts) A firm has the following relationship between output (Q) and total cost (TC): Q TC 0 $100 1 110 2 130 3 160 4 200 5 250 6 310 7 380 8 460 9 550 10 650 Say the firm is a perfect competitor. If the market price for its product is $ 80, at what output level will this firm produce at (as a profit maximizer)? At the output level in (a), are firms in this industry...
linear revenue function is R = 34x. (Assume R is measured in dollars.) (a) What is...
linear revenue function is R = 34x. (Assume R is measured in dollars.) (a) What is the slope m? m = (b) What is the marginal revenue MR? MR = What does the marginal revenue mean? 0 If the number of units sold is increased by this amount, the revenue decreases by O If the number of units sold is increased by this amount, the revenue increases by O Each additional unit sold decreases the revenue by this many dollars....
8. Consider the following Demand (Price and Marginal Revenue) and Cost (Total and Marginal) relationships expressed...
8. Consider the following Demand (Price and Marginal Revenue) and Cost (Total and Marginal) relationships expressed as functions of Q: Price = P(Q) = 310 – 2Q TC = TC(Q) = 3500 + 70Q + Q2 MR = MR(Q) = 310 – 4Q MC = MC(Q) = 70 + 2Q a. What is the profit-maximizing level of output? What is the price at that level? b. Should the firm continue operating in the short run? In the long run? c....
What is the level of profit when four units are produced? Quantity Total Revenue Total Cost 100 50 180 110 250 180 290 270 310 380 a -70 c. 20 0.70
What is the level of net benefits when four units are produced? Total Total costs No. units roduced Revenue 100 180 250 290 310 50 110 180 270 380 2 4 5 Multiple Choice 0 70 70 20
Fill out the table, answer
questions at the end.
Avg Total Cost Total Marginal Marginal Revenue Revenue Cost Perfect Competition Price of output: $10 Fixed costs: $200 Avg Variable Fixed Total Variable Avg Fixed Output Cost Cost Cost Cost Cost $0 10 $50 $250 $20.00 20 $90 $4.50 30 $160 $360 $5.33 $6.67 $225 $300 $500 $6.00 $4.00 $395 70 $510 $710 $7.29 $2.86 80 $640 $8.00 1. What is the profit-maximizing level of output? 2. What are profits at...
19. Table 13-16 Quantity Total Cost Fixed Cost Variable Cost Marginal Cost Average Fixed Cost Average Variable Average Total Cost 0 $24 $16 $50 $108 Refer to Table 13-16. What is the fixed cost of producing units of output? a. $16 b. $24 C. $12 d. $0 20. Refer to Table 13-16 in Question 19. What is the total cost of producing 2 units of output? a $76 b. $74 C. $58 d. $50 21. Refer to Table 13-16 in...
Use the cost and revenue data to answer the questions. Quantity Price Total Revenue Total Cost| | 4 90 360 300 6 80 480 420 8 70 560 560 10 60 720 50 600 600 560 12 14 900 40 1100 What is marginal revenue when quantity is 10? What is marginal cost when quantity is 12? If this firm is a monopoly, at what quantity will profit be maximized? quantity: 6 If this is a perfectly competitive market, which...
the answer is c 80 units can you explain how ? thanks
Table 13-3 Number of Workers Fixed Output Total Cost o 90 1170 $50 Variable Cost $O $20 $40 $50 550 650 $70 $90 Name: Class: Sample Exam II 540 5015805130 41. Refer to Table 13-3. The marginal product of the second worker is a. 90 units. b. 85 units. c. 80 units. d. 20 units.
linear revenue function is R = 34x. (Assume R is measured in dollars.) (a) What is the slope m? m = (b) What is the marginal revenue MR? MR = What does the marginal revenue mean? 0 If the number of units sold is increased by this amount, the revenue decreases by O If the number of units sold is increased by this amount, the revenue increases by O Each additional unit sold decreases the revenue by this many dollars....
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