Homework Answers
produce: 4 unit
because price is equal to Marginal cost
| Q | TVC | FC | TC | MC |
| 0 | 0 | 110 | 110 | |
| 1 | 20 | 110 | 130 | 20 |
| 2 | 40 | 110 | 150 | 20 |
| 3 | 70 | 110 | 180 | 30 |
| 4 | 110 | 110 | 220 | 40 |
| 5 | 170 | 110 | 280 | 60 |
| 6 | 250 | 110 | 360 | 80 |
Total revenue is ?
$160.
Explanation:
TR=P*Q
=40*4
=160.
total cost is ?
220.
Explanation:
TC=FC+VC
=110+110
=220.
the profit of the firm is?
-60.
Profit=TR-TC
=160-220
=-60
in the short run?
operate.
Explanation:
AVC=VC/Q
=110/4
=27.5
so here price is above ATC so, firm will not shut down and will operate.
in long run?
exit
Explanation:
becuase ATC is above price.
ATC=TC/Q
=220/4
=55.
Add Answer to:
You are given the following cost data: Total fixed costs are $110. 40 70 110 170...
You are glven the following cost data: Total fixed costs are $15. TVC 20 40 70...
You are glven the following cost data: Total fixed costs are $15. TVC 20 40 70 110 170 250 If the price of output is S30, how many units of output will this firm produce (assuming the firm produces in the short run, in a competitive market)? The firm will produce units of output because this is where price equals ▼ | . (Enter your response as a whole number.) Enter your answer in the answer box and then click...
You are given the following cost data: Total fixed costs are $30. q TVC 0 0...
You are given the following cost data: Total fixed costs are $30. q TVC 0 0 1 30 2 60 3 105 4 165 5 255 6 375 If the price of output is $60, how many units of output will this firm produce (assuming the firm produces in the short run, in a competitive market)? The firm will produce nothing units of output because this is where price equals ▼ average variable cost marginal cost average fixed cost ....
A firm has the following total costs, where Q is output and TC is total cost:...
A firm has the following total costs, where Q is output and TC is total cost: Q TC 0 $ 100 1 110 2 130 3 160 4 200 5 250 6 310 7 380 8 460 9 550 10 650 11 760 Say the firm is in a perfectly competitive market. If the current market (equilibrium) price is $ 70, at what output level will the firm as a profit maximizer produce at? Say the market price rises to...
Question 2 2/2 pts Assume the following cost and revenue data represent your perfectly competitive firm....
Question 2 2/2 pts Assume the following cost and revenue data represent your perfectly competitive firm. In order to maximize profits in the short run, you should: Output Price Marginal Cost 2 3 4 5 $100 $100 $100 $100 $100 $100 $100 Total Fixed Costs $20 $20 $20 $20 $20 $20 $20 Total Variable Total Cost Costs $0 $20 $50 $70 $90 $110 $150 $170 $230 $250 $350 $370 $550 $570 na $50 $40 $60 $80 $120 $200 Shut down...
Assume the following cost data are for a purely competitive producer: Average Product Fixed Cost Variable...
Assume the following cost data are for a purely competitive producer: Average Product Fixed Cost Variable Cost Total Cost Average Average Marginal Total Cost $60.00 $45.00 $105,00 $45.00 1 72.50 2 30.00 42.50 40.00 3 20.00 40.00 60.00 35.00 30.00 15.00 37.50 52.50 5 12.00 37.00 49.00 35.00 6 10.00 37.50 47.50 40.00 8.57 7 38.57 47.14 45.00 7.50 40.63 48.13 50.00 55.00 9 6.67 43.33 65.00 10 6.00 46.50 52.50 75.00 Answer the following questions (a - c) using...
Fixed costs are irrelevant in the decision about whether to shut down production in the short...
Fixed costs are irrelevant in the decision about whether to shut down production in the short run because fixed costs: do not affect, and are not affected by, the quantity the firm produces. can be paid off over time. only change when production changes only change in the short run |If a profit-maximizing perfectly competitive firm shuts down in the short run, it incurs no losses. it incurs an economic loss equal to total fixed cost. its profit equals zero....
Assume the following cost data are for a purely competitive producer: Total Average Average Product Fixed...
Assume the following cost data are for a purely competitive producer: Total Average Average Product Fixed Cost Variable Cost Average Total Cost Marginal Cost COVOAN $60.00 30.00 20.00 15.00 12.00 10.00 8.57 7.50 6.67 6.00 $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 $45.00 40.00 35.00 30.00 35.00 40.00 45.00 55.00 65.00 75.00 Answer the following questions (a - c) using the table above. Instructions: 1. For any...
QUESTION 50 Table: Total Cost and Output Output Total Cost $ 10 60 110 170 245...
QUESTION 50 Table: Total Cost and Output Output Total Cost $ 10 60 110 170 245 (Table: Total Cost and Output) Use Table: Total Cost and Output, which describes Sergei's total costs for his perfectly competitive all-natural ice cream firm. If the market price of a tub of ice cream is $35, how many tubs of ice cream will Sergei produce in the short run? 2.3 b.4 0.1 d. 2 Click Save and Submit to save and submit. Click Save...
A firm produces a product in a competitive industry and has a total cost function (TC)...
A firm produces a product in a competitive industry and has a total cost function (TC) of TC(a) 60+4q+2q2 and a marginal cost function (MC) of MC(q) = 4 + 4q. At the given market price (P) of $20, the firm is producing 4.00 units of output. Is the firm maximizing profit?V What quantity of output should the firm produce in the long run? The firm should produce unit(s) of output. (Enter your response as an integer.)
Suppose that a competitive firm's marginal cost of producing output q (MC) is given by MC(q)...
Suppose that a competitive firm's marginal cost of producing output q (MC) is given by MC(q) = 3 + 2q. Assume that the market price (P) of the firm's product is $15. What level of output (q) will the firm produce? The firm will produce units of output. (Enter your response rounded to two decimal places.) What is the firm's producer surplus? Producer surplus (PS) is $ . (Enter your response rounded to two decimal places.) Suppose that the average...
You are glven the following cost data: Total fixed costs are $15. TVC 20 40 70 110 170 250 If the price of output is S30, how many units of output will this firm produce (assuming the firm produces in the short run, in a competitive market)? The firm will produce units of output because this is where price equals ▼ | . (Enter your response as a whole number.) Enter your answer in the answer box and then click...
Question 2 2/2 pts Assume the following cost and revenue data represent your perfectly competitive firm. In order to maximize profits in the short run, you should: Output Price Marginal Cost 2 3 4 5 $100 $100 $100 $100 $100 $100 $100 Total Fixed Costs $20 $20 $20 $20 $20 $20 $20 Total Variable Total Cost Costs $0 $20 $50 $70 $90 $110 $150 $170 $230 $250 $350 $370 $550 $570 na $50 $40 $60 $80 $120 $200 Shut down...
Assume the following cost data are for a purely competitive producer: Average Product Fixed Cost Variable Cost Total Cost Average Average Marginal Total Cost $60.00 $45.00 $105,00 $45.00 1 72.50 2 30.00 42.50 40.00 3 20.00 40.00 60.00 35.00 30.00 15.00 37.50 52.50 5 12.00 37.00 49.00 35.00 6 10.00 37.50 47.50 40.00 8.57 7 38.57 47.14 45.00 7.50 40.63 48.13 50.00 55.00 9 6.67 43.33 65.00 10 6.00 46.50 52.50 75.00 Answer the following questions (a - c) using...
Fixed costs are irrelevant in the decision about whether to shut down production in the short run because fixed costs: do not affect, and are not affected by, the quantity the firm produces. can be paid off over time. only change when production changes only change in the short run |If a profit-maximizing perfectly competitive firm shuts down in the short run, it incurs no losses. it incurs an economic loss equal to total fixed cost. its profit equals zero....
Assume the following cost data are for a purely competitive producer: Total Average Average Product Fixed Cost Variable Cost Average Total Cost Marginal Cost COVOAN $60.00 30.00 20.00 15.00 12.00 10.00 8.57 7.50 6.67 6.00 $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 $45.00 40.00 35.00 30.00 35.00 40.00 45.00 55.00 65.00 75.00 Answer the following questions (a - c) using the table above. Instructions: 1. For any...
QUESTION 50 Table: Total Cost and Output Output Total Cost $ 10 60 110 170 245 (Table: Total Cost and Output) Use Table: Total Cost and Output, which describes Sergei's total costs for his perfectly competitive all-natural ice cream firm. If the market price of a tub of ice cream is $35, how many tubs of ice cream will Sergei produce in the short run? 2.3 b.4 0.1 d. 2 Click Save and Submit to save and submit. Click Save...
A firm produces a product in a competitive industry and has a total cost function (TC) of TC(a) 60+4q+2q2 and a marginal cost function (MC) of MC(q) = 4 + 4q. At the given market price (P) of $20, the firm is producing 4.00 units of output. Is the firm maximizing profit?V What quantity of output should the firm produce in the long run? The firm should produce unit(s) of output. (Enter your response as an integer.)
Suppose that a competitive firm's marginal cost of producing output q (MC) is given by MC(q) = 3 + 2q. Assume that the market price (P) of the firm's product is $15. What level of output (q) will the firm produce? The firm will produce units of output. (Enter your response rounded to two decimal places.) What is the firm's producer surplus? Producer surplus (PS) is $ . (Enter your response rounded to two decimal places.) Suppose that the average...
Most questions answered within 3 hours.
-
Rice Products in Bangladesh
Business behavior is derived in large part from the basic cultural
environment...
asked 29 minutes ago -
The following base sequence is found for a mRNA fragment from
wild-type E. coli: 5'- UAUCAGUAGAUAAUGUAACC-3'...
asked 52 minutes ago -
For this exercise, round all regression parameters to three
decimal places.
One of the two tables...
asked 1 hour ago -
What is the 5% level of significance for mean = 3.60, standard
deviation = 0.94, and...
asked 1 hour ago -
Prior to beginning work on this discussion, please read the
article by Hayley Peterson, 15 Companies...
asked 1 hour ago -
Which pair of aqueous solutions, when mixed, will form a
precipitate?
A) NaNO3 and AgC2H3O2
B)...
asked 2 hours ago -
1-Write an algorithm to get two numbers from the user (as
inputs) and calculate the sum...
asked 5 hours ago -
Define white-collar crime. What is the difference between
offender and offense-based definitions of white-collar crime? What...
asked 6 hours ago -
Consider a reaction which is 1st order with respect to A and 1st
order with respect...
asked 6 hours ago -
c++
The length of the hypotenuse of a right-angled triangle is the
square root of the...
asked 6 hours ago -
When a metal rod is heated, not only its resistance but also its
length and cross‐sectional...
asked 6 hours ago -
write a c++ program that computes the L^1 - Norm of a given
vector (L^1 norm...
asked 6 hours ago