Answer the next question based on the following cost data for a competitive seller: Total Product ...
Answer the next question based on the following cost data for a competitive seller:
Total Product FC VC
0 $200 $0
1 200 70
2 200 120
3 200 150
4 200 220
5 200 300
6 200 390
Refer to the above data. If the product price is $68 at its optimal output, exactly how many units should be produced to maximize profits or minimize losses? How much will the profit or loss be? Show all calculations
Homework Answers
Ans) 3 units of output will be produced to maximize profits or minimize losses.
Profit / loss = 68 * 3 - ( 200 + 150)= -146
Loss = 146
(At Profit maximization, P is equal to or greater than MC)
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Answer the next question based on the following cost data for a
competitive seller:
Total Product ...
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Economics: Answer the next question based on the following cost data for a competitive seller: Total Product FC VC 0 $200 $0 1 200 70 2 200 120 3 200 150 4 200 220 5 200 300 6 200 390 Refer to the above data. If the product price is $68 at its optimal output, exactly how many units should be produced to maximize profits or minimize losses? How much will the...
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Total Product Total Variable Cost Total Fixed Cost $150 150 0 $ OL 1 50 2 150 75 3 150 105 4 150 145 5 150 200 6 150 270 7 150l 360 8 150 475 9 150 620 10 150 800 Refer to the accompanying cost table. If a competitive firm faced with these costs finds that it can sell its product at $60 per unit, it will o produce 6 units and incur a loss of $30. o...
1. What type of demand curve does a perfectly competitive firm face? Why? 2. A perfectly...
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3. Consider a firm in a perfectly competitive industry with a cost structure as shown in...
3. Consider a firm in a perfectly competitive industry with a cost structure as shown in the table below. (a) If the market price is $360, will the firm produce at all? (b) If so, how much and why that particular quantity? (c) Calculate the economic profit or loss at the optimal level of output. Clearly show any calculations performed and explain reasoning used to arrive at your answers. AFC Output 0 AVC ATC MC Your answers 1 (a) 2...
need some help on these, thanks! * 0103:13 Demand Data Price Od $7.00 6.50 5.85 5.35...
need some help on these, thanks!
* 0103:13 Demand Data Price Od $7.00 6.50 5.85 5.35 4.90 4.508 Cost Data Output TC 3 $4.50 5.00 6.00 8.40 11.90 15.60 00 von What is the average total cost per unit to produce 6 units? Fill in the blank Output AFC AVC ATC MC 1 $600 $200 $800 $200 2 300 150 450 100 3 200 140 340 120 146 296 220 120 160 280 280 30-02:42 If the market price for...
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...
Figure 14-5 Suppose a firm operating in a competitive market has the following cost curves: Price...
Figure 14-5 Suppose a firm operating in a competitive market has the following cost curves: Price MC ATC AVC Q1 02 03 04 05 Quantity Refer to Figure 14-5. When market price is P2, a profit-maximizing firm's losses can be represented by the area a. At a market price of P2, the firm earns profits, not losses. b. At a market price of P2 the firm has losses, but the reference points in the figure don't identify the losses. C....
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need some help on these, thanks!
* 0103:13 Demand Data Price Od $7.00 6.50 5.85 5.35 4.90 4.508 Cost Data Output TC 3 $4.50 5.00 6.00 8.40 11.90 15.60 00 von What is the average total cost per unit to produce 6 units? Fill in the blank Output AFC AVC ATC MC 1 $600 $200 $800 $200 2 300 150 450 100 3 200 140 340 120 146 296 220 120 160 280 280 30-02:42 If the market price for...
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