Homework Answers
Ans: 200
Explanation:
Under perfect competition , the profit maximization condition is where price equals marginal cost ( P = MC) or price is greater than the marginal cost ( P > MC).
In the above scenario , the profit maximization level of output is 200 units , where, P > MC.
|
Quantity of Eyeglasses |
Total Revenue | Marginal Revenue | Total cost | Marginal cost | Profit /Loss |
| 100 | $10,000 | $100 | $8,000 | -- | $2,000 |
| 200 | 20000 | 100 | 12000 | $40 | 8000 |
| 300 | 30000 | 100 | 25000 | 130 | 5000 |
| 400 | 40000 | 100 | 39000 | 140 | 1000 |
| 500 | 50000 | 100 | 60000 | 210 | -10000 |
Total revenue = Price * Quantity
Marginal Revenue = Change in total revenue / Change in quantity
Marginal cost = Change in total cost / change in quantity
Profit / Loss = Total revenue - Total cost
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Question 1 (1 point) Quantity of Eyeglasses 100 200 300 400 500 Total Revenue $10,000 $20,000...
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Quantity of Eyeglasses 100 200 Total Revenue $10,000 $20,000 $30,000 $40,000 $50,000 Total Cost $5,000 $12,500 $20,000 $35,000 $55,000 300 400 500 The chart above shows the total revenue and total cost for producing different quantities of eyeglasses for a certain eyeglass manufacturer. Assume the market for eyeglasses is perfectly competitive. Also assume the manufacturer can only produce at the quantities given in the table. How many eyeglasses does the manufacturer produce? 400 200 O 500 O 300
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Variable Cost (dollars) $0 Quantity O 100 200 300 400 500 600 Total Cost (dollars) $1,000 1,360 1,560 1,960 2,760 4,000...
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Marginal Cost Quantity of Exercise Machines Average Variable Cost Average Total Cost 1 2 3 4 5 6 7 8 9 10 $200 $400 $600 $800 $1,000 $1,200 $1,400 $1,600 $1,800 $2,000 $200 $300 $400 $500 $600 $700 $800 $900 $1000 $1100 $1200 $800 $733.33 $750 $800 $866.67 $942.86 $1025 $1111.11 $1200 The above table shows the costs of a small manufacturer producing different quantities of exercise machines. If the exercise machine market is perfectly competitive and exercise machines cost...
Question 20 FC ($) VC (5) MC (5) Quantity of flowers 100 200 300 400 500 600 60 90 10.4 180 10.7 17. What is the mar...
Question 20
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Question 9 (1 point) Market Demand Aaron David 09 100 300 400 500 200 Quantity Demanded...
Question 9 (1 point) Market Demand Aaron David 09 100 300 400 500 200 Quantity Demanded If this market is for a private good, then if the price is $2. then how many units are likely to be demanded? 425 300 06 250
Quantity of Eyeglasses 100 200 Total Revenue $10,000 $20,000 $30,000 $40,000 $50,000 Total Cost $5,000 $12,500 $20,000 $35,000 $55,000 300 400 500 The chart above shows the total revenue and total cost for producing different quantities of eyeglasses for a certain eyeglass manufacturer. Assume the market for eyeglasses is perfectly competitive. Also assume the manufacturer can only produce at the quantities given in the table. How many eyeglasses does the manufacturer produce? 400 200 O 500 O 300
Marginal Cost Average Variable Cost Average Total Cost Quantity of Exercise Machines 1 2 3 4 5 6 7 8 9 10 $200 $400 $600 $800 $1,000 $1,200 $1,400 $1,600 $1,800 $2,000 $200 $300 $400 $500 $600 $700 $800 $900 $1000 $1100 $1200 $800 $733.33 $750 $800 $866.67 $942.86 $1025 $1111.11 $1200 The above table shows the costs of a small manufacturer producing different quantities of exercise machines. If the exercise machine market is perfectly competitive and exercise machines cost...
Variable Cost (dollars) $0 Quantity O 100 200 300 400 500 600 Total Cost (dollars) $1,000 1,360 1,560 1,960 2,760 4,000 5,800 360 560 960 1,760 3.000 4.800 Table 10.1 shows the short-run cost data of a perfectly competitive firm that produces plastic camera cases. Assume that output can only be increased in batches of 100 units. Refer to Table 10.1. If the market price of each camera case is $8, what is the profit- maximizing quantity?
Marginal Cost Quantity of Exercise Machines Average Variable Cost Average Total Cost 1 2 3 4 5 6 7 8 9 10 $200 $400 $600 $800 $1,000 $1,200 $1,400 $1,600 $1,800 $2,000 $200 $300 $400 $500 $600 $700 $800 $900 $1000 $1100 $1200 $800 $733.33 $750 $800 $866.67 $942.86 $1025 $1111.11 $1200 The above table shows the costs of a small manufacturer producing different quantities of exercise machines. If the exercise machine market is perfectly competitive and exercise machines cost...
Question 20
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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...
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