Homework Answers
As we know the Northwest Coffee Co. is a firm in a perfectly competitive market . Firm in a perfect competition finds the equilibrium where MR = MC . Here as we total revenue increased by $4.
MR is the change in the total revenue of the firm .
So here MR = 4
Hence MR = MC =4 , at 6 units of output . Hence profit maximizing quantity of output is 6 units .
Hence (D) part is a correct answer
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Quantity of Coffee Produced (units) Marginal Cost 0 $3 $2 $1 4 $2 5 $3 6...
Quantity of Coffee Produced (units) Marginal Cost 0 -- 1 $3 $2 N 3 $1 4...
Quantity of Coffee Produced (units) Marginal Cost 0 -- 1 $3 $2 N 3 $1 4 $2 5 $3 6 $4 7 $5 Northwest Coffee Co. is a firm in a perfectly competitive market. Each time it sells a unit of coffee, it total revenue increases by $4. The marginal cost of producing different quantities of coffee is given the table above. The marginal cost of the profit-maximizing quantity is $2 $3 N O $1 $4
1.If a cartel firm is producing a quantity at which the marginal revenue is $2 and...
1.If a cartel firm is producing a quantity at which the marginal revenue is $2 and the marginal cost is $2, the firm a. is producing the agreed upon quantity b. has erected a barrier to entry c. is producing less than the agreed upon quantity d. has acted in self-interest 2.If a monopolist is producing the profit-maximizing output level and at this output level, the marginal cost is 4 and the profit-maximizing price is $9, what is the make...
Table 14-6 John's Vineyard Marginal Cost Marginal Revenue Quantity Produced 0 Quantity Demanded 0 1 1...
Table 14-6 John's Vineyard Marginal Cost Marginal Revenue Quantity Produced 0 Quantity Demanded 0 1 1 2 3 4 5 6 7 8 COSTS Total Cost $0 $50 $102 5157 $217 $285 5365 $462 5582 2 3 4 5 6 7 8 REVENUES Total Price Revenue $80 $80 $80 $80 $80 $80 $80 $80 $80 Refer to Table 14-6. What is John's Vineyard's economic profit at its profit-maximizing output level? $25 $75 $115 $225
COSTS REVENUES Quantity Produced Total Cost Marginal Cost Quantity Demanded Price Total Revenue Marginal Revenue 0...
COSTS REVENUES Quantity Produced Total Cost Marginal Cost Quantity Demanded Price Total Revenue Marginal Revenue 0 $50.00 -- 0 $60 -- 1 $75.00 1 $60 2 $101.00 2 $60 3 $128.50 3 $60 4 $158.50 4 $60 5 $192.50 5 $60 6 $232.50 6 $60 7 $281.00 7 $60 8 $341.00 8 $60 Refer to Table 14-13. What is the economic profit at the profit maximizing point for this firm? a. $187.50 b. $139 c. $39 d. $121.50
(1) (2) (3) (4) Units of Quantity of Product Factor X Output Price Marginal Revenue Product...
(1) (2) (3) (4) Units of Quantity of Product Factor X Output Price Marginal Revenue Product 0 $12 o 1 10 $12 (A) 2 18 $12 (B) 3 25 $12 (C) 28 $12 (D) price, thus we are dealing with a(n) The data show that marginal revenue is competitive firm. O greater than; perfectly equal to perfectly o less than; perfectly O equal to; imperfectly
6 Assume renti wplete the following table. Quantity Total Cost Colete the lo Average Cost Marginal Cost or Outpur 16...
6 Assume renti wplete the following table. Quantity Total Cost Colete the lo Average Cost Marginal Cost or Outpur 16 5 6 32 7 8 12 b. If the market price for the output produced is 5 and the market structure is perfectly competitive, what level of output is the profit maximizing level of output? Why? c. If the price level changes and the price per unit goes to 12, what is the profit maximizing level of output? d.Compare the...
Total Revenue Marginal Revenue 1) For the following firm in a competitive market, COSTS REVENUES Quantity...
Total Revenue Marginal Revenue 1) For the following firm in a competitive market, COSTS REVENUES Quantity Total Marginal Quantity Produced Cost Cost Demanded Price SO $80 $50 $80 $102 $80 $157 $80 $217 SSO $285 $80 $365 $80 $462 $80 8 $582 IS $80 a) Fill the column for marginal cost, total revenue and marginal revenue. b) What is interesting about the numbers you find for marginal revenue. c) Based on profit maximization rule that you learned in Chapter 14...
Marginal Cost Quantity of Exercise Machines Average Variable Cost Average Total Cost 1 2 3 4...
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...
Marginal Cost Average Variable Cost Average Total Cost Quantity of Exercise Machines 1 2 3 4...
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...
Answer only, No explanation needed HW7 010 Homework • Unanswered Price Quantity Refer to HW7 Q9....
Answer only, No explanation needed
HW7 010 Homework • Unanswered Price Quantity Refer to HW7 Q9. A firm in a perfectly competitive market can sell any quantity at market price for its output. The table below shows the quantities that the firm can sell at a market price of $5. What is the Marginal Revenue to the firm if it increases its output from 4 units to 6 units. Answer in dollars. Numeric Answer: HW7 Q11 Homework • Unanswered Price...
Quantity of Coffee Produced (units) Marginal Cost 0 -- 1 $3 $2 N 3 $1 4 $2 5 $3 6 $4 7 $5 Northwest Coffee Co. is a firm in a perfectly competitive market. Each time it sells a unit of coffee, it total revenue increases by $4. The marginal cost of producing different quantities of coffee is given the table above. The marginal cost of the profit-maximizing quantity is $2 $3 N O $1 $4
1.If a cartel firm is producing a quantity at which the marginal revenue is $2 and the marginal cost is $2, the firm a. is producing the agreed upon quantity b. has erected a barrier to entry c. is producing less than the agreed upon quantity d. has acted in self-interest 2.If a monopolist is producing the profit-maximizing output level and at this output level, the marginal cost is 4 and the profit-maximizing price is $9, what is the make...
Table 14-6 John's Vineyard Marginal Cost Marginal Revenue Quantity Produced 0 Quantity Demanded 0 1 1 2 3 4 5 6 7 8 COSTS Total Cost $0 $50 $102 5157 $217 $285 5365 $462 5582 2 3 4 5 6 7 8 REVENUES Total Price Revenue $80 $80 $80 $80 $80 $80 $80 $80 $80 Refer to Table 14-6. What is John's Vineyard's economic profit at its profit-maximizing output level? $25 $75 $115 $225
(1) (2) (3) (4) Units of Quantity of Product Factor X Output Price Marginal Revenue Product 0 $12 o 1 10 $12 (A) 2 18 $12 (B) 3 25 $12 (C) 28 $12 (D) price, thus we are dealing with a(n) The data show that marginal revenue is competitive firm. O greater than; perfectly equal to perfectly o less than; perfectly O equal to; imperfectly
6 Assume renti wplete the following table. Quantity Total Cost Colete the lo Average Cost Marginal Cost or Outpur 16 5 6 32 7 8 12 b. If the market price for the output produced is 5 and the market structure is perfectly competitive, what level of output is the profit maximizing level of output? Why? c. If the price level changes and the price per unit goes to 12, what is the profit maximizing level of output? d.Compare the...
Total Revenue Marginal Revenue 1) For the following firm in a competitive market, COSTS REVENUES Quantity Total Marginal Quantity Produced Cost Cost Demanded Price SO $80 $50 $80 $102 $80 $157 $80 $217 SSO $285 $80 $365 $80 $462 $80 8 $582 IS $80 a) Fill the column for marginal cost, total revenue and marginal revenue. b) What is interesting about the numbers you find for marginal revenue. c) Based on profit maximization rule that you learned in Chapter 14...
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...
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...
Answer only, No explanation needed
HW7 010 Homework • Unanswered Price Quantity Refer to HW7 Q9. A firm in a perfectly competitive market can sell any quantity at market price for its output. The table below shows the quantities that the firm can sell at a market price of $5. What is the Marginal Revenue to the firm if it increases its output from 4 units to 6 units. Answer in dollars. Numeric Answer: HW7 Q11 Homework • Unanswered Price...
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