Homework Answers
From the diagram, the point where MR=MC, the output is 40 units
and the price is $12.
At this point the average variable cost is $6.
The profit maximising price and output condition is marginal
revenue equals to marginal cost.
The total variable cost of production.= Average Variable Cost *
Output
Total Variable Cost = $6 * 40 = $240
Hence option 1 "$240" is correct...
Add Answer to:
6 of 17 Refer to the figure below. If the firm is producing the level of...
Refer to the figure below. If the firm is producing the level of output that maximizes profit, its total variable c...
Refer to the figure below. If the firm is producing the level of output that maximizes profit, its total variable cost of production is: Price (s) MC1 Fatci AVC NA MRID 10 20 30 40 50 60 70 80 90 Quantity $240 $420 $360 $160
1. What is the total revenue of this firm if it is producing the level of...
1. What is the total revenue of this firm if it is producing the
level of output that maximizes profit/minimize loss?
A) $560
B) $420
C) $160
D) $480
2. According to the figure below, what is the total profit of
this monopoly?
A) $240
B) $-120
C) $60
D) $80
Price ($) MC1 AVC1 10 20 30 40 50 60 70 80 90 Quantity Price (s) MC1 TATC1 AVC1 10 20 30 40 50 60 70 80 90 Quantity
Question 14 Refer to the figure below. The total cost of production is: 18 MC1 16...
Question 14 Refer to the figure below. The total cost of production is: 18 MC1 16 14 12 10 АТСТ 8 6 AVC1 4 2 MR 10 20 30 40 50 60 70 80 90 O $510 O $330 O $160 $400
Figure 12-4 Price and cost MC ATC AVC $40.50 36.00 30.00 22.00 20.00 -MR 130 180...
Figure 12-4 Price and cost MC ATC AVC $40.50 36.00 30.00 22.00 20.00 -MR 130 180 240 Quantity Figure 12-4 shows the cost and demand curve for a profit-maximizing firm in a perfectly competitive market. 37) Refer to Figure 12-4. If the market price is $30 and if the firm is producing output, what is the amount of its total variable cost? A) $7,200 B) $6,480 C) $5,400 D) $3,960 Figure 15-6 Revenue and cost per unit $30 ATC Demand...
Refer to the graph below: Untitled.png a. What is the profit-maximizing quantity and what price will...
Refer to the graph below: Untitled.png a. What is the profit-maximizing quantity and what price will the monopolist charge? a. What is the total revenue at the profit-maximizing output level? b. What is the total cost at the profit-maximizing output level? c. What is the profit? d. What is the profit per unit (average profit) at the profit-maximizing output level? e. If this industry was organized as a perfectly competitive industry, what would be the profit- maximizing price and quantity?...
The figure at right shows the demand curve, marginal revenue curve, and cost curves for a...
The figure at right shows the demand curve, marginal revenue curve, and cost curves for a monopolist. 100- To the nearest unit, the profit-maximizing quantity for the 90- units. monopolist is 80- MC To the nearest dollar, the profit-maximizing price for the 70- monopolist is $ 60+ ATC To the nearest dollar, total revenue for the monopolist is $ 50- and total cost is $ 40+ 30- To the nearest dollar, the monopolist's profit is $ 20- D 10- MR:...
Demand and Cost Functions For the perfectly competitive firm, a price taker such that MR-P-Ave.Rev (AR)...
Demand and Cost Functions For the perfectly competitive firm, a price taker such that MR-P-Ave.Rev (AR) 70 What is the profit maximizing quantity? 1) 65 60 27 What is the price? 55 3) What is average total cost at the profit maximizing quantity? 50 45 4 What, then, is per unit profit at the profit maximizing quantity? 40 МС What is total revenue at the profit maximizing quantity? 5) 35 ATC AVC What is total cost at the profit maximizing...
9. Refer to Figure: 1. The haircut is $16. A. marginal cost of a B. average...
9. Refer to Figure: 1. The haircut is $16. A. marginal cost of a B. average total cost of a C. profit-maximizing price for a D. profit from each 10. Refer to Figure: 1. If Clips Ahoy maximizes profits, its equals $320. 10. A. variable cost B. total cost C. total revenue D. profit MC АТС 16 14 a 8 12 10 f MR 0 20 23 25 30 q Number of haircuts Figure 1: "Clips" Ahoy Barber Shop
A perfectly competitive firm can sell it's product for $240. The cost of producing the product...
A perfectly competitive firm can sell it's product for $240. The cost of producing the product is $1500 for fixed costs and 30 + 35q2 for variable costs. What is the profit maximizing quantity? What will be the profit for this product? 5. A monopolist faces the following demand and cost functions: Q = 900 - 3P TC = 250 + 100Q + 2Q? The nrofit maximizing price and quantity. What is the profit?
The marginal costs (MC), average variable costs (AVC), and average total costs (ATC) for a monopoly...
The marginal costs (MC), average variable costs (AVC), and average total costs (ATC) for a monopoly are shown in the figure below. The figure also shows the demand curve (D) and the marginal revenue curve (MR) for this market. Instructions: Use the tools provided to plot the profit-maximizing quantity (Q), the profit-maximizing price (P), the profit (Profit), and the deadweight loss (DWL). Note that the deadweight loss will be only approximate due to the curvature of the marginal cost curve....
Refer to the figure below. If the firm is producing the level of output that maximizes profit, its total variable cost of production is: Price (s) MC1 Fatci AVC NA MRID 10 20 30 40 50 60 70 80 90 Quantity $240 $420 $360 $160
1. What is the total revenue of this firm if it is producing the
level of output that maximizes profit/minimize loss?
A) $560
B) $420
C) $160
D) $480
2. According to the figure below, what is the total profit of
this monopoly?
A) $240
B) $-120
C) $60
D) $80
Price ($) MC1 AVC1 10 20 30 40 50 60 70 80 90 Quantity Price (s) MC1 TATC1 AVC1 10 20 30 40 50 60 70 80 90 Quantity
Question 14 Refer to the figure below. The total cost of production is: 18 MC1 16 14 12 10 АТСТ 8 6 AVC1 4 2 MR 10 20 30 40 50 60 70 80 90 O $510 O $330 O $160 $400
Figure 12-4 Price and cost MC ATC AVC $40.50 36.00 30.00 22.00 20.00 -MR 130 180 240 Quantity Figure 12-4 shows the cost and demand curve for a profit-maximizing firm in a perfectly competitive market. 37) Refer to Figure 12-4. If the market price is $30 and if the firm is producing output, what is the amount of its total variable cost? A) $7,200 B) $6,480 C) $5,400 D) $3,960 Figure 15-6 Revenue and cost per unit $30 ATC Demand...
Refer to the graph below: Untitled.png a. What is the profit-maximizing quantity and what price will the monopolist charge? a. What is the total revenue at the profit-maximizing output level? b. What is the total cost at the profit-maximizing output level? c. What is the profit? d. What is the profit per unit (average profit) at the profit-maximizing output level? e. If this industry was organized as a perfectly competitive industry, what would be the profit- maximizing price and quantity?...
The figure at right shows the demand curve, marginal revenue curve, and cost curves for a monopolist. 100- To the nearest unit, the profit-maximizing quantity for the 90- units. monopolist is 80- MC To the nearest dollar, the profit-maximizing price for the 70- monopolist is $ 60+ ATC To the nearest dollar, total revenue for the monopolist is $ 50- and total cost is $ 40+ 30- To the nearest dollar, the monopolist's profit is $ 20- D 10- MR:...
Demand and Cost Functions For the perfectly competitive firm, a price taker such that MR-P-Ave.Rev (AR) 70 What is the profit maximizing quantity? 1) 65 60 27 What is the price? 55 3) What is average total cost at the profit maximizing quantity? 50 45 4 What, then, is per unit profit at the profit maximizing quantity? 40 МС What is total revenue at the profit maximizing quantity? 5) 35 ATC AVC What is total cost at the profit maximizing...
9. Refer to Figure: 1. The haircut is $16. A. marginal cost of a B. average total cost of a C. profit-maximizing price for a D. profit from each 10. Refer to Figure: 1. If Clips Ahoy maximizes profits, its equals $320. 10. A. variable cost B. total cost C. total revenue D. profit MC АТС 16 14 a 8 12 10 f MR 0 20 23 25 30 q Number of haircuts Figure 1: "Clips" Ahoy Barber Shop
A perfectly competitive firm can sell it's product for $240. The cost of producing the product is $1500 for fixed costs and 30 + 35q2 for variable costs. What is the profit maximizing quantity? What will be the profit for this product? 5. A monopolist faces the following demand and cost functions: Q = 900 - 3P TC = 250 + 100Q + 2Q? The nrofit maximizing price and quantity. What is the profit?
The marginal costs (MC), average variable costs (AVC), and average total costs (ATC) for a monopoly are shown in the figure below. The figure also shows the demand curve (D) and the marginal revenue curve (MR) for this market. Instructions: Use the tools provided to plot the profit-maximizing quantity (Q), the profit-maximizing price (P), the profit (Profit), and the deadweight loss (DWL). Note that the deadweight loss will be only approximate due to the curvature of the marginal cost curve....
Most questions answered within 3 hours.
-
if a firm producing 100 units at $5.00 each experience
an 80% experience curve, what will...
asked 3 minutes ago -
A solid, uniform disk of radius 0.250 m and mass 53.7 kg rolls
down a ramp...
asked 2 hours ago -
Given the following table of high speed internet access vs.
annual home income:
Home Income
%...
asked 2 hours ago -
A baseball batter hits a 0.145kg baseball straight up into the
air. The baseball leaves the...
asked 3 hours ago -
An FM modulator is tested using
single-tone baseband signal with frequency of 50kHz and a sprectrum...
asked 3 hours ago -
Write the ionic equations for the first stage of salts
hydrolysis.
Anion, Cation?
Na2S
NiSO4
K2SO4...
asked 5 hours ago -
suppose there is a normally distributed population with a mean of
250 and a standard deviation...
asked 5 hours ago -
Question Three
Suppose you as project manager are using the Waterfall
development methodology on a large...
asked 6 hours ago -
Which statement is not true about welfare in Canada?
A.Benefits typically vary based on one's ability...
asked 7 hours ago -
Please help me with FLOWCHART and UML diagram for class,
thank you!
#include <iostream>
#include <fstream>...
asked 8 hours ago -
3. Describe the “logic circuit” of the Lac operon. Which
proteins are bound or not to...
asked 8 hours ago -
Ayesha’s adjusted gross income is $60,000 in 2019. She donated a
piece of artwork with a...
asked 8 hours ago