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Given the following information about a competitive firm's costs, calculate marginal cost and answer four questions....
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) = 6 +29. Assume that the market price (P) of the firm's product is $18. What level of output (q) will the firm produce? The firm will produce 6.00 units of output. (Enter your response rounded to two decimal places.) What is the firm's producer surplus? Producer surplus (PS) is $ 36.00. (Enter your response rounded to two decimal places.) Suppose that the average...
If the market price in a competitive market is $10, and a firm's marginal cost (MC)...
If the market price in a competitive market is $10, and a firm's marginal cost (MC) is given by MC = 0.50Q, where Q is units of output, this firm should produce 20 units of output to maximize profit. False True
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...
The data in the table to the right give the total cost, C, and marginal cost,...
The data in the table to the right give the total cost, C, and marginal cost, MC, for a firm at each possible level of output, q. (Enter all numeric responses using integers.) с MC Olo 100 What is marginal revenue when the market price is $62? 1 150 50 MR = $ 62. 2 178 28 3 198 20 What is marginal revenue when market price is $52? 4 212 14 MR = $ 52 5 230 18 6...
3. Illustrate graphically Suppose that a competitive firm's marginal cost of producing output q is given...
3. Illustrate graphically Suppose that a competitive firm's marginal cost of producing output q is given by MC(q)= 70+6q Assume that the market price of the firm’s product is $145. A. At what level of output will the firm produce? B. How much is the firm’s producer surplus? C. Illustrate graphically profit maximization point and producer surplus. D. Illustrate this market at a loss. Explain.
Assume that the following marginal costs exist in catfish production: Instructions: Complete the table below. If...
Assume that the following marginal costs exist in catfish production: Instructions: Complete the table below. If you are entering any negative numbers be sure to include a negative sign (-) in front of those numbers. Quantity produced (units per day) 10 11 12 13 14 15 16 Marginal cost (per unit) $4 6 8 10 12 14 16 Price (per unit) - $25 24 23 22 - 21 - 20 19 - 18 Quantity demanded (units per day) 10 11...
5. Suppose that a competitive firm's marginal cost of pro- ducing output q is given by...
5. Suppose that a competitive firm's marginal cost of pro- ducing output q is given by MC(q) = 3 + 2q. Assume that the market price of the firm's product is $9. a. What level of output will the firm produce? b. What is the firm's producer surplus? c. Suppose that the average variable cost of the firm is given by AVC(q) = 3 + q. Suppose that the firm's fixed costs are known to be $3. Will the firm...
Assume that the following cost data are for a perfectly competitive producer: Total Product Marginal Cost...
Assume that the following cost data are for a perfectly competitive producer: Total Product Marginal Cost , Average Fixed Cost na $60.00 30.00 20.00 15.00 12.00 10.00 Average Variable Cost $0.00 $45.00 42.50 40.00 37.50 37.00 37.50 38.57 40.63 43.33 46.50 Average Total Cost $0.00 $105.00 72.50 60.00 52.50 49.00 47.50 47.14 48.13 50.00 52.50 6 8.57 7.50 6.67 .00 106 Answer the questions in the first column in the table below for each of the prices listed at the...
A competitive firm's cost of producing q units of output is C = 18 + 4q + q^2 Its corresponding m...
A competitive firm's cost of producing q units of output is C = 18 + 4q + q^2 Its corresponding marginal cost is MC = 4 + 2q. a. The firm faces a market price p = $24. Create a spreadsheet with q = 0, 1, 2, ..... 15, where the columns are q, R, C, VC, AVC, MC, and profit. Determine the profit-maximizing output for the firm and the corresponding profit. Should the firm produce this level of output...
Part II: Study Problem Answer the following questions using the cost curves for the price-taking firm...
Part II: Study Problem Answer the following questions using the cost curves for the price-taking firm shown in the figure below SMC 3.50 3.00 2.50 ATC AVC 2.00 1.50 1.00 0.50 0 1,000 2,000 4.000 3000 Quantity 13. If price is $3 per unit of output, draw the marginal revenue curve. The manager should produce units. 2 14. Since average total cost is S S for this output, total cost is 15. The firm makes a profit of S 16....
Suppose that a competitive firm's marginal cost of producing output q (MC) is given by MC(q) = 6 +29. Assume that the market price (P) of the firm's product is $18. What level of output (q) will the firm produce? The firm will produce 6.00 units of output. (Enter your response rounded to two decimal places.) What is the firm's producer surplus? Producer surplus (PS) is $ 36.00. (Enter your response rounded to two decimal places.) Suppose that the average...
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...
The data in the table to the right give the total cost, C, and marginal cost, MC, for a firm at each possible level of output, q. (Enter all numeric responses using integers.) с MC Olo 100 What is marginal revenue when the market price is $62? 1 150 50 MR = $ 62. 2 178 28 3 198 20 What is marginal revenue when market price is $52? 4 212 14 MR = $ 52 5 230 18 6...
Assume that the following marginal costs exist in catfish production: Instructions: Complete the table below. If you are entering any negative numbers be sure to include a negative sign (-) in front of those numbers. Quantity produced (units per day) 10 11 12 13 14 15 16 Marginal cost (per unit) $4 6 8 10 12 14 16 Price (per unit) - $25 24 23 22 - 21 - 20 19 - 18 Quantity demanded (units per day) 10 11...
5. Suppose that a competitive firm's marginal cost of pro- ducing output q is given by MC(q) = 3 + 2q. Assume that the market price of the firm's product is $9. a. What level of output will the firm produce? b. What is the firm's producer surplus? c. Suppose that the average variable cost of the firm is given by AVC(q) = 3 + q. Suppose that the firm's fixed costs are known to be $3. Will the firm...
Assume that the following cost data are for a perfectly competitive producer: Total Product Marginal Cost , Average Fixed Cost na $60.00 30.00 20.00 15.00 12.00 10.00 Average Variable Cost $0.00 $45.00 42.50 40.00 37.50 37.00 37.50 38.57 40.63 43.33 46.50 Average Total Cost $0.00 $105.00 72.50 60.00 52.50 49.00 47.50 47.14 48.13 50.00 52.50 6 8.57 7.50 6.67 .00 106 Answer the questions in the first column in the table below for each of the prices listed at the...
Part II: Study Problem Answer the following questions using the cost curves for the price-taking firm shown in the figure below SMC 3.50 3.00 2.50 ATC AVC 2.00 1.50 1.00 0.50 0 1,000 2,000 4.000 3000 Quantity 13. If price is $3 per unit of output, draw the marginal revenue curve. The manager should produce units. 2 14. Since average total cost is S S for this output, total cost is 15. The firm makes a profit of S 16....
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