17. Answer parts (a)–(e):
Assume fixed cost of $20 and a price of $15.
Table 3
Fill in Table 3.
On a piece of graph paper draw the demand, marginal revenue, marginal cost, average variable cost, and average total cost curves. Label the shut-down and break-even points, and the short-run and long-run supply curves.
Answer each of these questions:
(1) In the short run, the lowest price the firm would accept would be $ _____.
(2) In the long run, the lowest price the firm would accept would be $_____.
(3) The firm's most efficient output is _____.
The output at which the firm will produce is _____.
Calculate total profit.
(e) Fill in Table 4.
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17. Answer parts (a)–(e):
Assume fixed cost of $20 and a price of $15.
Table 3...
Answer each of these questions: (1) In the short run, the lowest price the firm would...
Answer each of these
questions:
(1) In the short run, the lowest price the firm would accept
would be $ _____.
(2) In the long run, the lowest price the firm would accept
would be $_____.
(3) The firm's most efficient output is _____. The output at
which the firm will produce is _____.
Table 3 erage Average Average FixedVariable Total Cost 20 10 6.66 Av Marginal Cost 30 Variable Total Cost 30 17.5 12.66 3 10.5 9.60 9.83 10.85...
1) Complete the following table. Output Fixed Cost Total Cost Variable Cost 10 Average Cost Cost...
1) Complete the following table. Output Fixed Cost Total Cost Variable Cost 10 Average Cost Cost Average Variable Cost NA NA 15 8 a) Is this a short run or long run information on cost? Why? b) If the price of the good produced is currently 17, what level of output meets the profit maximizing condition? c) Draw a ligure illustrating the average cost the average variable cost, and the marginal cost curves based on the information in this table.
QUESTION 1 Table 13-16 Quantity Total Cost Fixed Cost Variable Cost Marginal Cost Average Fixed Cost...
QUESTION 1 Table 13-16 Quantity Total Cost Fixed Cost Variable Cost Marginal Cost Average Fixed Cost Average Variable Cost Average Total Cost 0 $24 $50 3 $108 $40 Refer to Table 13-16. What is the total cost of producing 2 units of output? a. $76 b. $50 c. $58 d. $74 Figure 14-13 Suppose a firm in a competitive industry has the following cost curves: sem MC ATC AVC Refer to Figure 14-13. If the price is $6 in the...
fill out the table question 16 The table below provides cost information for a firm. Use...
fill out the table
question 16
The table below provides cost information for a firm. Use this information to answer the following 3 questions. Quantity MC FC VC 0.5 10 20 30 2 40 13. Is this firm operating in the short run or the long run, and how do you know? a. The firm is operating in the short run because there are fixed costs. b. The firm is operating in the long run because both fixed and variable...
Question 18 3 pts 18. Which of the following short-run cost curves is horizontal? fixed cost...
Question 18 3 pts 18. Which of the following short-run cost curves is horizontal? fixed cost average fixed cost marginal cost average variable cost variable cost Question 19 3 pts 19. Minimum efficient scale is the smallest output that allows a frm to: minimize its long-run average cost. optimize its plant size minimize its short run average total cost. minimize its long-run marginal cost minimize its short-run total cost.
The table below provides cost information for a firm. Use this information to answer the following...
The table below provides cost information for a firm. Use this information to answer the following 3 questions. Quantity MC FC 10 0.5 20 30 2 15 65 13. Is this firm operating in the short run or the long run, and how do you know? a. The firm is operating in the short run because there are fixed costs. b. The firm is operating in the long run because both fixed and variable costs change. C. The firm is...
Fill the table with the values of Marginal Cost given that the Average Variable Cost is...
Fill the table with the values of Marginal Cost given that the
Average Variable Cost is at its lowest point.
and in order to maximise economic profit, how should the firm
alter its level of production? (e.g. increase, decrease or remain
unchanged). Briefly explain why.
Use the table below to answer the following 5 questions: Question 20 - Question 24. Output , A Total Cost Average | Total Total Variable Cost Cost Average Variable Cost Total Fixed Cost Average Marginal...
Assume a monopolist charges a price corresponding to the intersection of the marginal cost and marginal...
Assume a monopolist charges a price corresponding to the intersection of the marginal cost and marginal revenue curves. If this price is between its average variable cost and average total cost curves, the firm will: Group of answer choices earn an economic profit. continue to operate in the long run shut down and exit the industry. continue to operate in the short run.
show all steps and formulas output 7 should be 768 Output Total Fixed Cost Total Variable...
show all steps and formulas
output 7 should be 768
Output Total Fixed Cost Total Variable Cost Total Cost Average Fixed Cost Average Variable Cost Average Total Cost Marginal Cost 120 265 264 161 525 120 568 I. II. Complete the table that shows short run production and cost data If the price of the product is $75, what is the equilibrium level of output; will this firm make a profit or loss at this level of output? Will this...
The table below represents the output and cost structure for a firm. The market is perfectly...
The table below represents the output and cost structure for a
firm. The market is perfectly competitive, and the market price is
$10. Total costs include all implicit opportunity costs.
Calculate the firm’s profit at each rate of output and fill in
the values in the table.
Calculate firm's marginal cost and marginal revenue at each
rate of output and fill in the values in the table.
Calculate the firm’s average total costs and average variable
costs at each rate...
Answer each of these
questions:
(1) In the short run, the lowest price the firm would accept
would be $ _____.
(2) In the long run, the lowest price the firm would accept
would be $_____.
(3) The firm's most efficient output is _____. The output at
which the firm will produce is _____.
Table 3 erage Average Average FixedVariable Total Cost 20 10 6.66 Av Marginal Cost 30 Variable Total Cost 30 17.5 12.66 3 10.5 9.60 9.83 10.85...
1) Complete the following table. Output Fixed Cost Total Cost Variable Cost 10 Average Cost Cost Average Variable Cost NA NA 15 8 a) Is this a short run or long run information on cost? Why? b) If the price of the good produced is currently 17, what level of output meets the profit maximizing condition? c) Draw a ligure illustrating the average cost the average variable cost, and the marginal cost curves based on the information in this table.
QUESTION 1 Table 13-16 Quantity Total Cost Fixed Cost Variable Cost Marginal Cost Average Fixed Cost Average Variable Cost Average Total Cost 0 $24 $50 3 $108 $40 Refer to Table 13-16. What is the total cost of producing 2 units of output? a. $76 b. $50 c. $58 d. $74 Figure 14-13 Suppose a firm in a competitive industry has the following cost curves: sem MC ATC AVC Refer to Figure 14-13. If the price is $6 in the...
fill out the table
question 16
The table below provides cost information for a firm. Use this information to answer the following 3 questions. Quantity MC FC VC 0.5 10 20 30 2 40 13. Is this firm operating in the short run or the long run, and how do you know? a. The firm is operating in the short run because there are fixed costs. b. The firm is operating in the long run because both fixed and variable...
Question 18 3 pts 18. Which of the following short-run cost curves is horizontal? fixed cost average fixed cost marginal cost average variable cost variable cost Question 19 3 pts 19. Minimum efficient scale is the smallest output that allows a frm to: minimize its long-run average cost. optimize its plant size minimize its short run average total cost. minimize its long-run marginal cost minimize its short-run total cost.
The table below provides cost information for a firm. Use this information to answer the following 3 questions. Quantity MC FC 10 0.5 20 30 2 15 65 13. Is this firm operating in the short run or the long run, and how do you know? a. The firm is operating in the short run because there are fixed costs. b. The firm is operating in the long run because both fixed and variable costs change. C. The firm is...
Fill the table with the values of Marginal Cost given that the
Average Variable Cost is at its lowest point.
and in order to maximise economic profit, how should the firm
alter its level of production? (e.g. increase, decrease or remain
unchanged). Briefly explain why.
Use the table below to answer the following 5 questions: Question 20 - Question 24. Output , A Total Cost Average | Total Total Variable Cost Cost Average Variable Cost Total Fixed Cost Average Marginal...
show all steps and formulas
output 7 should be 768
Output Total Fixed Cost Total Variable Cost Total Cost Average Fixed Cost Average Variable Cost Average Total Cost Marginal Cost 120 265 264 161 525 120 568 I. II. Complete the table that shows short run production and cost data If the price of the product is $75, what is the equilibrium level of output; will this firm make a profit or loss at this level of output? Will this...
The table below represents the output and cost structure for a
firm. The market is perfectly competitive, and the market price is
$10. Total costs include all implicit opportunity costs.
Calculate the firm’s profit at each rate of output and fill in
the values in the table.
Calculate firm's marginal cost and marginal revenue at each
rate of output and fill in the values in the table.
Calculate the firm’s average total costs and average variable
costs at each rate...
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