Homework Answers
| quantity | Price ($) | Total cost | marginnal cost | Total revenue | Marginal revenue | Average total cost |
| 1 | 15 | 15 | 15 | 15 | ||
| 2 | 12 | 20 | 5 | 24 | 9 | 10 |
| 3 | 10 | 27 | 7 | 30 | 6 | 9 |
| 4 | 8 | 32 | 5 | 32 | 2 | 8 |
| 5 | 6 | 35 | 3 | 30 | -2 | 7 |
| 6 | 4 | 42 | 7 | 24 | -6 | 7 |
| 7 | 3 | 48 | 6 | 21 | -3 | 6.857143 |
| 8 | 1 | 56 | 8 | 8 | -13 | 7 |
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Fill in the values in the Marginal Cost, Total Revenue, and Marginal Revenue columns in the...
Understanding Excess Capacity Homework (Ch 16) Quantity (Board games) Total Cost Marginal Cost (Dollars) (Dollars) Price...
Understanding Excess Capacity
Homework (Ch 16) Quantity (Board games) Total Cost Marginal Cost (Dollars) (Dollars) Price (Dollars per game) 12.00 10.00 Total Revenue (Dollars) Marginal Revenue (Dollars) Average Total Cost (Dollars) 9.00 4.00 2.00 1.00 AAAAA Under monopolistic competition, a typical firm will produce board games at a price of $ per board game in the short run. Based on your calculations, the firm will Fill in the Average Total Cost column in the previous table. Based on your calculations,...
2. Understanding excess capacity
The following table shows the daily cost data and demand schedule for a typical firm producing board games in a monopolistically competitive market in the short run.Fill in the values in the Marginal Cost, Total Revenue, and Marginal Revenue columns in the following table and then answer the questions that follow. Under monopolistic competition, a typical firm will produce ___ board games at a price of ___ per board game in the short run.Based on your calculations, the firm will...
2. Understanding excess capacity
The following table shows the daily cost data and demand schedule for a typical firm producing board games in a monopolistically competitive market in the short run.Fill in the values in the Marginal Cost, Total Revenue, and Marginal Revenue columns in the following table and then answer the questions that follow.Under monopolistic competition, a typical firm will produce ___ board games at a price of ___ per board game in the short run.Based on your calculations, the firm will ___.Based...
Suppose that a firm produces baseball bats in a monopolistically competitive market. The following graph shows its demand curve, marginal revenue (MR) curve, marginal cost (MC) curve, and average total cost (ATC) curve.
3. Is monopolistic competition efficient? Suppose that a firm produces baseball bats in a monopolistically competitive market. The following graph shows its demand curve, marginal revenue (MR) curve, marginal cost (MC) curve, and average total cost (ATC) curve. Place a black point (plus symbol) on the graph to indicate the long-run monopolistically competitive equilibrium price and quantity for this firm. Next, place a grey point (star symbol) to indicate the minimum average total cost the firm faces and the quantity associated with...
Microeconomic question perfectly competitive firm is The following figure shows the marginal cost, average total cost,...
Microeconomic question
perfectly competitive firm is The following figure shows the marginal cost, average total cost, demand, marginal revenue curves for a firm in monopolistic competition. Assume that the cost curves of a perfectly competitive firm are identical to the cost curves of this monopolistically competitive firm shown here. The average revenue for the perfectly competitive firm is $6. of AA л Figure 10.1 Marginal Cost Average Total Cost Dollars per unit mm Demand 10 Marginal Revenue 20 30 40...
30. The change in total revenue that results fr A. Marginal cost. B, Marginal revenue C....
30. The change in total revenue that results fr A. Marginal cost. B, Marginal revenue C. Marginal profit. D. Total revenue erease in qipntity sold is: 31. For a monopolist, marginal revenue is A. Equal to price, just as it is for a perfectly competitiy B. Constant up to the rate of output that maximizes tot i C. Always less than price, after the first unit. D. The same as the demand curve. loral 32. For a monopolist, after the...
Fill out the table, answer questions at the end. Avg Total Cost Total Marginal Marginal Revenue Revenue Cost Perfect Co...
Fill out the table, answer
questions at the end.
Avg Total Cost Total Marginal Marginal Revenue Revenue Cost Perfect Competition Price of output: $10 Fixed costs: $200 Avg Variable Fixed Total Variable Avg Fixed Output Cost Cost Cost Cost Cost $0 10 $50 $250 $20.00 20 $90 $4.50 30 $160 $360 $5.33 $6.67 $225 $300 $500 $6.00 $4.00 $395 70 $510 $710 $7.29 $2.86 80 $640 $8.00 1. What is the profit-maximizing level of output? 2. What are profits at...
1l. If a monopolistically competitive firm is incurring losses, then at the profit-max a price is above the average total cost curve. b. price is below the average total cost curve c. price is equal...
1l. If a monopolistically competitive firm is incurring losses, then at the profit-max a price is above the average total cost curve. b. price is below the average total cost curve c. price is equal to marginal revenue. d. price is less than marginal revenue. e. average total cost equals marginal cost. Both competitive and monopolistically competitive firms a. can maximize profit by raising price. b. cannot control or set their own price c. can maximize profit by producing to...
Question 6 Marginal revenue is the change in total revenue divided by the change in total...
Question 6 Marginal revenue is the change in total revenue divided by the change in total cost. O cost when the firm produces additional units O revenue when the firm spends more money. O revenue when the firm produces additional units. O cost divided by the change in total revenue. Question 48 2 pts Which of the following market structures describes an industry in which all firms produce differentiated output and there are few barriers to entry O a cartel...
Calculate the missing total-revenue and marginal-revenue amounts a. Calculate the missing total-revenue and marginal-revenue amounts. mbers...
Calculate the missing total-revenue and marginal-revenue amounts
a. Calculate the missing total-revenue and marginal-revenue amounts. mbers be sure to Instructions: Enter your answers as whole numbers in the gray shaded cells. If you are entering any negative nu include a negative sign () in front of those numbers. Production and Costs Demand Total Marginal Total Average Fixed Average Average Total Marginal Price Demanded Revenue Revenue $115 100 83 uct Cost Variable Cost Cost Cost $45.00 42 50 40 00 37.50...
Understanding Excess Capacity
Homework (Ch 16) Quantity (Board games) Total Cost Marginal Cost (Dollars) (Dollars) Price (Dollars per game) 12.00 10.00 Total Revenue (Dollars) Marginal Revenue (Dollars) Average Total Cost (Dollars) 9.00 4.00 2.00 1.00 AAAAA Under monopolistic competition, a typical firm will produce board games at a price of $ per board game in the short run. Based on your calculations, the firm will Fill in the Average Total Cost column in the previous table. Based on your calculations,...
Microeconomic question
perfectly competitive firm is The following figure shows the marginal cost, average total cost, demand, marginal revenue curves for a firm in monopolistic competition. Assume that the cost curves of a perfectly competitive firm are identical to the cost curves of this monopolistically competitive firm shown here. The average revenue for the perfectly competitive firm is $6. of AA л Figure 10.1 Marginal Cost Average Total Cost Dollars per unit mm Demand 10 Marginal Revenue 20 30 40...
30. The change in total revenue that results fr A. Marginal cost. B, Marginal revenue C. Marginal profit. D. Total revenue erease in qipntity sold is: 31. For a monopolist, marginal revenue is A. Equal to price, just as it is for a perfectly competitiy B. Constant up to the rate of output that maximizes tot i C. Always less than price, after the first unit. D. The same as the demand curve. loral 32. For a monopolist, after the...
Fill out the table, answer
questions at the end.
Avg Total Cost Total Marginal Marginal Revenue Revenue Cost Perfect Competition Price of output: $10 Fixed costs: $200 Avg Variable Fixed Total Variable Avg Fixed Output Cost Cost Cost Cost Cost $0 10 $50 $250 $20.00 20 $90 $4.50 30 $160 $360 $5.33 $6.67 $225 $300 $500 $6.00 $4.00 $395 70 $510 $710 $7.29 $2.86 80 $640 $8.00 1. What is the profit-maximizing level of output? 2. What are profits at...
1l. If a monopolistically competitive firm is incurring losses, then at the profit-max a price is above the average total cost curve. b. price is below the average total cost curve c. price is equal to marginal revenue. d. price is less than marginal revenue. e. average total cost equals marginal cost. Both competitive and monopolistically competitive firms a. can maximize profit by raising price. b. cannot control or set their own price c. can maximize profit by producing to...
Question 6 Marginal revenue is the change in total revenue divided by the change in total cost. O cost when the firm produces additional units O revenue when the firm spends more money. O revenue when the firm produces additional units. O cost divided by the change in total revenue. Question 48 2 pts Which of the following market structures describes an industry in which all firms produce differentiated output and there are few barriers to entry O a cartel...
Calculate the missing total-revenue and marginal-revenue amounts
a. Calculate the missing total-revenue and marginal-revenue amounts. mbers be sure to Instructions: Enter your answers as whole numbers in the gray shaded cells. If you are entering any negative nu include a negative sign () in front of those numbers. Production and Costs Demand Total Marginal Total Average Fixed Average Average Total Marginal Price Demanded Revenue Revenue $115 100 83 uct Cost Variable Cost Cost Cost $45.00 42 50 40 00 37.50...
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