Homework Answers
A.
| MR | AR |
|---|---|
| 12 | 12 |
| 12 | 12 |
| 12 | 12 |
| 12 | 12 |
| 12 | 12 |
| 12 | 12 |
Explanation :
MR=change in total revenue /change in quantity
AR =Total revenue /quantity
Total revenue =price *quantity
Note :
In perfect competition price =MR =AR.
B.
35
Explanation :
Firm maximises it's profit where MR equals MC. Here at quantity 35, MR equals MC.
C.
1.94
Explanation :
Profit per box = price - ATC
=12-10.06
=1.94
ATC =TC /Q
=352/35
=10.06
D.
40 gift boxes
Explanation :
Firm maximises it's profit where MR equals MC and in perfect competition price is equals to MR. So at quantity 40 MR equals MC.
E.
3.45
Explanation :
Profit =price - ATC
=14-10.55
=3.45
ATC =TC /Q
=422/40
=10.55
Add Answer to:
The table below shows the total cost (TC) and marginal cost (MC) for Choco Lovers, a...
The table below shows the total cost (TC) and marginal cost (MC) for Choco Lovers, a...
The table below shows the total cost (TC) and marginal cost (MC)
for Choco Lovers, a perfectly competitive firm producing different
quantities of chocolate gift boxes. The market price of a gift box
is $10 per box.
Instructions: Enter your answers as whole numbers. For
profit per gift box, round your answers to 2 decimal
places.
a. Fill in the marginal revenue (MR) and average revenue (AR)
columns.
b. Given a price of $10 per gift box, how many gift...
The table below shows the total cost (TC) and marginal cost (MC) for Choco Lovers, a...
The table below shows the total cost (TC) and marginal cost (MC) for Choco Lovers, a monopolistic firm producing different quantities of chocolate gift boxes. Fill in the blanks in the table. Total Revenue Marginal Cost Marginal Revenue Total Cost Quantity Price 0 $ 31 0 50 100 S 25 29 725 2 30 810 108 2 17 35 25 118 13 23 40 920 133 9 45 21 945 50 19 950 193 Instructions: Enter your answers as whole...
The table below shows the total cost (TC) and marginal cost (MC) for Choco Lovers, a...
The table below shows the total cost (TC) and marginal cost (MC) for Choco Lovers, a monopolistic firm producing different quantities of chocolate gift boxes. Fill in the blanks in the table. Quantity Total Cost Marginal Cost Marginal Revenue Price $31 29 Total Revenue $0 725 810 $50 100 25 30 27 107.5 1.5 L 17 35 25 117.5 13 40 132.5 9 23 21 19 920 945 45 50 950 192.5 7 Instructions: Enter your answers as whole numbers....
Help Save&Exit Check my The table below shows cost and revenue information for Choco Lovers, a...
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The table below shows the weekly marginal cost (MC) and average total cost (ATC) for Buddies, a perfectly competitive firm that produces novelty ear buds in a competitive market. The market price of ear buds is $6.00 per pair. Buddies Production Costs Quantity MC ATC of Ear Buds ($) ($) 10 3.5 15 2 2.44 2.86 3.56 4.02 3.17 5.48 3.5 40 5.98 3.81 45 8.49 4.33 20 25 35 Instructions: In part a, enter your answer as the closest...
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The following table shows demand and marginal cost for a monopolist. Calculate marginal revenue (MR) at each quantity. (Enter your response as an integer.) Output (units) (Q) Price per Unit (P) Marginal Revenue Marginal (MR) Cost (MC) 0 10 9 1 2 8 2 3 7 3 4 6 4 5 5 5 A profit-maximizing monopolist will produce units and set a price of $
The table below shows the total cost (TC) and marginal cost (MC)
for Choco Lovers, a perfectly competitive firm producing different
quantities of chocolate gift boxes. The market price of a gift box
is $10 per box.
Instructions: Enter your answers as whole numbers. For
profit per gift box, round your answers to 2 decimal
places.
a. Fill in the marginal revenue (MR) and average revenue (AR)
columns.
b. Given a price of $10 per gift box, how many gift...
The table below shows the total cost (TC) and marginal cost (MC) for Choco Lovers, a monopolistic firm producing different quantities of chocolate gift boxes. Fill in the blanks in the table. Total Revenue Marginal Cost Marginal Revenue Total Cost Quantity Price 0 $ 31 0 50 100 S 25 29 725 2 30 810 108 2 17 35 25 118 13 23 40 920 133 9 45 21 945 50 19 950 193 Instructions: Enter your answers as whole...
The table below shows the total cost (TC) and marginal cost (MC) for Choco Lovers, a monopolistic firm producing different quantities of chocolate gift boxes. Fill in the blanks in the table. Quantity Total Cost Marginal Cost Marginal Revenue Price $31 29 Total Revenue $0 725 810 $50 100 25 30 27 107.5 1.5 L 17 35 25 117.5 13 40 132.5 9 23 21 19 920 945 45 50 950 192.5 7 Instructions: Enter your answers as whole numbers....
Help Save&Exit Check my The table below shows cost and revenue information for Choco Lovers, a perfectly competitive firm producing different quantities of chocolate gift boxes. Fill in the blanks in the table Instructions: Round your answers to 2 decimal places 10 Choco Lovers Costs and Revenue TC ATC of Gift Boxes) 60.00 67.50 12.00 675 5 17 2.00 10 15 20 ferences 2.00 3.00 5.00 7.00 92 50 25117.50 4.70 5.08 30 152 50 Instructions Enter your answers below...
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The table below shows the weekly marginal cost (MC) and average
total cost (ATC) for Buddies, a perfectly competitive firm that
produces novelty ear buds in a competitive market. The market price
of ear buds is $6.00 per pair.Buddies Production CostsQuantity of Ear BudsMCATC($)($)5-81025152.454.15203.5542544305.54.253564.5408.55Instructions: In part a, enter your answer as
the closest given whole number.a. If Buddies wants to maximize its profits, how many pairs of
ear buds should it produce?_______ pairsInstructions: In parts b-d, round your answers
to...
MC Suppose the market for peaches is perfectly competitive. The short-run average total cost and marginal cost of growing peaches for an individual grower are illustrated in the figure to the right. ATC Assume that the market price for peaches is $34.00 per box What is the profit-maximizing quantity for peach growers to produce? boxes. (Enter your response as an integer.) Price (dollars per box) (Enter At this level of output, profit will be $ your response rounded to the...
The table below shows the weekly marginal cost (MC) and average total cost (ATC) for Buddies, a perfectly competitive firm that produces novelty ear buds in a competitive market. The market price of ear buds is $6.00 per pair. Buddies Production Costs Quantity MC ATC of Ear Buds ($) ($) 10 3.5 15 2 2.44 2.86 3.56 4.02 3.17 5.48 3.5 40 5.98 3.81 45 8.49 4.33 20 25 35 Instructions: In part a, enter your answer as the closest...
Suppose the market for beans is perfectly competitive. The average total cost and marginal cost of growing beans in the long run for an individual farmer are illustrated in the graph to the right 10- 9- МС According to the graph, the long run equilibrium price for beans is $ 4 per box. (Enter a numeric response using a real number rounded to two decimal places.) 8- If at this price an individual bean farmer produces 30 boxes of beans...
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