Homework Answers
Q4
Answer
Option C
the profit is maximum where TR>TC and the distance is maximum
and that is at10 units of cars so the firm produces 10 units of
cars to maximize profit.
=================
Q5
ANswer
Option C
The profit is maximum at 10 units
Economic profit=TR-TC=80-51=29
the profit is $29
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Total revenue and total cost (dollars per day) TC TR 120 100 51 / 20 10...
3.5 5. A firm's total-revenue and total-cost functions are TR 40 TC 0.0403-0.90+ 100 +5 (a)...
3.5
5. A firm's total-revenue and total-cost functions are TR 40 TC 0.0403-0.90+ 100 +5 (a) Determine the best level of output. (b) Determine the total profit of the firm at its best level of output.
Please answer both questions Revenue and cost (dolurs per unit) 50 40 30 20 10 MC...
Please answer both questions
Revenue and cost (dolurs per unit) 50 40 30 20 10 MC ATC 0 20 0 40S0 Output (units per day) The figure above shows a perfectly competitive firm. If the market price is S20 per unit, then the firm producesunits and has an economic profit that is O A. 30; more than $100 B. more than 30; more than $100 O C. 20; less than $400 D. 30; zero because the firm earns a normal...
1) A perfectly competitive firm faces the following Total revenue, Total cost and Marginal cost functions:...
1) A perfectly competitive firm faces the following Total revenue, Total cost and Marginal cost functions: TR = 10Q TC = 2 + 2Q + Q2 MC = 2 + 2Q At the level of output maximizing profit , the above firm's level of economic profit is A) $0 B) $4 C) $6 D) $8 *Additional information after I did the math: The price this firm charges for its product is $10, the level of output maximizing profit is 4...
#1 1. A firm has the following demand and total cost schedule. TR Profit MR MC O 0 10 20 30 40 50 60 P 100 90 80 70...
#1
1. A firm has the following demand and total cost schedule. TR Profit MR MC O 0 10 20 30 40 50 60 P 100 90 80 70 60 50 40 TC 200 400 600 800 800 1,000 1.200 1.400 a) Is the firm a price-taker or price searcher? Explain. b) Complete the Total Revenue (TR) and Profit schedules. c) How many units of output (Q) should the firm produce to maximize profits? d) What price (P) should the...
ATC AVC (dollars 20 40 60 80 100 Quantity of output (units per day) 26. As...
ATC AVC (dollars 20 40 60 80 100 Quantity of output (units per day) 26. As shown in the graph above, if the price is either $10, $15, $20, or $40, the firm's economic profit is maximum at what output? a. A, 20 units b. B, 50 units C. C, 60 units d. D. 80 units 27. As shown in the graph above, if the price of the firm's product is $20 per unit, the firm will produce how many...
33. In the figure above, a firm's total revenue and total cost curves are shown. Which...
33. In the figure above, a firm's total revenue and total cost curves are shown. Which one of the following statements is FALSE? a. Total profit is the vertical distance by which the total revenue curve exceeds the total cost curve. b. At output Q1, the firm makes zero economic profit. c. At an output above Q3, the firm suffers an economic loss. d. At output Q2, the firm suffers an economic loss. Price and cost (dollars per unit) 01...
Exhibit 7-17 Marginal revenue and cost per unit curves DMC ATC Price and costs per unit...
Exhibit 7-17 Marginal revenue and cost per unit curves DMC ATC Price and costs per unit (dollars) AVC 0 20 100 40 60 80 Quantity of output (units per day) 16. As shown in Exhibit 7-17, the price at which the firm earns zero economic profit in the short-runis a. $10 per unit. b. $15 per unit. c. $40 per unit. d. more than $20 per unit. e. $20 per unit. 17. In long-run equilibrium, the typical perfectly competitive firm...
#6 e. judge. 6. Assume a perfeetly competitive firm incurs a total cost of $10,000, marginal...
#6
e. judge. 6. Assume a perfeetly competitive firm incurs a total cost of $10,000, marginal cost of $38, and fixed cost of $2,000. It sells 200 units of its product at a market price of $38 per unit. Which of the following is true in this case? a The firm earns an economic profit of $7,600. b.The firm incurs an economic loss of $7,600. Loss 7,b00-lo00-30 AC(0000000S0 c. The average variable cost of production exceeds the market price. d...
(10 pts) A firm has the following relationship between output (Q) and total cost (TC): Q...
(10 pts) A firm has the following relationship between output (Q) and total cost (TC): Q TC 0 $100 1 110 2 130 3 160 4 200 5 250 6 310 7 380 8 460 9 550 10 650 Say the firm is a perfect competitor. If the market price for its product is $ 80, at what output level will this firm produce at (as a profit maximizer)? At the output level in (a), are firms in this industry...
Help with #3-5 please! Total Cost Total $1,400 Revenue 1,200 1,000 800 600 400 200 0...
Help with #3-5 please!
Total Cost Total $1,400 Revenue 1,200 1,000 800 600 400 200 0 100 320 440 Output 3. Refer to the above short-run data. The profit-maximizing output for this firm is: A. Above 440 units. B 440 units. C. 320 units. D. 100 units. 4. Refer to the above short-run data. Which of the following is correct? A. Any level of output between 100 and 440 units will yield an economic profit. B. Any level of output...
3.5
5. A firm's total-revenue and total-cost functions are TR 40 TC 0.0403-0.90+ 100 +5 (a) Determine the best level of output. (b) Determine the total profit of the firm at its best level of output.
Please answer both questions
Revenue and cost (dolurs per unit) 50 40 30 20 10 MC ATC 0 20 0 40S0 Output (units per day) The figure above shows a perfectly competitive firm. If the market price is S20 per unit, then the firm producesunits and has an economic profit that is O A. 30; more than $100 B. more than 30; more than $100 O C. 20; less than $400 D. 30; zero because the firm earns a normal...
#1
1. A firm has the following demand and total cost schedule. TR Profit MR MC O 0 10 20 30 40 50 60 P 100 90 80 70 60 50 40 TC 200 400 600 800 800 1,000 1.200 1.400 a) Is the firm a price-taker or price searcher? Explain. b) Complete the Total Revenue (TR) and Profit schedules. c) How many units of output (Q) should the firm produce to maximize profits? d) What price (P) should the...
ATC AVC (dollars 20 40 60 80 100 Quantity of output (units per day) 26. As shown in the graph above, if the price is either $10, $15, $20, or $40, the firm's economic profit is maximum at what output? a. A, 20 units b. B, 50 units C. C, 60 units d. D. 80 units 27. As shown in the graph above, if the price of the firm's product is $20 per unit, the firm will produce how many...
33. In the figure above, a firm's total revenue and total cost curves are shown. Which one of the following statements is FALSE? a. Total profit is the vertical distance by which the total revenue curve exceeds the total cost curve. b. At output Q1, the firm makes zero economic profit. c. At an output above Q3, the firm suffers an economic loss. d. At output Q2, the firm suffers an economic loss. Price and cost (dollars per unit) 01...
Exhibit 7-17 Marginal revenue and cost per unit curves DMC ATC Price and costs per unit (dollars) AVC 0 20 100 40 60 80 Quantity of output (units per day) 16. As shown in Exhibit 7-17, the price at which the firm earns zero economic profit in the short-runis a. $10 per unit. b. $15 per unit. c. $40 per unit. d. more than $20 per unit. e. $20 per unit. 17. In long-run equilibrium, the typical perfectly competitive firm...
#6
e. judge. 6. Assume a perfeetly competitive firm incurs a total cost of $10,000, marginal cost of $38, and fixed cost of $2,000. It sells 200 units of its product at a market price of $38 per unit. Which of the following is true in this case? a The firm earns an economic profit of $7,600. b.The firm incurs an economic loss of $7,600. Loss 7,b00-lo00-30 AC(0000000S0 c. The average variable cost of production exceeds the market price. d...
Help with #3-5 please!
Total Cost Total $1,400 Revenue 1,200 1,000 800 600 400 200 0 100 320 440 Output 3. Refer to the above short-run data. The profit-maximizing output for this firm is: A. Above 440 units. B 440 units. C. 320 units. D. 100 units. 4. Refer to the above short-run data. Which of the following is correct? A. Any level of output between 100 and 440 units will yield an economic profit. B. Any level of output...
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