Table 4 illustrates the quantities, marginal costs, average variable costs, and average costs of a competitive...
Table 4 illustrates the quantities, marginal costs, average variable costs, and average costs of a competitive firm. Refer to table 4. How much is the unit profit at price =$30? [the problem is based on concepts in Module 5].
|
Table 4 |
|||
|
Quantity (Q) |
Marginal costs (MC) |
Average variable costs (AVC) |
Average costs (AC) |
|
0 |
|||
|
1 |
28.00 |
28.00 |
$68 |
|
2 |
20.00 |
24.00 |
$44 |
|
3 |
16.00 |
21.33 |
$35 |
|
4 |
14.00 |
19.50 |
$30 |
|
5 |
12.00 |
18.00 |
$26 |
|
6 |
17.83 |
17.83 |
$25 |
|
7 |
24.00 |
18.43 |
$24 |
|
8 |
30.00 |
19.88 |
$25 |
|
9 |
40.00 |
22.11 |
$27 |
|
10 |
54.00 |
25.30 |
$29 |
|
0 |
||
|
$5 |
||
|
$10 |
||
|
$15 |
Homework Answers
$5
Explanation: The firm maximizes profit when price =MC. Here, price is $30. So, price = MC happens when 8 units are produced.
When 8 units are produced, total revenue = price * quantity = $30 * 8 = $240
When 8 units are produced, total cost =AC * quantity = $25 * 8 = $200
So, profit = $240 - $200 = $40.
So, profit per unit = profit/quantity = $40/8 = $5.
Add Answer to:
Table 4 illustrates the quantities, marginal costs, average
variable costs, and average costs of a competitive...
Refer to table 4. At which price firm must shut-down? Table 4 Quantity (Q) Marginal costs...
Refer to table 4. At which price firm must shut-down? Table 4 Quantity (Q) Marginal costs (MC) Average variable costs (AVC) Average costs (AC) 0 1 28.00 28.00 $68 2 20.00 24.00 $44 3 16.00 21.33 $35 4 14.00 19.50 $30 5 12.00 18.00 $26 6 17.83 17.83 $25 7 24.00 18.43 $24 8 30.00 19.88 $25 9 40.00 22.11 $27 10 54.00 25.30 $29
Refer to table 4. How much is the total profit at equilibrium price =$30? Table 4...
Refer to table 4. How much is the total profit at equilibrium price =$30? Table 4 Quantity (Q) Marginal costs (MC) Average variable costs (AVC) Average costs (AC) 0 1 28.00 28.00 $68 2 20.00 24.00 $44 3 16.00 21.33 $35 4 14.00 19.50 $30 5 12.00 18.00 $26 6 17.83 17.83 $25 7 24.00 18.43 $24 8 30.00 19.88 $25 9 40.00 22.11 $27 10 54.00 25.30 $29
The monthly average variable costs, average total costs, and marginal costs for Alpacky, a typical alpaca...
The monthly average variable costs, average total costs, and marginal costs for Alpacky, a typical alpaca wool-manufacturing firm in Peru, are shown in the table below. All firms in the industry share the same costs as Alpacky, and the industry is in long-run equilibrium. Instructions: Round your answer to the nearest cent. The market price is Output (units of АТC ($) MC ($) wool) $) AVC 10 20.00 20.00 40.00 15.00 17.50 27.50 2 17.00 24.00 17.33 19.00 22.75 4...
Total Product Average Fixed Cost Average Variable Cost Average Total Cost Marginal Cost 1 $100.00 $17.00...
Total Product Average Fixed Cost Average Variable Cost Average Total Cost Marginal Cost 1 $100.00 $17.00 $117.00 $17 2 50.00 16.00 66.00 15 3 33.33 15.00 48.33 13 4 25.00 14.25 39.25 12 5 20.00 14.00 34.00 13 6 16.67 14.00 30.67 14 7 14.29 15.71 30.00 26 8 12.50 17.50 30.00 30 9 11.11 19.44 30.55 35 10 10.00 21.60 31.60 41 11 9.09 24.00 33.09 48 12 8.33 26.67 35.00 56 The accompanying table gives cost data for...
- 4 Average Fixed Average Variable Average Total Total Product Cost Cost Cost Marginal Cost 1...
-
4 Average Fixed Average Variable Average Total Total Product Cost Cost Cost Marginal Cost 1 $100.00 $17.00 $117.00 $17 2 50.00 16.00 66.00 151 3 33.33 15.00 48.33 13 25.00 14.25 39.25 121 5 20.00 14.00 34.00 13 6 16.67 14.00 30.67 14 7 14.29 15.71 30.00 26 8 12.50 17.50 30.00 30 9 11.11 19.44 30.55 35 10 10.00 21.60 31.60 41 11 9.09 24.00 33.09 48 121 8.33 26.67 35.00 56 The accompanying table gives cost data...
2 Average | Average Average Total Fixed Variable Total Marginal Product Cost Cost Cost Cost 1...
2 Average | Average Average Total Fixed Variable Total Marginal Product Cost Cost Cost Cost 1 $150.00 $25.00 $175.00 25.00 75.00 23.00 98.00 21.00 50.00 20.00 70.00 14.00 37.50 21.00 58.50 24.00 30.00 23.00 53.00 31.00 25.00 25.00 50.00 35.00 21.43 28.00 49.43 46.01 18.75 33.00 51.76 68.07 9 1 6.67 39.00 55.67 86.95 10 15.00 48.00 63.00 128.97 The accompanying table gives cost data for a firm that is selling in a purely competitive market. At 6 units of...
Finish the table. MPL: Marginal production of labor TC: Total cost MC: Marginal Cost AFC: Average...
Finish the table.
MPL: Marginal production of labor
TC: Total cost
MC: Marginal Cost
AFC: Average fixed cost
AVC: Average variable cost
ATC: Average total cost
lormal text - Times New... - 12 B I VA G E A E 1 E- Labor Week 6 Assignment: Production Costs 20 Points) Output MPL FC VC TC MC AFC AVC ATC (Q) 0 25 WN 25 50 75 100 13 25 15 F 16 25 125 1. Complete the table above. (4...
Using the table we see that when output is 4 units, average variable cost equals Total...
Using the table we see that when output is 4 units, average variable cost equals Total Costs Total Output OA $3.50 OB. $14.00 OC: $24.00 O D. $8.00 18 21 23 24 26 29 38 10 51
(43) Assume a single firm in a purely competitive industry has short-run production costs as indi...
(43) Assume a single firm in a purely competitive industry has short-run production costs as indicated in the following table. Answer questions a through c using the data from this table. TVC-Total variable Costs. TC=Total Costs: AFC=Average Fixed Costs; AVC=Average Variable Costs; ATC-Average Total Costs; MC-Marginal Costs Total Output Total Variable Cost $ TVC TC 0 $5.00 $8.00 $10.00 $11.00 $13.00 $16.00 $20.00 Total Cost $ Average Average Average Total Cost Cost $ MC Marginal Fixed CosVariable $ AFC Cost...
Production Costs Fill out the following table and graph the average variable cost, average total cost,...
Production Costs Fill out the following table and graph the average variable cost, average total cost, and marginal costs Output tables/day Total cost Variable cost Average Total Cost Average variable cost Marginal Cost 0 $50 1 60 2 80 3 115 4 170 5 250 6 350 1) What is the dollar amount of the fixed costs of production? $50 2) For 5 tables, what is the average fixed cost and the average variable cost?
The monthly average variable costs, average total costs, and marginal costs for Alpacky, a typical alpaca wool-manufacturing firm in Peru, are shown in the table below. All firms in the industry share the same costs as Alpacky, and the industry is in long-run equilibrium. Instructions: Round your answer to the nearest cent. The market price is Output (units of АТC ($) MC ($) wool) $) AVC 10 20.00 20.00 40.00 15.00 17.50 27.50 2 17.00 24.00 17.33 19.00 22.75 4...
-
4 Average Fixed Average Variable Average Total Total Product Cost Cost Cost Marginal Cost 1 $100.00 $17.00 $117.00 $17 2 50.00 16.00 66.00 151 3 33.33 15.00 48.33 13 25.00 14.25 39.25 121 5 20.00 14.00 34.00 13 6 16.67 14.00 30.67 14 7 14.29 15.71 30.00 26 8 12.50 17.50 30.00 30 9 11.11 19.44 30.55 35 10 10.00 21.60 31.60 41 11 9.09 24.00 33.09 48 121 8.33 26.67 35.00 56 The accompanying table gives cost data...
2 Average | Average Average Total Fixed Variable Total Marginal Product Cost Cost Cost Cost 1 $150.00 $25.00 $175.00 25.00 75.00 23.00 98.00 21.00 50.00 20.00 70.00 14.00 37.50 21.00 58.50 24.00 30.00 23.00 53.00 31.00 25.00 25.00 50.00 35.00 21.43 28.00 49.43 46.01 18.75 33.00 51.76 68.07 9 1 6.67 39.00 55.67 86.95 10 15.00 48.00 63.00 128.97 The accompanying table gives cost data for a firm that is selling in a purely competitive market. At 6 units of...
Finish the table.
MPL: Marginal production of labor
TC: Total cost
MC: Marginal Cost
AFC: Average fixed cost
AVC: Average variable cost
ATC: Average total cost
lormal text - Times New... - 12 B I VA G E A E 1 E- Labor Week 6 Assignment: Production Costs 20 Points) Output MPL FC VC TC MC AFC AVC ATC (Q) 0 25 WN 25 50 75 100 13 25 15 F 16 25 125 1. Complete the table above. (4...
Using the table we see that when output is 4 units, average variable cost equals Total Costs Total Output OA $3.50 OB. $14.00 OC: $24.00 O D. $8.00 18 21 23 24 26 29 38 10 51
(43) Assume a single firm in a purely competitive industry has short-run production costs as indicated in the following table. Answer questions a through c using the data from this table. TVC-Total variable Costs. TC=Total Costs: AFC=Average Fixed Costs; AVC=Average Variable Costs; ATC-Average Total Costs; MC-Marginal Costs Total Output Total Variable Cost $ TVC TC 0 $5.00 $8.00 $10.00 $11.00 $13.00 $16.00 $20.00 Total Cost $ Average Average Average Total Cost Cost $ MC Marginal Fixed CosVariable $ AFC Cost...
Most questions answered within 3 hours.
-
Humans have used horses for transportation for millions of
years. Therefore, they will use horses for...
asked 1 hour ago -
The following are the Jensen Corporation's unit costs of making
and selling an item at a...
asked 1 hour ago -
Does direct Medicare reimbursement of Advanced practice nurses
increase access to their services?
asked 2 hours ago -
List and explain why a company would choose to use a
published
compensation survey vs. creating...
asked 2 hours ago -
A discrete random variable X can take values from 1 to 10. Find
the variance of...
asked 3 hours ago -
The primary financial goal of a corporation is to maximize:
shareholders wealth.
earnings per share.
stock...
asked 3 hours ago -
determine whether the vectors u=(1,2,3,), v=(-2,1,0) and
w=(1,0,1) are linearly dependent or independent.
asked 3 hours ago -
python
Define a function called print_values which takes a dictionary
object as a parameter. The function...
asked 4 hours ago -
In Chapter 1 you created a program named Triangle in
which you displayed a seven-line triangle...
asked 4 hours ago -
Research question: What are the differences between separately
stated and non separately stated transactions in an...
asked 4 hours ago -
By using Arduino write a code that connects two LEDs to two
push-buttons. Each button controls...
asked 5 hours ago -
Bank of America has bonds that pay a coupon interest rate of 5.5
percent and mature...
asked 6 hours ago