Quantity of Labor | Total Product | Total Revenue |
1 | 4 | $16 |
2 | 8 | 32 |
3 | 11 | 44 |
4 | 13 | 52 |
5 | 14 | 56 |
Refer to the given data. This firm's product price is
Multiple Choice
$2.
$3.
$4.
$16.
Ans) the correct option is $ 4
Price of the product = total revenue / quantity = 16/4 = 4
Quantity of Labor Total Product Total Revenue 1 4 $16 2 8 32 3 11 44...
Quantity of Labor Total Product Total Revenue 1 4 $16 2 8 32 3 11 44 4 13 52 5 14 56 Refer to the given data. If the market wage rate is $8, this firm will employ Multiple Choice 4 workers. 5 workers. 2 workers. 3 workers.
Quiz Instructions Question 7 1 pts Quantity of Labor Total Total Product Revenue $16 CA 32 AWN Refer to the given data. We can conclude from the information given that this firm is a: O pure monopolist. pure competitor. O monopolistic competitor. discriminating monopolist.
Consider total cost and total revenue given in the following: (Quantity/Total Cost/Total Revenue): (0/8/0), (1/9/8), (2/10/16), (3/11/24), (4/13/32), (5/19/40), (6/27/48), (7/37/56) Can you tell whether this firm is in a competitive industry? If so, can you tell whether the industry is in a long-run equilibrium? Isn't this firm a competitive industry since the price is equal to the marginal revenue? This is obviously a competitive industry because the average revenue is always the same. But the euqilibrium is not the...
Solution: Total revenue - price*quantity Profit- total revenue - total cost Marginal revenue change in revenue/change in quantitty Average total cost-total cost/quantity Marginal Marginal Change Average al rofirevenue TotalTotal revenue cost Quantity Price profit cost 0 0 16 16 15 30 14 42 13 52 12 60 11 66 10 70 20 4 16 300 36 6 12 4210 10 501 63 з 16 84-14 4 -4 14 4 12 4 4 10.5 10 8 13 10.5 17 10 We...
Consider the data for an imperfectly competitive seller. Units of Total MP of Labor Product Labor MRP Total Revenue Product Price ($) 0 0 3.50 0 5 5 3.25 16.25 16.25 10.75 2 9 4 3.00 27.00 3 11 2 2.75 30.25 3.25 Move the points on the graph to plot the imperfectly competitive seller's demand for labor curve. 20 Which variable is likely to be the key difference between a perfectly competitive seller and an imperfectly competitive seller? 18...
Quantity of labor Total product of labor 0 0 1 3 2 10 3 16 4 21 5 25 6 28 Debbie owns a bakery and can hire workers to produce cakes selling in a competitive output market at $8 each. The table shows the relationship between the number of workers and the number of cakes produced. Debbie must pay each worker a competitive market wage of $45 per day. How many workers will she hire to maximize profit? O...
COSTS REVENUES Quantity Produced Total Cost Marginal Cost Quantity Demanded Price Total Revenue Marginal Revenue 0 $50.00 -- 0 $60 -- 1 $75.00 1 $60 2 $101.00 2 $60 3 $128.50 3 $60 4 $158.50 4 $60 5 $192.50 5 $60 6 $232.50 6 $60 7 $281.00 7 $60 8 $341.00 8 $60 Refer to Table 14-13. What is the economic profit at the profit maximizing point for this firm? a. $187.50 b. $139 c. $39 d. $121.50
Quantity of Product A Total Utility Marginal Utility Quantity of Product B Total Utility Marginal Utility 1 80 80 1 30 30 2 120 40 2 46 16 3 150 30 3 61 15 4 165 15 4 75 14 5 172 7 5 88 13 6 178 6 6 100 12 7 182 5 7 111 11 8 185 3 8 121 10 The table above refers to Elizabeth's utility schedule of Product A and Product B. The equilibrium...
- 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...
. Consider total cost and total revenue given in the table below:QUANTITY 0 1 2 3 4 5 6 7Total cost $8 $9 $10 $11 $13 $19 $27 $37Total revenue 0 8 16 24 32 40 48 56a. Calculate profit for each quantity. How much should the firm produce to maximize profit?b. Calculate marginal revenue and marginal cost for each quantity. Graph them. (Hint: Put the points between whole numbers. For example, the marginal cost between 2 and 3 should...