Given a price of $100, quantity of 10, total cost of $700, profit of $200, total...
Given a price of $100, quantity of 10, total cost of $700, profit of $200, total fixed cost of $100, calculate average total cost. (Do you need all that information, you ask? Probably not.)
Homework Answers
Total cost = $700.
Quantity = 10.
Average total cost = (Total cost / Quantity).
Average total cost = $700 / 10.
Average total cost = $70.
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Given a price of $100, quantity of 10, total cost of $700,
profit of $200, total...
do you know how?? Exhibit 10-7 Quantity Sold Price (units) Total Cost $10 100 $600 1,100...
do you know how??
Exhibit 10-7 Quantity Sold Price (units) Total Cost $10 100 $600 1,100 200 91400 300 8 7 400 500 600 700 1,800 2,400 3,200 4.200 5 4 Refer to Exhibit 10-7. A single-price monopolist earns a total profit of when it produces the profit maximizing level of output. $120 $1,000 $1,800 O $700 e $500
1) Given the following cost information for a price-taking firm, what is the profit-maximizing quantity given...
1) Given the following cost information for a price-taking firm, what is the profit-maximizing quantity given a market price of $80. Quantity 0 1 2 3 4 5 6 7 8 Total Cost 100 200 250 280 300 340 400 480 600 Group of answer choices a Q = 0 b Q = 7 c Q = 5 d Q = 3 2) Suppose a price-taking firm has the following costs: Quantity 0 1 2 3 4 5 6...
3. Given the following information: Quantity Average Fixed Cost Average Variable Cost Average Total Cost Marginal...
3. Given the following information: Quantity Average Fixed Cost Average Variable Cost Average Total Cost Marginal Cost 1 300 100 400 100 2 150 75 225 50 3 100 70 170 60 4 75 73 148 80 5 60 80 140 110 6 50 90 140 140 7 43 103 146 180 8 38 119 157 230 9 33 138 290 10 30 160 360 a) If market price is $140, then… 1. the firm will produce quantity ___________ 2....
Exhibit 22-8 Fim A Price 10 AC AVC 070 90 100 1 100 150 200 Quantity...
Exhibit 22-8 Fim A Price 10 AC AVC 070 90 100 1 100 150 200 Quantity Refer to Exhibit 22-8. What is the total variable cost of firm A at the profit-maximizing (or loss-minimizing) level of production? 0 a. S 1,000 O b. $400 c. S300 O d. $700 MacBook Air
Given the quantity and total cost, calculate for a total fixed cost, the total variable cost,...
Given the quantity and total cost, calculate for a total fixed cost, the total variable cost, average fixed cost, average total cost, the average variable cost, and marginal cost. You are required to graph the total cost curves as well as the average and marginal cost curves. Quantity Total Cost Total Fixed Cost Total Variable Cost Average Fixed Cost Average Total Cost Average Variable Cost Marginal Cost 1 30 2 75 3 150 4 255 5 380 6 525 7...
Price (Dollars per TV set) Quantity Demanded Quantity Supplied 100 900 200 700 200 500 300...
Price (Dollars per TV set) Quantity Demanded Quantity Supplied 100 900 200 700 200 500 300 400 550 400 600 900 Use blue points (circle symbol) to plot Venezuela's demand curve on the following graph. Use orange points (square symbol) to plot Venezuela's supply curve. Then use the black point (cross symbol) to indicate the domestic market equilibrium. (Hint: Use all of the given points to plot the demand and supply curves.) Demand O Supply PRICE (Dollars per TV set)...
$60 $50 $40 Long-Run Average Total Cost $30 $20 $10 $0 0 100 200 700 800...
$60 $50 $40 Long-Run Average Total Cost $30 $20 $10 $0 0 100 200 700 800 900 300 400 500 600 Quantity of Necklaces 600 700 800 900 Quantity of Necklaces The above graph shows the long run average total cost for a factory that produces necklaces. Between which of the following quantities does this factory experience economies of scale? 300 necklaces and 900 necklaces O necklaces and 300 necklaces 500 necklaces and 900 necklaces 300 necklaces and 500 necklaces...
10. Understanding the role of fixed cost in the short run A Aa 3 Consider an...
10. Understanding the role of fixed cost in the short run A Aa 3 Consider an airline's decision about whether or not to cancel a particular flight that hasn't sold out. The following table provides data on the total cost of operating a 100-seat plane for various numbers of passengers. Number of Passengers Total Cost (TC) 25,000 35,000 40,000 43,000 45,000 46,000 47,000 47,700 48,000 48,200 48,100 Given the information presented in the previous table, the fixed cost to operate...
If the price is greater than average total cost at the profit-maximizing quantity of output in...
If the price is greater than average total cost at the profit-maximizing quantity of output in the short run, a perfectly competitive firm will: options: 1) continue to produce at a loss. 2) produce at a profit. 3) shut down production. 4) reduce its fixed costs.
Solution: Total revenue - price*quantity Profit- total revenue - total cost Marginal revenue change in revenue/change...
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...
do you know how??
Exhibit 10-7 Quantity Sold Price (units) Total Cost $10 100 $600 1,100 200 91400 300 8 7 400 500 600 700 1,800 2,400 3,200 4.200 5 4 Refer to Exhibit 10-7. A single-price monopolist earns a total profit of when it produces the profit maximizing level of output. $120 $1,000 $1,800 O $700 e $500
Exhibit 22-8 Fim A Price 10 AC AVC 070 90 100 1 100 150 200 Quantity Refer to Exhibit 22-8. What is the total variable cost of firm A at the profit-maximizing (or loss-minimizing) level of production? 0 a. S 1,000 O b. $400 c. S300 O d. $700 MacBook Air
Price (Dollars per TV set) Quantity Demanded Quantity Supplied 100 900 200 700 200 500 300 400 550 400 600 900 Use blue points (circle symbol) to plot Venezuela's demand curve on the following graph. Use orange points (square symbol) to plot Venezuela's supply curve. Then use the black point (cross symbol) to indicate the domestic market equilibrium. (Hint: Use all of the given points to plot the demand and supply curves.) Demand O Supply PRICE (Dollars per TV set)...
$60 $50 $40 Long-Run Average Total Cost $30 $20 $10 $0 0 100 200 700 800 900 300 400 500 600 Quantity of Necklaces 600 700 800 900 Quantity of Necklaces The above graph shows the long run average total cost for a factory that produces necklaces. Between which of the following quantities does this factory experience economies of scale? 300 necklaces and 900 necklaces O necklaces and 300 necklaces 500 necklaces and 900 necklaces 300 necklaces and 500 necklaces...
10. Understanding the role of fixed cost in the short run A Aa 3 Consider an airline's decision about whether or not to cancel a particular flight that hasn't sold out. The following table provides data on the total cost of operating a 100-seat plane for various numbers of passengers. Number of Passengers Total Cost (TC) 25,000 35,000 40,000 43,000 45,000 46,000 47,000 47,700 48,000 48,200 48,100 Given the information presented in the previous table, the fixed cost to operate...
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...
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