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Consider total cost and total revenue, given in the following table: In the final column, enter profit for each quantity. (Note: If the firm suffers a loss, enter a negative number in the appropriate cell.) Quantity Total Cost Marginal Cost Total Revenue Marginal Revenue Profit (Dollars) (Dollars) (Dollars) (Dollars) (Dollars) 0 6 0 1 8 7 2 10 14 3 13 21 4 17 28 5 24 35 6 32 42 7 42 49 In order to maximize profit, how...
**Only [Harder] Question** Problem 2. Consider a firm that has a cost function of c(y) = 5y 2 + 50, 000. In other words, this is a firm with a fixed cost of $50,000 (which might be something like the cost of rent on the firm’s building, which they have to pay whether they produce any output or not) and a variable cost of $5Y 2 , (which we’ll think of as the cost of the labor and machinery necessary...
You are given the following cost data: Total fixed costs are $30. q TVC 0 0 1 30 2 60 3 105 4 165 5 255 6 375 If the price of output is $60, how many units of output will this firm produce (assuming the firm produces in the short run, in a competitive market)? The firm will produce nothing units of output because this is where price equals ▼ average variable cost marginal cost average fixed cost ....
CHAPTER 23 – ASSIGNMENT #1 Answer the following questions using the graph shown below. Assume that the firm is producing the number of units that will maximize their profit in a perfectly competitive market. You can use the explanatory for problem 23-3 that are in the Handouts on the main page of your course website to aid you in the completion of this problem. The D curve in this problem is the same as the MR curve. ? • How...
Proft Price Number of writes gvenpien Total Total Warpiel Total Fued toduction Revenue Avenue Cost l P 1Q T Coast Coast Cast Coast Coast TCTC+TIC TOO TGIR 0 $80 180 0 2 0 1 2 3 4 5 120 9 12 0 $ 0 160 $80 400 120 720 ERO $960 O 1.1 20 0 31200 0 0 $300 3300 3200 200 $300 $300 5300 $150 $300 $450 $600 $750 300 3 00 M $ $75 $600 +750 150 $900...
Question 6 e and f 5) Base scenario calculations: Using the Profit Formula calculated in 5) above, calculate the following assuming TrucBeat produces and sells 6,000 units as their "base" scenario Sales Revenue 6,00 SIL - 3.045,00 Net Operating Income 1,778. Ob Contribution Margin 2.052/ Contribution Margin Contribution Margin percent 2.082,0/3,091,00 87.252 Break-even in units 304,0*/62087, 00/000304,00) 347 976 units Break-even in dollars 3040/67.25 452,046 Margin of safety in units 6.400- 76+ 5.124 wnik Margin of safety percent (3.06,0 -...
1. Consumer’s utility function is: U (X,Y) = 10X + Y. Consumer’s income M is 40 euros, the price per unit of good X (i.e. Px ) is 5 euros and the price per unit of good Y (i.e. Py) is 1 euro. a) What is the marginal utility of good X (MUx) for the consumer? ( Answer: MUx = 10) b) What is the marginal utility of good Y (MUy) for the consumer? ( Answer: MUy = 1) c)...
Question 9 1) Summarize the information for TrueBeat from Q9 & 10 of HW1.1 assuming they produce and sell 1,000 drum sets during the year. Remember to use 2 decimals for "per unit" values. Total Dollars True Beat - Summarized connect given data Average Cost per Unit Direct materials 19 Direct labor $ 90 Variable manufacturing overhead $ 35 Fixed manufacturing overhead $ Fixed selling & administrative expense $ Variable selling & administrative expenses 25 Sales price per unit 516...