Fill out the table, answer questions at the end.
Perfect competition:-
Q | VC | FC | TC | AVC | AFC | ATC | P | TR | MR | MC |
0 | 0 | 200 | 200 | 10 | 0 | |||||
10 | 50 | 200 | 250 | 5.00 | 20.00 | 25.00 | 10 | 100 | 10 | 5 |
20 | 90 | 200 | 290 | 4.50 | 10.00 | 14.50 | 10 | 200 | 10 | 4 |
30 | 160 | 200 | 360 | 5.33 | 6.67 | 12.00 | 10 | 300 | 10 | 7 |
40 | 225 | 200 | 425 | 5.63 | 5.00 | 10.63 | 10 | 400 | 10 | 6.5 |
50 | 300 | 200 | 500 | 6.00 | 4.00 | 10.00 | 10 | 500 | 10 | 7.5 |
60 | 395 | 200 | 595 | 6.58 | 3.33 | 9.92 | 10 | 600 | 10 | 9.5 |
70 | 510 | 200 | 710 | 7.29 | 2.86 | 10.14 | 10 | 700 | 10 | 11.5 |
80 | 640 | 200 | 840 | 8.00 | 2.50 | 10.50 | 10 | 800 | 10 | 13 |
a) Setting P=MC, the output = 60
b) profits = TR-TC = 600-595 =5
Monopoly:-
Q | VC | FC | TC | AVC | AFC | ATC | P | TR | MR | MC |
0 | 0 | 200 | 200 | 18 | 0 | |||||
10 | 50 | 200 | 250 | 5.00 | 20.00 | 25.00 | 17 | 170 | 17 | 5 |
20 | 90 | 200 | 290 | 4.50 | 10.00 | 14.50 | 16 | 320 | 15 | 4 |
30 | 160 | 200 | 360 | 5.33 | 6.67 | 12.00 | 15 | 450 | 13 | 7 |
40 | 225 | 200 | 425 | 5.63 | 5.00 | 10.63 | 14 | 560 | 11 | 6.5 |
50 | 300 | 200 | 500 | 6.00 | 4.00 | 10.00 | 13 | 650 | 9 | 7.5 |
60 | 395 | 200 | 595 | 6.58 | 3.33 | 9.92 | 12 | 720 | 7 | 9.5 |
70 | 510 | 200 | 710 | 7.29 | 2.86 | 10.14 | 11 | 770 | 5 | 11.5 |
80 | 640 | 200 | 840 | 8.00 | 2.50 | 10.50 | 10 | 800 | 3 | 13 |
a) Setting MR=MC, the output = 50 units
b) profits = TR-TC = 650-500 = 150
Fill out the table, answer questions at the end. Avg Total Cost Total Marginal Marginal Revenue Revenue Cost Perfect Co...
In perfect competition the price is ALWAYS $10. In the monopoly, the price changes. Perfect Competition Price of output: $10 Fixed costs: $200 Variable Cost Fixed Cost Total Cost Avg Variable Avg Fixed | Cost Cost Avg Total Cost Total Marginal Marginal Revenue Revenue Cost Output SO $0 $14.50 $10.63 $100 $200 $300 $400 $500 $600 $700 $800 $9.92 $10.50 $50 $250 $20.00 $90 $4.50 $160 $360 $5.33 $6.67 $225 $300 $500 $6.00 $4.00 $395 $510 $710 $7.29 $2.86 80...
please fill in the empty spot on the table! also can you show me the equation on how to find them? THANKS Perfect Competition Price of output Fixed costs: $10 $200 Avg Avg Variable Avg Fixed Total Cost Variable Total Total Fixed Marginal Marginal Cost Cost Revenue Revenue Output Cost Cost Cost Cost $0 $0 X $50 $250 $20.00 $100 10 $90 $4.50 $5 33 $14.50 $200 20 $160 $360 $6.67 $300 30 $225 $10.63 $400 40 $300 $500 $6.00...
Consider the table 7-2. a. If the market price is $2.22 determine the profit maximizing output. b. If the market price is $1.50 determine the profit maximizing output. c. If the market price is $5.00 determine the profit maximizing output. Marginal Cost (MC) (10) (6) 20 140 TABLE 7-2 Short-Run Costs: Fixed Capital and Variable Labour Inputs Output Total Costs Average Costs Capital Labour Fixed Variable Total Fixed Variable Total (K) (L) (2) (TFC) (TVC) (TC) (AFC) (AVC) (ATC) (2)...
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...
The graph below shows the marginal, average variable, and average total cost curves for a perfectly competitive firm. Refer to the graph to answer the following questions. Instructions: Indicate the profit-maximizing level of output. Enter your response as a whole number. Price and cost MC ATC AVC $40.50 36.00 30.00 MR 22.00 20.00 130 180 240 Quantity a. What is the amount of the fixed cost of production? $ b. Suppose the market price is $30 what is the firm's...
Price, marginal revenue, marginal cost, average total cost $35 ATC 29 26 MC రారాజు 8 5 D MR 0 160 220 250 300 Quantity of output (per week) The profit-maximizing firm in this figure will produce units of output per week. O 220 O 160 O 300 O 250
Fill the table with the values of Marginal Cost given that the Average Variable Cost is at its lowest point. and in order to maximise economic profit, how should the firm alter its level of production? (e.g. increase, decrease or remain unchanged). Briefly explain why. Use the table below to answer the following 5 questions: Question 20 - Question 24. Output , A Total Cost Average | Total Total Variable Cost Cost Average Variable Cost Total Fixed Cost Average Marginal...
Price, marginal revenue, marginal cost, average total cost $35.... ATC 29.. 26. MC 8 5 0 160 220 250 300 Quantity of output (per weok) a. The profit-maximizing monopoly firm maximizes their profit at equals to The firm in the above figure will produce units of output per week. b. This profit-maximizing monopoly firm's price per unit is c. This profit-maximizing monopoly firm's cost per unit at its profit-maximizing quantity is d. This profit-maximizing monopoly firm's economic profit per unit...
Suppose a pure monopolist is faced with the cost data shown in the table on the left and the demand schedule shown on the right a. Calculate the missing total-revenue and marginal-revenue amounts. 30.00 Instructions: Enter your answers as whole numbers in the gray-shaded cells. If you are entering any negative numbers be sure to include a negative sign (-) in front of those numbers. Production and Costs Demand Total Average Fixed Average Average Total Marginal Quantity Price Marginal Total...
The graph below shows the marginal, average variable, and average total cost curves for a pizza seller. Refer to the graph to answer the following questions. Instructions: Indicate the profit-maximizing level of output. Enter your response as a whole number. Cost Curves 3.50 3.25 3.00 2.75 Select Select Select 2.50 (S/slice) 2.00 W 1.75 1.50 1.25 1.00 0.75 0.50 0.25 100 200 300 400 500 600 700 800 900 Q -> Quantity (slices/day) a. What is the amount of the...