Question

6 5 pts each THE FOLLOWING TABLE FOR IANS MOWING SERVICE IS INCOMPLETE. FILL IN THE MISSING INFORMATION AND ANSWER THE NEXT
3 10 pts ON THE GRAPH, DRAW THE AVC, ATC, MC, AND THE DEMAND CURVE AND MARGINAL REVENUE CURVE THAT A PERFECTLY COMPETITIVE FI
image.png
0 0
Add a comment Improve this question Transcribed image text
Answer #1
$9 $3.6
Lawns mowed per day Total cost Total Revenue Profit Total revenue Profit
0 7 0 -7 0 -7
1 9 9 0 3.6 -5.4
2 10.5 18 7.5 7.2 -3.3
3 12.5 27 14.5 10.8 -1.7
4 15 36 21 14.4 0.6
5 18 45 27 18 0
6 22 54 32 21.6 -0.4
7 28 63 35 25.2 -2.8
8 36 72 36 28.8 -7.2
9 46 81 35 32.4

-13.6

When the market price is $9, Ian will maximise profits by mowing 8 lawns.

When the market price is $3.6, Ian will maximise profits by mowing 4 lawns.

Add a comment
Know the answer?
Add Answer to:
6 5 pts each THE FOLLOWING TABLE FOR IAN'S MOWING SERVICE IS INCOMPLETE. FILL IN THE MISSING INFORMATION AND ANSW...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions
  • 5 pts each THE FOLLOWING TABLE FOR LAN'SM LOWING TABLE FOR LAN'S MOWING SERVICES INCOMPLETE FILL IN THE MISSING INF...

    5 pts each THE FOLLOWING TABLE FOR LAN'SM LOWING TABLE FOR LAN'S MOWING SERVICES INCOMPLETE FILL IN THE MISSING INFORMATION AND ANSWER THE NEXT 2 QUESTIONS Wlawns mowed/day 39.00 total revere profit 53.60 total revenue profit total costs 7.00 9.00 10.50 12.50 15.00 18.00 22 00 28.00 3600 46.00 CALCULATE TOTAL REVENUE AND PROFIT WHEN THE MARKET PRICE IS $9.00 CALCULATE TOTAL REVENUE AND PROFIT WHEN THE MARKET PRICE IS $3.60. USING THE TOTAL COST INFORMATION, CALCULATE MARGINAL COST AND...

  • Beth’s Lawn Mowing Service acts as a monopoly.  The prevailing market price equation is given by...

    Beth’s Lawn Mowing Service acts as a monopoly.  The prevailing market price equation is given by P = 20 - 0.2q where q represents one acre of lawn. Cost equations are as follows:  Total Cost = 0.1q2 + 10q + 50 Marginal Cost = 0.2q + 10 a)      How many acres should Beth choose to mow in order to maximize profits? b)      Calculate Beth’s maximum weekly profits/losses.

  • 1. In the long run the effect of economic profits is to: Increase market supply and...

    1. In the long run the effect of economic profits is to: Increase market supply and increase market price. Decrease market supply and increase market price Decrease market supply and decrease market price. Increase market supply and decrease market price. 2.To maximize profits, a competitive firm will seek to expand output until: Price equals marginal cost. The elasticity of demand equals 1. Total revenue equals total cost. Price equals $0. 3.A firm should shut down production when: P < minimum...

  • 5 pts each ANSWER THE NEXT 4 QUESTIONS BASED ON THE FOLLOWING TABLE OL TP AP MP FILL IN THE MISSING COLUMNS DIMINI...

    5 pts each ANSWER THE NEXT 4 QUESTIONS BASED ON THE FOLLOWING TABLE OL TP AP MP FILL IN THE MISSING COLUMNS DIMINISHING RETURNS SETS IN AFTER THE THE MARGINAL PRODUCT OF THE LAST WORKER IS WORKER 4 THE AVERAGE PRODUCT OF THE 3RD WORKER IS THE AVERAGE PRODUCT OF THE 5TH WORKER IS S 25 pts WHAT REPRESENTS A FIRM'S SUPPLY CURVE? cach ANSWER THE FOLLOWING 2 QUESTIONS BASED ON THE GRAPH FOR A PERFECTLY COMPETITIVE FIRM mc ATC...

  • 1. Suppose Andy sells oranges in a perfectly competitive market. The following table represents his output...

    1. Suppose Andy sells oranges in a perfectly competitive market. The following table represents his output and costs: Output Total Fixed Variable ATC AFC AVC MC per day Cost Cost Cost $10.00 $20.50 $24.50 $28.00 $34.00 $43.00 $55.50 $72.00 $93.00 $119.00 a) Fill in the missing columns b) Suppose the equilibrium price for oranges in the market is $12.50. How many oranges should Andy sell if he wants to maximize profits? What price will he charge for a unit of...

  • help. agricultural economic 2. Use the following graph to answer the following questions: P/ MC ATC...

    help. agricultural economic 2. Use the following graph to answer the following questions: P/ MC ATC /AVC MR 20 2528 50 a. What price is charged by the monopol order to maximize profits? b. Calculate the total revenue accruing to the mo- nopolist at the profit-maximizing output. C. Calculate the total cost to the monopolist at the profit-maximizing output. d. Calculate the profit for the monopolist. e. Calculate the total variable and fixed costs of the monopolist at the profit-maximizing...

  • Use the following information to answer questions 10-14: Beth's Lawn Mowing Service is a small business...

    Use the following information to answer questions 10-14: Beth's Lawn Mowing Service is a small business that acts like a price taker (MR P). The prevailing market price of lawn mowing is $20 per acre. Although Beth can use the family mower for free, she has other costs given by: Total Cost-0.1q2+10q+50 Marginal Cost -0.2q+10 Where q the number of acres Beth chooses to mow in a week. 10. How many acres should Beth choose to mow in order to...

  • Figure 14-5 Suppose a firm operating in a competitive market has the following cost curves: Price...

    Figure 14-5 Suppose a firm operating in a competitive market has the following cost curves: Price MC ATC AVC Q1 02 03 04 05 Quantity Refer to Figure 14-5. When market price is P2, a profit-maximizing firm's losses can be represented by the area a. At a market price of P2, the firm earns profits, not losses. b. At a market price of P2 the firm has losses, but the reference points in the figure don't identify the losses. C....

  • You have been hired as a consultant for the following monopoly firms. Treat each firm as...

    You have been hired as a consultant for the following monopoly firms. Treat each firm as an individual. Thus each row represents one fim. You will need to use the MR =MC rules to make the recommendations to the firms. You will be using logic and critical thinking skills to make the suggestions Examine the information on MR, MC, Price, ATC, AVC and AFC to make a recommendation to each firm Remember firms want to max their total profits, they...

  • Question 31 2.5 pts 31. A firm in a perfectly competitive industry has total revenue of...

    Question 31 2.5 pts 31. A firm in a perfectly competitive industry has total revenue of $200,000 per year when producing 1,000 units of output per year. In this case its average revenue is $200 and its marginal revenue is __ zero. also $200 less than $200. O greater than $200 Question 32 2.5 pts 32. In a perfectly competitive industry, the market price of the product is $12.Firm A is producing the output at which average total cost equals...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT