Homework Answers
3. C. 320 units
4. A. Any level of output between 100 and 440 units will yield an economic profit.
5. B. Total revenue exceeds total cost by the greatest amount.
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Help with #3-5 please! Total Cost Total $1,400 Revenue 1,200 1,000 800 600 400 200 0...
Which of the following is correct? Total cost $1,400 1,200 Total revenue 1,000 800 600 400...
Which of the following is correct? Total cost $1,400 1,200 Total revenue 1,000 800 600 400 200 100 440 320 Output DO | Ο This firm will maximize its profit at 440 units of output. Ο This firm's marginal revenue rises with output. Ο Any level of output less than 100 units or greater than 440 units is profitable. Ο Any level of output between 100 and 440 units will yield an economic profit.
Use the following to answer questions 39-40 Total cost Total $1,400 1,200 1,000 800 400 200...
Use the following to answer questions 39-40 Total cost Total $1,400 1,200 1,000 800 400 200 0 100 440 320 Output 39. Refer to the above short-run data. Total fixed cost for this firm: A) is about $67. B) Vis 5300. C) is $200. D is $100. data given E) cannot be determined from the 40. Refer to the above short-run data. The profit maximizing output for this firm is: A) above 440 units. B) 440 units. C) 320 units....
Total $1,400 cost 1,200 Total revenue 1,000 800 600 400 200 100 320 Output 440 What...
Total $1,400 cost 1,200 Total revenue 1,000 800 600 400 200 100 320 Output 440 What is the TFC for this firm? What is profit maximizing output for this firm?
e total cost 19. For a certain firm, the 10th unit of output marginal cost of...
e total cost 19. For a certain firm, the 10th unit of output marginal cost of Sto. It follows that the production of the 10th it fo r of outputut the firm produse marinat revenue of land them the firm's profi not the 100th unit of t h e firm's average total costs C. Firm's profit-maximize ve futut is less than 100 units. d. production of the 101st unit of output the lost unit of output must increase the firm's...
Variable Cost (dollars) $0 Quantity O 100 200 300 400 500 600 Total Cost (dollars) $1,000 1,360 1,560 1,960 2,760 4,000...
Variable Cost (dollars) $0 Quantity O 100 200 300 400 500 600 Total Cost (dollars) $1,000 1,360 1,560 1,960 2,760 4,000 5,800 360 560 960 1,760 3.000 4.800 Table 10.1 shows the short-run cost data of a perfectly competitive firm that produces plastic camera cases. Assume that output can only be increased in batches of 100 units. Refer to Table 10.1. If the market price of each camera case is $8, what is the profit- maximizing quantity?
e total cost 19. For a certain firm, the 10th unit of output marginal cost of Sto. It follows that the production...
e total cost 19. For a certain firm, the 10th unit of output marginal cost of Sto. It follows that the production of the 10th it fo r of outputut the firm produse marinat revenue of land them the firm's profi not the 100th unit of t h e firm's average total costs C. Firm's profit-maximize ve futut is less than 100 units. d. production of the 101st unit of output the lost unit of output must increase the firm's...
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...
19. Assume that marginal revenue equals rising marginal cost at 100 units of output. At this...
19. Assume that marginal revenue equals rising marginal cost at 100 units of output. At this output level, the firm's average fixed cost is $6 and its average total cost is $10. The price of the product is $8. In order to maximize profit, the competitive firm should: a. shut down b. produce 100 units c. produce more than 100 units d. produce less than 100 units e. indeterminate 20. If the entry of new firms into a perfectly competitive...
15. When marginal cost is less than average total cost, a. marginal cost must be falling....
15. When marginal cost is less than average total cost, a. marginal cost must be falling. b. average variable cost must be falling. c. average total cost is falling. d. average total cost is rising. 16. Which of the following is not a characteristic of a competitive market? a. Buyers and sellers are price takers. b. Each firm sells a virtually identical product. c. Entry is limited d. Each firm chooses an output level that maximizes profits. 17. If a...
Price Quantity Total Revenue Marginal Revenue Total Cost Marginal Cost RU 91 96 Suppose the local...
Price Quantity Total Revenue Marginal Revenue Total Cost Marginal Cost RU 91 96 Suppose the local government imposes a $26 per month tax on cable companies. What will Comcast do? (Assume fixed costs equal $15.) A Comcast should produce 6 units in the short run and shut down in the long run O B. Comcast should shut down in the short run and in the long run. OC Comcast should shut down in the short run and produce 6 units...
Which of the following is correct? Total cost $1,400 1,200 Total revenue 1,000 800 600 400 200 100 440 320 Output DO | Ο This firm will maximize its profit at 440 units of output. Ο This firm's marginal revenue rises with output. Ο Any level of output less than 100 units or greater than 440 units is profitable. Ο Any level of output between 100 and 440 units will yield an economic profit.
Use the following to answer questions 39-40 Total cost Total $1,400 1,200 1,000 800 400 200 0 100 440 320 Output 39. Refer to the above short-run data. Total fixed cost for this firm: A) is about $67. B) Vis 5300. C) is $200. D is $100. data given E) cannot be determined from the 40. Refer to the above short-run data. The profit maximizing output for this firm is: A) above 440 units. B) 440 units. C) 320 units....
Total $1,400 cost 1,200 Total revenue 1,000 800 600 400 200 100 320 Output 440 What is the TFC for this firm? What is profit maximizing output for this firm?
e total cost 19. For a certain firm, the 10th unit of output marginal cost of Sto. It follows that the production of the 10th it fo r of outputut the firm produse marinat revenue of land them the firm's profi not the 100th unit of t h e firm's average total costs C. Firm's profit-maximize ve futut is less than 100 units. d. production of the 101st unit of output the lost unit of output must increase the firm's...
Variable Cost (dollars) $0 Quantity O 100 200 300 400 500 600 Total Cost (dollars) $1,000 1,360 1,560 1,960 2,760 4,000 5,800 360 560 960 1,760 3.000 4.800 Table 10.1 shows the short-run cost data of a perfectly competitive firm that produces plastic camera cases. Assume that output can only be increased in batches of 100 units. Refer to Table 10.1. If the market price of each camera case is $8, what is the profit- maximizing quantity?
e total cost 19. For a certain firm, the 10th unit of output marginal cost of Sto. It follows that the production of the 10th it fo r of outputut the firm produse marinat revenue of land them the firm's profi not the 100th unit of t h e firm's average total costs C. Firm's profit-maximize ve futut is less than 100 units. d. production of the 101st unit of output the lost unit of output must increase the firm's...
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...
19. Assume that marginal revenue equals rising marginal cost at 100 units of output. At this output level, the firm's average fixed cost is $6 and its average total cost is $10. The price of the product is $8. In order to maximize profit, the competitive firm should: a. shut down b. produce 100 units c. produce more than 100 units d. produce less than 100 units e. indeterminate 20. If the entry of new firms into a perfectly competitive...
15. When marginal cost is less than average total cost, a. marginal cost must be falling. b. average variable cost must be falling. c. average total cost is falling. d. average total cost is rising. 16. Which of the following is not a characteristic of a competitive market? a. Buyers and sellers are price takers. b. Each firm sells a virtually identical product. c. Entry is limited d. Each firm chooses an output level that maximizes profits. 17. If a...
Price Quantity Total Revenue Marginal Revenue Total Cost Marginal Cost RU 91 96 Suppose the local government imposes a $26 per month tax on cable companies. What will Comcast do? (Assume fixed costs equal $15.) A Comcast should produce 6 units in the short run and shut down in the long run O B. Comcast should shut down in the short run and in the long run. OC Comcast should shut down in the short run and produce 6 units...
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