economics
Does price exceed average variable cost for the first 50 units?
Homework Answers
a) Price exceeds average variable cost for first 50 units by 12.5 (30-17.5)
AVC=MC=17.5
b) For first 100 units price exceeds average variable cost by 3.75 (30-26.25)
AVC=(17.5*50+35*50)/100
AVC=26.25
c) Marginal cost is equal to average variable cost always.For first 50 units marginal cost is 17.5
Marginal cost for units above 51 is 35.
d) MR=Price, MC=AVC. From point a we can say that mR exceeds MC for first 50 units YES. But after 51 price is less than MC. The answer is NO
e) The largest profit will be when P=MC or till P>MC. P<MC means losses.
The optimum output level is 50
a purely competitive firm finds that the market price for its product is $30 it has...
a purely competitive firm finds that the market price for its product is $30 it has a fixed cost of $100 and a variable cost of $15 per unit for the first 50 units and then $35 per unit for all successive units. what is the average variable cost for the first 100 units? what output level will yield the largest possible profit for this purely competitive firm?
Help Save & Exit Submit A perfectly competitive firm finds that the market price for its...
Help Save & Exit Submit A perfectly competitive firm finds that the market price for its product is $20. It has a fixed cost of $100 and a variable cost of $10 per unit for the first 50 units and then $25 per unit for all successive units. Instructions: Enter your answers as whole numbers a. Does price equal or exceed average variable cost for the first 50 units? (ICick to select) What about for the first 100 units?Cck to...
Total Product Average Fixed Cost Average Variable Cost Average Total Cost Marginal Cost 1 $100.00 $17.00...
Total Product Average Fixed Cost Average Variable Cost Average Total Cost Marginal Cost 1 $100.00 $17.00 $117.00 $17 2 50.00 16.00 66.00 15 3 33.33 15.00 48.33 13 4 25.00 14.25 39.25 12 5 20.00 14.00 34.00 13 6 16.67 14.00 30.67 14 7 14.29 15.71 30.00 26 8 12.50 17.50 30.00 30 9 11.11 19.44 30.55 35 10 10.00 21.60 31.60 41 11 9.09 24.00 33.09 48 12 8.33 26.67 35.00 56 The accompanying table gives cost data for...
- 4 Average Fixed Average Variable Average Total Total Product Cost Cost Cost Marginal Cost 1...
-
4 Average Fixed Average Variable Average Total Total Product Cost Cost Cost Marginal Cost 1 $100.00 $17.00 $117.00 $17 2 50.00 16.00 66.00 151 3 33.33 15.00 48.33 13 25.00 14.25 39.25 121 5 20.00 14.00 34.00 13 6 16.67 14.00 30.67 14 7 14.29 15.71 30.00 26 8 12.50 17.50 30.00 30 9 11.11 19.44 30.55 35 10 10.00 21.60 31.60 41 11 9.09 24.00 33.09 48 121 8.33 26.67 35.00 56 The accompanying table gives cost data...
Use the following to answer questions 36-37 Answer the next question(s) on the basis of the...
Use the following to answer questions 36-37 Answer the next question(s) on the basis of the following cost data for a firm which is selling in a purely competitive market Average fixed Average variable Average Total product total Marginal cost $100.00 cost cost cost 1 $17.00 $117.00 66.00 $17 15 13 12 13 14 26 30 35 41 50.00 33.33 25.00 20.00 16.67 16.00 15.00 14.25 14.00 14.00 15.71 48.33 39.25 34.00 5 6 30.67 30.00 7 14.29 12.50 11.11...
Use the cost data to complete the charts. Assume that the following cost data are for...
Use the cost data to complete the charts.
Assume that the following cost data are for a purely competitive producer. Marginal Cost en WN- enn Average Fixed Average Average Total Cost Variable Cost Cost na $ 0.00 $ 0.00 60.00 $ 45.00 $ 105.00 30.00 $ 42.50 72.50 20.00 $ 40.00 60.00 15.00 37.50 52.50 55 12.00 37.00 49.00 6 $ 10.00 $ 37.50 $ 47.50 7 $ 8.57 $ 38.57 $ 47.14 8 $ 7.50 $ 40.63 $ 48.13...
2 Average | Average Average Total Fixed Variable Total Marginal Product Cost Cost Cost Cost 1...
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...
Total Product Total Variable Cost Total Fixed Cost $150 150 0 $ OL 1 50 2...
Total Product Total Variable Cost Total Fixed Cost $150 150 0 $ OL 1 50 2 150 75 3 150 105 4 150 145 5 150 200 6 150 270 7 150l 360 8 150 475 9 150 620 10 150 800 Refer to the accompanying cost table. If a competitive firm faced with these costs finds that it can sell its product at $60 per unit, it will o produce 6 units and incur a loss of $30. o...
Assume that the following cost data are for a purely competitive producer: total product average fixed...
Assume that the following cost data are for a purely competitive
producer:
total
product
average
fixed
cost
average
variable
cost
average
total
coast
marginal
cost
0
na
$0.00
$0.00
na
1
$60.00
$45.00
$105.00
$45.00
2
$30.00
$42.50
$72.50
$40.00
3
$20.00
$40.00
$60.00
$35.00
4
$15.00
$37.50
$52.00
$30.00
5
$12.00
$37.00
$49.00
$35.00
6
$10.00
$37.50
$47.50
$40.00
7
$8.57
$38.57
$47.14
$45.00
8
$7.50
$40.63
$48.13
$55.00
9
$6.67
$43.33
$50.00
$65.00
10
$6.00
$46.50
$52.50
$75.00...
Same question/divided into two parts Assume that the following cost data are for a purely competitive...
Same question/divided into two parts
Assume that the following cost data are for a purely competitive producer: as Total Product Average Fixed Total Product Cost 0 na 1 $ 60.00 2 $ 30.00 $ 20.00 $ 15.00 12.00 $ 10.00 $ 8.57 $ 7.50 $ 6.67 10 6 .00 Average Average Total eost Average Total Marginal Cost Variable Cost Cost 0 .00 5 0 .00 na $ 45.00 $ 105.00 $ 45.00 $ 42.50 $ 72.50 $ 40.00 $ 40.00...
Help Save & Exit Submit A perfectly competitive firm finds that the market price for its product is $20. It has a fixed cost of $100 and a variable cost of $10 per unit for the first 50 units and then $25 per unit for all successive units. Instructions: Enter your answers as whole numbers a. Does price equal or exceed average variable cost for the first 50 units? (ICick to select) What about for the first 100 units?Cck to...
-
4 Average Fixed Average Variable Average Total Total Product Cost Cost Cost Marginal Cost 1 $100.00 $17.00 $117.00 $17 2 50.00 16.00 66.00 151 3 33.33 15.00 48.33 13 25.00 14.25 39.25 121 5 20.00 14.00 34.00 13 6 16.67 14.00 30.67 14 7 14.29 15.71 30.00 26 8 12.50 17.50 30.00 30 9 11.11 19.44 30.55 35 10 10.00 21.60 31.60 41 11 9.09 24.00 33.09 48 121 8.33 26.67 35.00 56 The accompanying table gives cost data...
Use the following to answer questions 36-37 Answer the next question(s) on the basis of the following cost data for a firm which is selling in a purely competitive market Average fixed Average variable Average Total product total Marginal cost $100.00 cost cost cost 1 $17.00 $117.00 66.00 $17 15 13 12 13 14 26 30 35 41 50.00 33.33 25.00 20.00 16.67 16.00 15.00 14.25 14.00 14.00 15.71 48.33 39.25 34.00 5 6 30.67 30.00 7 14.29 12.50 11.11...
Use the cost data to complete the charts.
Assume that the following cost data are for a purely competitive producer. Marginal Cost en WN- enn Average Fixed Average Average Total Cost Variable Cost Cost na $ 0.00 $ 0.00 60.00 $ 45.00 $ 105.00 30.00 $ 42.50 72.50 20.00 $ 40.00 60.00 15.00 37.50 52.50 55 12.00 37.00 49.00 6 $ 10.00 $ 37.50 $ 47.50 7 $ 8.57 $ 38.57 $ 47.14 8 $ 7.50 $ 40.63 $ 48.13...
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...
Total Product Total Variable Cost Total Fixed Cost $150 150 0 $ OL 1 50 2 150 75 3 150 105 4 150 145 5 150 200 6 150 270 7 150l 360 8 150 475 9 150 620 10 150 800 Refer to the accompanying cost table. If a competitive firm faced with these costs finds that it can sell its product at $60 per unit, it will o produce 6 units and incur a loss of $30. o...
Assume that the following cost data are for a purely competitive
producer:
total
product
average
fixed
cost
average
variable
cost
average
total
coast
marginal
cost
0
na
$0.00
$0.00
na
1
$60.00
$45.00
$105.00
$45.00
2
$30.00
$42.50
$72.50
$40.00
3
$20.00
$40.00
$60.00
$35.00
4
$15.00
$37.50
$52.00
$30.00
5
$12.00
$37.00
$49.00
$35.00
6
$10.00
$37.50
$47.50
$40.00
7
$8.57
$38.57
$47.14
$45.00
8
$7.50
$40.63
$48.13
$55.00
9
$6.67
$43.33
$50.00
$65.00
10
$6.00
$46.50
$52.50
$75.00...
Same question/divided into two parts
Assume that the following cost data are for a purely competitive producer: as Total Product Average Fixed Total Product Cost 0 na 1 $ 60.00 2 $ 30.00 $ 20.00 $ 15.00 12.00 $ 10.00 $ 8.57 $ 7.50 $ 6.67 10 6 .00 Average Average Total eost Average Total Marginal Cost Variable Cost Cost 0 .00 5 0 .00 na $ 45.00 $ 105.00 $ 45.00 $ 42.50 $ 72.50 $ 40.00 $ 40.00...
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