$150 $145 $140 MC $135 $130 $125 $120 $115 ATC $110 $105 $100 $95 $90 $85 $80 AVC $75 $70 $65 $60 $55 $50 $45 $40 $35 $30 $25 0 1 2 3 5 6 Quantity Produced 7 8 9 10 11 The graph above shows the cost functions for a perfectly competitive profit maximizing firm. If the market price of the product is $70 per unit, the firm will produce units, will cover make an economic profit of dollars. dollars of its fixed cost, and will
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- AVC, ATC,MC 110 80 76 " 50 40 30 29 18 MC ATC 1234567H0 11 12 13 14 Output per period O a Loss of $90 O b. Profit of $180 O c. 50 Od. Profit of $6300 The Competitive Industry and Firm Refer to the figure above to answer this question for a representative firm in a perfectly competitive market. Suppose that the market price is $70. What is the firm's maximum profit (or minimum loss)?4. Elasticity and total revenue The following graph shows the daily demand curve for bippitybops in Denver. Use the green rectangle (triangle symbols) to compute total revenue at various prices along the demand curve. Note: You will not be graded on any changes made to this graph. 120 110 100 Total Revenue 90 B0 70 50 40 30 20 10 Demand 10 20 30 40 50 70 90 100 110 120 QUANTITY (Bippitybops) PRICE (Dollars per bippitybop)Fim A Firm B Price and Cost (dolars) Pnce and Cost (dolars) MC MC ATC 11 - 11 10 10 AVC ATC 8. 8. AVC 7. 2. 0 / 100 150 200 Quantity 70 90 100 150 Quantity Refer to Exhibit 22-8. What is the profit (loss) of firm A at the profit-maximizing (or loss-minimizing) level of production? O $300 O $270 O $600 O $400 O$300
- QUESTION 6 Table of a perfectly comptetitive firm COSTS Quantity Total Produced Cost SO 1 2 3 4 5 7 8 $50 $102 $157 $217 $285 $365 $462 $582 O b.S0 O c. $80 O d. $68 Marginal Cost REVENUES Quantity Demanded Price $80 $80 0 1 2 3 4 5 7 8 $80 $80 $80 $80 $80 $80 $80 Total Revenue Refer to Table. What will be the average revenue for this firm when they sell 4 units? O a. $400 Marginal Revenue QUESTION 7 A perfectly competitive firm produces where O a marginal cost equals price, while a monopolist produces where price exceeds marginal cost. O b. price exceeds marginal cost, while a monopolist produces where marginal cost equals price. O c. marginal cost exceeds price, while a monopolist produces where marginal cost equals price. d. marginal cost equals price, while a monopolist produces where marginal cost exceeds price.(Figure: Profit Margin 3) JoJo's company data is in the graph below. JoJo would earn a positive profit: Price or cost $12 Marginal cost $11 $10 $9 $8 $7 Average total cost Average $6 $5 $4 *varlable $3 cost $2 $1 Demand $0 10 11 12 114 15 16 17 18 19 20 21 Quantity $-1 $-2 $-3 $-4 Marginal $-5 revenue $-6 at any output greater than 2 but less than 15. at any output from eight to 16. at all output levels. any output less than 9 O only at an output of nine.Instructions: Enter your answers as a whole number. a. Suppose the firm has the ability to be a price maker. What is the profit-maximizing level of output and price? The firm should charge $1 and will sell meals. b. What will be the firm's profit if the profit-maximizing level of output is produced?
- Output 1 2 3 4 5 6 7 8 9 10 AFC $ 300 150 100 75 60 50 43 Multiple Choice O O 38 33 30 AVC $ 100 75 70 73 80 90 103 119 138 160 ATC $ 400 225 170 148 140 140 146 156 171 190 The accompanying table shows cost data for a firm that is selling in a purely competitive market. If the market price for the firm's product is $180, the firm will produce 5 units and earn economic profits of $900 6 units and earn economic profits of $800. 7 units and earn economic profits of $238 $ 8 units and earn economic profits of $278 MC 100 50 60 80 110 140 180 230 290 360You own a firm in a perfectly competitive industry producing and selling gold recklaces. You know your costs (see table below) and the set market price $100. TC TFC TVC MC 150 100 50 50 170 100 70 20 200 100 100 30 250 100 150 50 350 100 250 100 500 100 400 150 700 100 600 200 8. 1000 100 900 300 What is profit at the profit maximizing quantity? O Profit 0 O Profit 500 O Profit 150 O Profit 505. Complete the table below and answer the following questions. Output Variable Total AFC AVC ATC Marginal Price Cost Cost 1 2 3456 7 Cost $100 $150 $210 $300 $430 $600 $819 300 350 410 500 630 800 1019 210 200 190 180 170 160 150 Total Revenue MR
- Price and cost MC ATC AVC $40.50 36.00 MR 30.00 22.00 20.00 130 180 240 Quantity Suppose the Price is at $20. What is total revenue at the profit-maximizing quantity? 3960 O 20 O 7200 O 2600abus ules Marginal Marginal Output Revenue Cost se Materials aw-Hill ct 012 $18 $4 $18 $6 $18 $10 3 $18 $18 4 $18 $26 $37 ns Resources 5 $18 Refer to the data in the accompanying table. If the firm's minimum average variable cost is $17, the firm's profit-maximizing level of output would be. p O 1 03 04 02 200mJYour business has the capacity to produce up to 5 units/week. The table & graph below show average cost (AC) for different weekly production levels. Your objective is to maximize profit each week. Average Cost 22 20 AC 18 1 20 14 2 15 12 3 12 10 1 2 4 4 13 Quantity 15 Your product sells in the market for $21/unit, and you can sell as many units at that price as you can bring to market. You know from your economics training that deciding how much to produce should rely on marginal concepts like marginal cost (MC). So, based on the AC table above, create a table that shows the MC of each unit. (Assume that there are no fixed costs, so total costs are zero if Q=0.) Based on MC for each unit, determine the profit-maximizing quantity to produce and sell. BRIEFLY explain your answer. (Your answer needs to be based on MC and being able to sell each unit for $21.) AC ($/unit)