The graph below shows cost curves for a perfectly competitive firm. Price/Cost $50 $40 $30 $20 $10 10 20 30 Quantity MC 40 ATC AVC 50 At a price of $10, how many units will this firm produce if its goal is to maximize profit?
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- Calculate the amount of profit or loss made by this firm at the equilibrium output. State the type of profit.The following table gives you cost and revenue information for Mac & Kayla's Stacked Sandwiches, which are sold in a perfectly competitive market. Sandwiches Total Cost Variable Cost Average Total Cost Marginal Cost Revenue 0 $20 1 $30 2 3 4 5 6 $64 $28 $88 www $19 $21 $90 Use the above information. Answer in an integer format, with no commas, dollar signs, or decimals. What is the price of a sandwich?The following diagram shows cost curves for a perfectly competitive firm. SMC 2.60 ATC AVC 1.60 1.50 0.80 0.70 0.60 500 800 1100 Output Price and cost (dollars)
- What will be the firms total profit?Fill out the rest of the table what would the highest profit be in this perfectly competitive firm and what would the maximizing output be? is there a breakeven price and if so, what is it?Based on the table below for a perfectly competitive firm: Quantity Fixed Variable Total Cost Cost Cost Marginal Cost ****: |10 20 200 50 200 100 250 300 5 500 20 1000X **** 30 40 200 300 200 800 (a) Find the marginal cost as X. (b) If the equilibrium price is $20, find the profit maximizing quantity. (c) How much profit will the firm earn?
- Costs MC (per pound) ATC AVC 3.00 2.25 1.50 150 180 225 Quantity (pounds) The figure above shows the cost curves of a perfectly competitive company in the apple market. Use the graph in Figure to answer the following questions. Assume the market price is $3 per pound. a. What is the lowest price at which the apple producer will supply output in the short run? $ per pound. b. What is the firm's profit-maximizing (loss-minimizing) output? c. Is the firm earning a profit or a loss? loss profitHow do you calculate a firm's total cost and total revenue?Price Average total cost AVC Demand Marginal cost Marginal revenue Q Quantity Discuss the firm plotted on the figure. What type of firm do you see?is the firm operating at the optimal point of production? is the firm making a proht? s the firm operating in the short or in the long run?
- The table shows some cost data for Frank's Fortune Cookies which operates in a perfectly competitive market. At a market price of $42.83 a batch, what quantity does Frank's produce and what is the firm's economic profit in the short run? When the market price is $42.83 a batch, Frank produces batches of cookies. When Frank produces 6 batches of cookies, Frank's economic profit is $ Total Average Average product (batches fixed cost variable Average cost total cost Marginal cost per day) (dollars per batch) 1 77.00 45.00 122.00 31.00 2 38.50 38.00 76.50 23.01 3 25.67 33.00 58.67 20.99 4 19.25 30.00 49.25 26.00 5 15.40 29.20 44.60 33.98 6 12.83 30.00 42.83 51.02 7 11.00 33.00 44.00 77.04 8 9.63 38.50 48.13Use table to find the required values: Price $32 Quantity 400,000 Explicit costs $3,500,000 Implicit costs $4,100,000 (A) Calculate total revenue. (B) Calculate accounting profit. (C) Calculate economic cost. (D) Calculate economic profit.How does a perfectly competitive firm calculate total revenue?