Homework Answers
The correct answer is option 3
It will increase exactly by $39
For 3 units with amount $13 each TR is $39
And for double output TR will also be double
So it will increase exactly by $39
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Question 28 (3 points) Suppose a firm faces a constant market price of $13 regardless of...
Suppose that a firm in a perfectly competitive market faces the following prices and costs: Price...
Suppose that a firm in a perfectly competitive market faces the following prices and costs: Price Quantity Total Cost $6 p $$4 $6 1 $6 $6 2 $9 $6 $13 $6 $18 $6 IS $24 $6 16 $3 Marginal revenue equals marginal cost when the firm produces 5 units. 4 units. 2 units. 3 units. Which of the following is correct? In the short run, FC can decrease with less output. In the short run, FC can decrease with more...
Table 14-9 Suppose that a firm in a competitive market faces the following revenues and costs:...
Table 14-9 Suppose that a firm in a competitive market faces the following revenues and costs: Quantity 0 Total Revenue $0 $8 $16 21 3 Total Cost $5 $9 $14 $20 $27 $35 $44 $32 5 $48 7 $56 8 $64 9 $72 Refer to Table 14-9. At which quantity of output is marginal revenue equal to marginal cost? A. 9 units $72 B. 7 units C. 3 units s units
QUESTION 1 1 points Let L represent the number of workers hired by a firm, and...
QUESTION 1 1 points Let L represent the number of workers hired by a firm, and let Q represent that firm's quantity of output. Assume two points on the firm's production function are (1.8,Q-97) and (L·9,Qo1433. Then the marginal product of h worker is a 46 units of output. b. 143 units of output c1 unit of output. d. 59 units of output. 1 points QUESTION 2 Table t Bob's Bulldozers Cost Table Quantity able Margina erage age Average otal...
Table 14-8 Suppose that a firm in a competitive market faces the following revenues and costs:...
Table 14-8 Suppose that a firm in a competitive market faces the following revenues and costs: Total Revenue Total Cost Quantity 0 S6 $5 $12 $18 $24 $8 $12 $17 $23 $30 $30 S36 $42 $38 O A l unit of output because marginal cost is minimized. 0 B 4 units of output because marginal revenue exceeds marginal cost. 0 C 5 units of output because marginal revenue equals marginal cost. O D 7 units of output because total revenue...
the firm faces a constant price (P) of $60 A firm in a perfectly competitive market...
the
firm faces a constant price (P) of $60
A firm in a perfectly competitive market sells all its product (Q) at a constant price (P) of $60. Suppose the total cost function (TC) for this firm is described by the following equation: 2 3 TC(Q) = 128 + 69Q - 140 + Q (a)Form the profit function and determine the output that maximizes the firm's profit. Evaluate the second order condition to assure that profit is maximized at this...
Assume a competitive firm faces a market price of $70, a cost curve of: C =...
Assume a competitive firm faces a market price of $70, a cost curve of: C = 0.0049% + 259 + 750, and marginal cost curve of: MC = 0.012q2 + 25. units, and the profit (to the nearest penny) at this The firm's profit maximizing output level (to the nearest tenth) is output level is $ . In this case, firms will . This will cause the market supply to V. This will continue until the price is equal to...
3. Suppose the firm in monopolistic market faces the following demand function: Q = 5,000 -...
3. Suppose the firm in monopolistic market faces the following demand function: Q = 5,000 - 125P ; and total cost function TC - 50 +0.00802 a. Write the equation for the inverse demand function. (1 pt) b. Find the marginal revenue function. (1 pt) c. How much output should the manager produce to maximize profit? What price should be charged for the output? (2 pt) d. Calculate the marginal cost function. (2 pt) e. At the output level, how...
Consider a price-taking firm that has total fixed cost of $500 and faces a market-determined price...
Consider a price-taking firm that has total fixed cost of $500 and faces a market-determined price of $10 per unit for its output. The wage rate is $175 per unit of labor, the only variable input. Using the following table, fill in the columns and answer the question below. (1) (2) (3) (4) (5) (6) Units of labor Output Marginal product Marginal revenue product Marginal cost Profit 1 10 2 30 3 60 4 100 5 150 6 190 7...
2) Suppose a monopolist faces the market demand curve: P 100 -2Qd. A) What is total...
2) Suppose a monopolist faces the market demand curve: P 100 -2Qd. A) What is total revenue at a price of $60? What is total revenue at a price B) What is the marginal revenue of the 21st unit of output? Show the gain of S58? in revenue from the increase in output (the quantity effect) and show the loss in revenue (the price effect) from lowering the price on a graph. C) Why is marginal revenue less than price...
Suppose that a perfectly competitive firm faces a market price of $ 12 12 per unit,...
Suppose that a perfectly competitive firm faces a market price of $ 12 12 per unit, and at this price the upward-sloping portion of the firm's marginal cost curve crosses its marginal revenue curve at an output level of 1 comma 800 1,800 units. If the firm produces 1 comma 800 1,800 units, its average variable costs equal $ 7.00 7.00 per unit, and its average fixed costs equal $ 1.00 1.00 per unit. What is the firm's profit-maximizing (or...
Suppose that a firm in a perfectly competitive market faces the following prices and costs: Price Quantity Total Cost $6 p $$4 $6 1 $6 $6 2 $9 $6 $13 $6 $18 $6 IS $24 $6 16 $3 Marginal revenue equals marginal cost when the firm produces 5 units. 4 units. 2 units. 3 units. Which of the following is correct? In the short run, FC can decrease with less output. In the short run, FC can decrease with more...
Table 14-9 Suppose that a firm in a competitive market faces the following revenues and costs: Quantity 0 Total Revenue $0 $8 $16 21 3 Total Cost $5 $9 $14 $20 $27 $35 $44 $32 5 $48 7 $56 8 $64 9 $72 Refer to Table 14-9. At which quantity of output is marginal revenue equal to marginal cost? A. 9 units $72 B. 7 units C. 3 units s units
QUESTION 1 1 points Let L represent the number of workers hired by a firm, and let Q represent that firm's quantity of output. Assume two points on the firm's production function are (1.8,Q-97) and (L·9,Qo1433. Then the marginal product of h worker is a 46 units of output. b. 143 units of output c1 unit of output. d. 59 units of output. 1 points QUESTION 2 Table t Bob's Bulldozers Cost Table Quantity able Margina erage age Average otal...
Table 14-8 Suppose that a firm in a competitive market faces the following revenues and costs: Total Revenue Total Cost Quantity 0 S6 $5 $12 $18 $24 $8 $12 $17 $23 $30 $30 S36 $42 $38 O A l unit of output because marginal cost is minimized. 0 B 4 units of output because marginal revenue exceeds marginal cost. 0 C 5 units of output because marginal revenue equals marginal cost. O D 7 units of output because total revenue...
the
firm faces a constant price (P) of $60
A firm in a perfectly competitive market sells all its product (Q) at a constant price (P) of $60. Suppose the total cost function (TC) for this firm is described by the following equation: 2 3 TC(Q) = 128 + 69Q - 140 + Q (a)Form the profit function and determine the output that maximizes the firm's profit. Evaluate the second order condition to assure that profit is maximized at this...
Assume a competitive firm faces a market price of $70, a cost curve of: C = 0.0049% + 259 + 750, and marginal cost curve of: MC = 0.012q2 + 25. units, and the profit (to the nearest penny) at this The firm's profit maximizing output level (to the nearest tenth) is output level is $ . In this case, firms will . This will cause the market supply to V. This will continue until the price is equal to...
3. Suppose the firm in monopolistic market faces the following demand function: Q = 5,000 - 125P ; and total cost function TC - 50 +0.00802 a. Write the equation for the inverse demand function. (1 pt) b. Find the marginal revenue function. (1 pt) c. How much output should the manager produce to maximize profit? What price should be charged for the output? (2 pt) d. Calculate the marginal cost function. (2 pt) e. At the output level, how...
2) Suppose a monopolist faces the market demand curve: P 100 -2Qd. A) What is total revenue at a price of $60? What is total revenue at a price B) What is the marginal revenue of the 21st unit of output? Show the gain of S58? in revenue from the increase in output (the quantity effect) and show the loss in revenue (the price effect) from lowering the price on a graph. C) Why is marginal revenue less than price...
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