Homework Answers
Beacuse TR is increasing proportionately, the price is constant and it is a perfectly competitive market. Here profit maximizing point is when Marginal Revenue = Marginal Cost
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10. Given the below graph, construct and correctly label another graph that shows the corresponding MR,...
3. Given the data below, compute TR, TC, TFC, TVC, ATC, AVC, AFC, MR, MC, AR,...
3. Given the data below, compute TR, TC, TFC, TVC, ATC, AVC, AFC, MR, MC, AR, and Profit 1 2 3 6 7 8 9 10 11 0 TC = 10 +570 - 80+ TR = 452 - 0 50. Find the profit maximizing level of output and graph all the curves. Note: for both problems. Graph all the total curves together on one graph Graph all the average and marginal curves together on one graph Graph the profit curve...
Consider a competitive firm with total costs given by TC(q) = 100 + 10q + q...
Consider a competitive firm with total costs given by TC(q) = 100 + 10q + q 2 The firm faces a market price p = 50. (d) Find the profit-maximizing level of output q^*. At this level of output, what are TR, TC, ATC, and π? (e) Graph the ATC, AVC, MC, and MR curves in a single graph, and indicate the profit-maximizing level of output. If there are profits, shade the region corresponding to profit and label it.
Consider a competitive rm with total costs given by TC(q) = 100 + 10q + q^2,...
Consider a competitive rm with total costs given by TC(q) = 100 + 10q + q^2, The firm faces a market price p = 50. (a) Write expressions for total revenue TR and marginal revenue MR as functions of output q. (b) Write expressions for average total cost ATC, average variable cost AVC, and marginal cost MC as functions of output q. (c) For what value of output is ATC minimized? (d) Find the profit maximizing level of output q...
The graph above shows a typical graph of several per unit cost measures. Refer to the graph to answer the followi...
The graph above shows a typical graph of several per unit cost measures. Refer to the graph to answer the following questions: • The curve labeled D is most likely the AVC curve. • The curve labeled C is most likely the AFC • curve. • The curve labeled B is most likely the MC curve. • The curve labeled A is most likely the ATC curve. In general, if curve is above MC curve then ATC curve must be...
Let TC = 3000 +100Q -12Q2 + Q3 Assuming the firm operates in a competitive market...
Let TC = 3000 +100Q -12Q2 + Q3 Assuming the firm operates in a competitive market (MR=MC=P): Solve for the profit maximizing Q (label Q*) when P = 100. At this level of Q, calculate AFC, AVC, ATC, TFC, TVC, TC, TR and profits/losses. Should the firm shut down or continue to operate? Explain. Graph your calculations.
D Question 7 1 pts Use the following graph that shows the marginal cost (MC) curve,...
D Question 7 1 pts Use the following graph that shows the marginal cost (MC) curve, the Average Variable Cost (AVC) curve, and the Average Total Cost (ATC) curve. What is the variable cost when the quantity (Q) being produced is 6? P MC ATC /AVC $15 $11 $8 Q O $66 $8 O $15 $11 Question 8 1 pts Use the following graph that shows the marginal cost (MC) curve, the Average Variable Cost (AVC) curve, and the Average...
In a Monopoly market, a firm is a price maker since there are no close substitutes to the product. You are asked to find the company's Profit-Maximization, Fair- Return, and Social-Optimal points...
In a Monopoly market, a firm is a price maker since there are no close substitutes to the product. You are asked to find the company's Profit-Maximization, Fair- Return, and Social-Optimal points. Variable Costs remains at $1,280 per employee per month. Fixed Costs remains at $1,000.00. Graph the D, MR, MC, ATC, AFC, and AVC on one graph. Calculate the revenue, costs, and profits. Is this firm experiencing positive or negative profits? MR TVCATC TC TR AVC AFC MC 0...
show all steps and formulas The table below shows the cost and revenue data for a...
show all steps and formulas
The table below shows the cost and revenue data for a firm in a perfect competitive market. Q Profit/ TR. MR MC ATC VC AVC Loss 0 20 50 68 2. 88 3 104 4 118 130 6 147 7 167 8 199 239 10 293 Complete the table State the profit maximizing quantity and total revenue at this point. State the shutdown rule and provide the shutdown point Calculate the AFC of this firm...
The graph above shows a typical graph of several per unit cost measures. Refer to the graph to answer the f...
The graph above shows a typical graph of several per unit cost measures. Refer to the graph to answer the following qu • The curve labeled Dis most likely the • curve. • The curve labeled C is most likely the curve. • The curve labeled B is most likely the curve. • The curve labeled A is most likely the curve. In general, if • curve is above • curve then ATC curve must be decreasing at that quantity...
Question 11 1 pts Refer to the table below that shows Output, FC, VC, TC, AVC,...
Question 11 1 pts Refer to the table below that shows Output, FC, VC, TC, AVC, ATC, and MC. What is the value of X? OUTPUT(Q) FC VC TC AVC ATC MC 10 200 400 х 11 662 Y 12 82 N $40 $600 $6000 $60 Question 10 1 pts Use the following graph that shows the marginal cost (MC) curve, the Average Variable Cost (AVC) curve, and the Average Total Cost (ATC) curve. What is the fixed cost when...
3. Given the data below, compute TR, TC, TFC, TVC, ATC, AVC, AFC, MR, MC, AR, and Profit 1 2 3 6 7 8 9 10 11 0 TC = 10 +570 - 80+ TR = 452 - 0 50. Find the profit maximizing level of output and graph all the curves. Note: for both problems. Graph all the total curves together on one graph Graph all the average and marginal curves together on one graph Graph the profit curve...
The graph above shows a typical graph of several per unit cost measures. Refer to the graph to answer the following questions: • The curve labeled D is most likely the AVC curve. • The curve labeled C is most likely the AFC • curve. • The curve labeled B is most likely the MC curve. • The curve labeled A is most likely the ATC curve. In general, if curve is above MC curve then ATC curve must be...
D Question 7 1 pts Use the following graph that shows the marginal cost (MC) curve, the Average Variable Cost (AVC) curve, and the Average Total Cost (ATC) curve. What is the variable cost when the quantity (Q) being produced is 6? P MC ATC /AVC $15 $11 $8 Q O $66 $8 O $15 $11 Question 8 1 pts Use the following graph that shows the marginal cost (MC) curve, the Average Variable Cost (AVC) curve, and the Average...
In a Monopoly market, a firm is a price maker since there are no close substitutes to the product. You are asked to find the company's Profit-Maximization, Fair- Return, and Social-Optimal points. Variable Costs remains at $1,280 per employee per month. Fixed Costs remains at $1,000.00. Graph the D, MR, MC, ATC, AFC, and AVC on one graph. Calculate the revenue, costs, and profits. Is this firm experiencing positive or negative profits? MR TVCATC TC TR AVC AFC MC 0...
show all steps and formulas
The table below shows the cost and revenue data for a firm in a perfect competitive market. Q Profit/ TR. MR MC ATC VC AVC Loss 0 20 50 68 2. 88 3 104 4 118 130 6 147 7 167 8 199 239 10 293 Complete the table State the profit maximizing quantity and total revenue at this point. State the shutdown rule and provide the shutdown point Calculate the AFC of this firm...
The graph above shows a typical graph of several per unit cost measures. Refer to the graph to answer the following qu • The curve labeled Dis most likely the • curve. • The curve labeled C is most likely the curve. • The curve labeled B is most likely the curve. • The curve labeled A is most likely the curve. In general, if • curve is above • curve then ATC curve must be decreasing at that quantity...
Question 11 1 pts Refer to the table below that shows Output, FC, VC, TC, AVC, ATC, and MC. What is the value of X? OUTPUT(Q) FC VC TC AVC ATC MC 10 200 400 х 11 662 Y 12 82 N $40 $600 $6000 $60 Question 10 1 pts Use the following graph that shows the marginal cost (MC) curve, the Average Variable Cost (AVC) curve, and the Average Total Cost (ATC) curve. What is the fixed cost when...
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