Homework Answers
At Price =$7, Marginal Revenue = $7
Profit will be maximum when Marginal Revenue = Marginal Cost =$7
From table we can see that Marginal cost is $7 for 2 units
Hence 2 bushels is profit maximizing output
Total Revenue for 2 units = 2*7 = $14
Total Cost = $22
Hence Total Loss = Total Cost - Total Revenue = 22-14 = $8
Loss per unit = $8/2 = $4
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Refer to the figure and table to answer three questions. Marginal cost 14 Price = Marginal...
Marginal cost 14 Price = Marginal revenue Price or Cost(dollars per bushel) Quantity (bushels of fish...
Marginal cost 14 Price = Marginal revenue Price or Cost(dollars per bushel) Quantity (bushels of fish per day) Number of Bushels per Day Price Total Revenue Total Cost Total Profit Marginal Marginal Revenue Cost $13 $10 $-10 15 $13 31 44 61 If the price of catfish changed from $13 to $14 per bushel, determine the Instructions: in parts a and c, enter your responses as a whole number. In part b.round your response to two decimal places. If you...
Refer to the figure above. In the $6-$7 price range, the firm will Group of answer choices a)shut down. b)earn a profit...
Refer to the figure above. In the $6-$7 price range, the firm
will
Group of answer choices
a)shut down.
b)earn a profit
c)break even
d)continue to operate, but at a loss
b. A representative firm a. The industry МС ATC S AVC 9 7 6 5 D2 DI 10 12 13 15 0 0 Bushels of wheat Bushels of wheat Price per bushel ($) We were unable to transcribe this image
Solution: Total revenue - price*quantity Profit- total revenue - total cost Marginal revenue change in revenue/change...
Solution: Total revenue - price*quantity Profit- total revenue - total cost Marginal revenue change in revenue/change in quantitty Average total cost-total cost/quantity Marginal Marginal Change Average al rofirevenue TotalTotal revenue cost Quantity Price profit cost 0 0 16 16 15 30 14 42 13 52 12 60 11 66 10 70 20 4 16 300 36 6 12 4210 10 501 63 з 16 84-14 4 -4 14 4 12 4 4 10.5 10 8 13 10.5 17 10 We...
Table 14-12 Bill's Birdhouses COSTS REVENUES Quantity Total Produced Cost Marginal Quantity Cost Demanded Price Total...
Table 14-12 Bill's Birdhouses COSTS REVENUES Quantity Total Produced Cost Marginal Quantity Cost Demanded Price Total Marginal Revenue Revenue $0 $80 $50 $102 a wo $157 $217 $80 Ca W NA $285 $365 $80 $462 $80 $582 Refer to Table 14-12. What is the total revenue from selling 4 units? $320 5137 $480 $80 Question 3 Refer to Table 14-12 (above in Q2). What is the average revenue when 4 units are sold? $0 $68 $400 $80 Question 4 Refer...
These 3 questions please！ Marginal Cost $20 Quinny Marginal Revenue Refer to Figure 15-6. What is...
These 3 questions please！
Marginal Cost $20 Quinny Marginal Revenue Refer to Figure 15-6. What is the loss of consumer surplus caused by a profit-maximizing monopoly? $100 O $125 $200 $250 Figure 15-2 The figure below reflects the cost and revenue structure for a monopoly firm. Cost and Revenue() Curve Curve Quantity Refer to Figure 15-2. What price will maximize profit? O Po ОР, OP2 OP Figure 15-6 Price Marginal Cost 00 150 200 Quantity Marginal Revenue Refer to Figure...
Refer to Table 2-1. The table contains information about the corn market. Use the table to answer the following questions.
Refer to Table 2-1. The table contains information about the corn market. Use the table to answer the following questions.a) What are the equilibrium price and quantity of corn? b) Suppose the prevailing price is $9 per bushel. Is there a shortage or a surplus in the market? c) What is the quantity of the shortage or surplus? d) How many bushels will be sold if the market price is $9 per bushel? e) If the market price is $9 per bushel, what must...
please answer all questions! Figure 15-6 Price $20+ Marginal Cost 100 150 200 Quantity Marginal Revenue...
please answer all questions!
Figure 15-6 Price $20+ Marginal Cost 100 150 200 Quantity Marginal Revenue Refer to Figure 15-6. What is the deadweight loss caused by a profit-maximizing monopoly? O O $150 $200 $250 Os300 A monopolist faces market demand given by P - 60 - Q. For this market, MR = 90 - 2Q and MC - Q. What price will the monopolist charge in order to maximize profits? O $20 O $30 O so Osso In Canada,...
Marginal Average Total Output Price Total Revenue Revenue Total CostCost Marginal Cost Select one Marginal We...
Marginal Average Total Output Price Total Revenue Revenue Total CostCost Marginal Cost Select one Marginal We were unable to transcribe this image
9. Refer to Figure: 1. The haircut is $16. A. marginal cost of a B. average...
9. Refer to Figure: 1. The haircut is $16. A. marginal cost of a B. average total cost of a C. profit-maximizing price for a D. profit from each 10. Refer to Figure: 1. If Clips Ahoy maximizes profits, its equals $320. 10. A. variable cost B. total cost C. total revenue D. profit MC АТС 16 14 a 8 12 10 f MR 0 20 23 25 30 q Number of haircuts Figure 1: "Clips" Ahoy Barber Shop
QUESTION 3 Marginal Revenue ($) Marginal Cost (5) Revenue (5) Table: Profit-Maximizing Monopolist Price Quantity Total...
QUESTION 3 Marginal Revenue ($) Marginal Cost (5) Revenue (5) Table: Profit-Maximizing Monopolist Price Quantity Total Average ($) (Units) Cost ($) Cost ($) 11 6 17 10 7 19 9 8 21 8 9 23 17 10 25 Reference: Ref 13-2 (Table: Profit-Maximizing Monopolist) Refer to the table. The profit-maximizing quantity for this monopolist is units O A7 OB.9 OC. 10 D.8
Marginal cost 14 Price = Marginal revenue Price or Cost(dollars per bushel) Quantity (bushels of fish per day) Number of Bushels per Day Price Total Revenue Total Cost Total Profit Marginal Marginal Revenue Cost $13 $10 $-10 15 $13 31 44 61 If the price of catfish changed from $13 to $14 per bushel, determine the Instructions: in parts a and c, enter your responses as a whole number. In part b.round your response to two decimal places. If you...
Refer to the figure above. In the $6-$7 price range, the firm
will
Group of answer choices
a)shut down.
b)earn a profit
c)break even
d)continue to operate, but at a loss
b. A representative firm a. The industry МС ATC S AVC 9 7 6 5 D2 DI 10 12 13 15 0 0 Bushels of wheat Bushels of wheat Price per bushel ($) We were unable to transcribe this image
Solution: Total revenue - price*quantity Profit- total revenue - total cost Marginal revenue change in revenue/change in quantitty Average total cost-total cost/quantity Marginal Marginal Change Average al rofirevenue TotalTotal revenue cost Quantity Price profit cost 0 0 16 16 15 30 14 42 13 52 12 60 11 66 10 70 20 4 16 300 36 6 12 4210 10 501 63 з 16 84-14 4 -4 14 4 12 4 4 10.5 10 8 13 10.5 17 10 We...
Table 14-12 Bill's Birdhouses COSTS REVENUES Quantity Total Produced Cost Marginal Quantity Cost Demanded Price Total Marginal Revenue Revenue $0 $80 $50 $102 a wo $157 $217 $80 Ca W NA $285 $365 $80 $462 $80 $582 Refer to Table 14-12. What is the total revenue from selling 4 units? $320 5137 $480 $80 Question 3 Refer to Table 14-12 (above in Q2). What is the average revenue when 4 units are sold? $0 $68 $400 $80 Question 4 Refer...
These 3 questions please！
Marginal Cost $20 Quinny Marginal Revenue Refer to Figure 15-6. What is the loss of consumer surplus caused by a profit-maximizing monopoly? $100 O $125 $200 $250 Figure 15-2 The figure below reflects the cost and revenue structure for a monopoly firm. Cost and Revenue() Curve Curve Quantity Refer to Figure 15-2. What price will maximize profit? O Po ОР, OP2 OP Figure 15-6 Price Marginal Cost 00 150 200 Quantity Marginal Revenue Refer to Figure...
please answer all questions!
Figure 15-6 Price $20+ Marginal Cost 100 150 200 Quantity Marginal Revenue Refer to Figure 15-6. What is the deadweight loss caused by a profit-maximizing monopoly? O O $150 $200 $250 Os300 A monopolist faces market demand given by P - 60 - Q. For this market, MR = 90 - 2Q and MC - Q. What price will the monopolist charge in order to maximize profits? O $20 O $30 O so Osso In Canada,...
Marginal Average Total Output Price Total Revenue Revenue Total CostCost Marginal Cost Select one Marginal We were unable to transcribe this image
9. Refer to Figure: 1. The haircut is $16. A. marginal cost of a B. average total cost of a C. profit-maximizing price for a D. profit from each 10. Refer to Figure: 1. If Clips Ahoy maximizes profits, its equals $320. 10. A. variable cost B. total cost C. total revenue D. profit MC АТС 16 14 a 8 12 10 f MR 0 20 23 25 30 q Number of haircuts Figure 1: "Clips" Ahoy Barber Shop
QUESTION 3 Marginal Revenue ($) Marginal Cost (5) Revenue (5) Table: Profit-Maximizing Monopolist Price Quantity Total Average ($) (Units) Cost ($) Cost ($) 11 6 17 10 7 19 9 8 21 8 9 23 17 10 25 Reference: Ref 13-2 (Table: Profit-Maximizing Monopolist) Refer to the table. The profit-maximizing quantity for this monopolist is units O A7 OB.9 OC. 10 D.8
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