Question 2 The table below shows the cost and revenue information of a firm. Output (units)...
Question 2
The table below shows the cost and revenue information of a firm.
|
Output (units) |
Price (RM) |
Total Cost (RM) |
Total revenue (RM) |
Marginal Cost (RM) |
Marginal Revenue (RM) |
|
0 |
21 |
0 |
0 |
||
|
1 |
20 |
10 |
20 |
||
|
2 |
19 |
22 |
38 |
||
|
3 |
18 |
38 |
54 |
||
|
4 |
17 |
56 |
68 |
||
|
5 |
16 |
79 |
80 |
||
|
6 |
15 |
111 |
90 |
(a) Complete the table above. [9 marks]
(b) Determine the price and output at equilibrium. [6 marks]
(c) Calculate the profit or loss at equilibrium. [4 marks]
(d) Is this firm in the short-run or long-run? Explain your answer. [5 marks]
(e) To what type of market structure does this firm belong? Why do you say so? [6 marks]
Homework Answers
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Question 2
The table below shows the cost and revenue information of a
firm.
Output (units)...
The table below represents the output and cost structure for a firm. The market is perfectly...
The table below represents the output and cost structure for a firm. The market is perfectly competitive, and the market price is $10. Total costs include all implicit opportunity costs. Total Cost Marginal Marginal Cost Revenue Total Revenue 0 Average Total Cost Average Variable Cost Output 0 Profit 3 XXX XXX 1 2 7 9 10 10 20 30 3 4 12 40 5 16 50 6 22 60 7 30 70 8 40 80 90 9 52 10 68...
The table below represents the output and cost structure for a firm. The market is perfectly...
The table below represents the output and cost structure for a firm. The market is perfectly competitive, and the market price is $10. Total costs include all implicit opportunity costs. Output Total Cost Total Revenue Profit Marginal Cost Marginal Revenue Averrage Total Cost Average Variable Cost 0 3 0 1 7 10 2 9 20 3 10 30 4 12 40 5 16 50 6 22 60 7 30 70 8 40 80 9 52 90 10 68 100 ...
The table below represents the output and cost structure for a firm. The market is perfectly...
The table below represents the output and cost structure for a
firm. The market is perfectly competitive, and the market price is
$10. Total costs include all implicit opportunity costs.
Calculate the firm’s profit at each rate of output and fill in
the values in the table.
Calculate firm's marginal cost and marginal revenue at each
rate of output and fill in the values in the table.
Calculate the firm’s average total costs and average variable
costs at each rate...
2. Table 4 below shows the total output, total revenue, total variable cost, and total fixed...
2. Table 4 below shows the total output, total revenue, total variable cost, and total fixed cost of a perfectly competitive firm. The market equilibrium price is not given explicitly but can be deduced from Table 4. Output lulewin Total revenue $1,500 $2,000 $3,000 $4,000 $5,000 Total variable cost $1,500 $2,000 $2,600 $3,900 $5,000 Total fixed cost $500 $500 $500 $500 $500 a. What level of output should the firm produce? Show your work. (15 points) b. Should it shut...
2. The following table shows the revenue and cost information for a firm in a competitive...
2. The following table shows the revenue and cost information for a firm in a competitive market. $Price $Total Revenue $Marginal Revenue SMC Quantity 0 5 400 80 80 80 10 15 800 80 80 80 $Total Cost 100 600 1,075 1,525 1,925 2,525 3,525 1200 1600 100 95 90 80 120 200 80 80 20 25 30 80 80 2000 2400 80 80 a) Graph the total revenue and the total cost curves on a graph. Show that profit...
Consider total cost and total revenue given in the table below:
. Consider total cost and total revenue given in the table below:QUANTITY 0 1 2 3 4 5 6 7Total cost $8 $9 $10 $11 $13 $19 $27 $37Total revenue 0 8 16 24 32 40 48 56a. Calculate profit for each quantity. How much should the firm produce to maximize profit?b. Calculate marginal revenue and marginal cost for each quantity. Graph them. (Hint: Put the points between whole numbers. For example, the marginal cost between 2 and 3 should...
k. The following table shows the revenue and cost information for a firm in a competitive...
k. The following table shows the revenue and cost information for a firm in a competitive market. a) Fill in the missing information. $Price $Total Revenue Marginal Revenue SMC 80 Quantity 0 5 10 15 20 25 30 $Total Cost 100 600 1,075 1,525 1,925 2,525 3,525 b) Based on this information, what are the firm's fixed costs? How do you know? c) What quantity is the firm's profit maximizing quantity? Explain. d) Graph the total revenue and the total...
2.Based on the demand and cost data for a pure monopolist given in the table below,...
2.Based on the demand and cost data for a pure monopolist given in the table below, answer the following questions -------------------------------------------------------------------------------------------------------------- Output 0 1 2 3 4 5 Price ($) 1000 600 500 400 300 200 Total Cost 500 520 580 700 1000 1500 -------------------------------------------------------------------------------------------------------------- a. Calculate the marginal revenue and marginal cost for this monopolist. b. How many units of output will the profit-maximizing monopolist produce? At what price? c. If this is a perfectly discriminating monopolist and he...
fill out the table question 16 The table below provides cost information for a firm. Use...
fill out the table
question 16
The table below provides cost information for a firm. Use this information to answer the following 3 questions. Quantity MC FC VC 0.5 10 20 30 2 40 13. Is this firm operating in the short run or the long run, and how do you know? a. The firm is operating in the short run because there are fixed costs. b. The firm is operating in the long run because both fixed and variable...
cept Question 2.14 Question Help following table shows the total cost schedule for a perfectly competitive firm. T...
cept Question 2.14 Question Help following table shows the total cost schedule for a perfectly competitive firm. The current price in this industry is $8. Fill in the marginal revenue and marginal cost mns of the table. (Enter your response as an integer) Output (units) (Q) Marginal Revenue (MR) Total Cost Marginal Cost (MC) (TC) 20 1 22 2 26 3 32 4 40 5 50
The table below represents the output and cost structure for a firm. The market is perfectly competitive, and the market price is $10. Total costs include all implicit opportunity costs. Total Cost Marginal Marginal Cost Revenue Total Revenue 0 Average Total Cost Average Variable Cost Output 0 Profit 3 XXX XXX 1 2 7 9 10 10 20 30 3 4 12 40 5 16 50 6 22 60 7 30 70 8 40 80 90 9 52 10 68...
The table below represents the output and cost structure for a
firm. The market is perfectly competitive, and the market price is
$10. Total costs include all implicit opportunity costs.
Calculate the firm’s profit at each rate of output and fill in
the values in the table.
Calculate firm's marginal cost and marginal revenue at each
rate of output and fill in the values in the table.
Calculate the firm’s average total costs and average variable
costs at each rate...
2. Table 4 below shows the total output, total revenue, total variable cost, and total fixed cost of a perfectly competitive firm. The market equilibrium price is not given explicitly but can be deduced from Table 4. Output lulewin Total revenue $1,500 $2,000 $3,000 $4,000 $5,000 Total variable cost $1,500 $2,000 $2,600 $3,900 $5,000 Total fixed cost $500 $500 $500 $500 $500 a. What level of output should the firm produce? Show your work. (15 points) b. Should it shut...
2. The following table shows the revenue and cost information for a firm in a competitive market. $Price $Total Revenue $Marginal Revenue SMC Quantity 0 5 400 80 80 80 10 15 800 80 80 80 $Total Cost 100 600 1,075 1,525 1,925 2,525 3,525 1200 1600 100 95 90 80 120 200 80 80 20 25 30 80 80 2000 2400 80 80 a) Graph the total revenue and the total cost curves on a graph. Show that profit...
k. The following table shows the revenue and cost information for a firm in a competitive market. a) Fill in the missing information. $Price $Total Revenue Marginal Revenue SMC 80 Quantity 0 5 10 15 20 25 30 $Total Cost 100 600 1,075 1,525 1,925 2,525 3,525 b) Based on this information, what are the firm's fixed costs? How do you know? c) What quantity is the firm's profit maximizing quantity? Explain. d) Graph the total revenue and the total...
fill out the table
question 16
The table below provides cost information for a firm. Use this information to answer the following 3 questions. Quantity MC FC VC 0.5 10 20 30 2 40 13. Is this firm operating in the short run or the long run, and how do you know? a. The firm is operating in the short run because there are fixed costs. b. The firm is operating in the long run because both fixed and variable...
cept Question 2.14 Question Help following table shows the total cost schedule for a perfectly competitive firm. The current price in this industry is $8. Fill in the marginal revenue and marginal cost mns of the table. (Enter your response as an integer) Output (units) (Q) Marginal Revenue (MR) Total Cost Marginal Cost (MC) (TC) 20 1 22 2 26 3 32 4 40 5 50
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