9. If market price is $20 and the firm maximizes profit (minimizes loss), how much profit will the firm earn? $ $100 $1,200 540 140 540 120 O $1,200 O$4,800 -$6,000 4 130 150 MIC 180 212 240 370
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- q 0 1 2 3 4 5 6 TFC $5 5 5 5 5 5 5 TVC $0 3 Marginal revenue is 5 9 16 25 36 MC $3 2 4 7 9 11 P= MR $5 5 5 5 5 5 5 TR $0 5 10 15 20 25 30 TC $5 8 10 14 21 30 41 Profit $-5 - 3 0 1 - 1 -5 - 11 A profit-maximizing firm should produce a quantity of 3 units. (Enter your response as a whole number.) marginal cost for the first units of output. If the company decides to produce more than units, the marginal cost would exceed marginal revenue and profit wouldMc Graw Hill apter 10 Problems 1 01:49:26 eBook Price ($) F OU 60 40 20 0 4 8 Output 12 MR 16 of $ Prev D₁ Saved 20 1 of 5 Instructions: Enter your answer rounded to 2 decimal places (i.e. dollars and cents). If there is an economic loss, be sure to include a negative sign (-) in front of your answer. This firm is incurring a (Click to select) ‒‒‒ Help Next > Save & Exit Submit Check my work 2Output AFC AVC ATC MC 1 300 100 400 100 2 150 75 225 50 3 100 70 170 60 4 75 73 148 80 5 60 80 140 110 6 50 90 140 140 7 43 103 146 180 8 38 119 156 230 9 33 138 171 290 10 30 160 190 360 Refer to the chart above. If the market price is $179, the per-unit economic profit at the profit maximizing output is what? 15 23 33 39
- AVC, ATC,MC 110 80 76 " 50 40 30 29 18 MC ATC 1234567H0 11 12 13 14 Output per period O a Loss of $90 O b. Profit of $180 O c. 50 Od. Profit of $6300 The Competitive Industry and Firm Refer to the figure above to answer this question for a representative firm in a perfectly competitive market. Suppose that the market price is $70. What is the firm's maximum profit (or minimum loss)?Exhibit 23-8 Price and Cost (0) 11 10 O Tvm A WATC AVC 70 90 100 Quality O 5300- O $700 © 51,000/- o $400 190 Price and Cost (ddium) || 10 8 ATC 7 100 150 200 Quantity AVC Refer to Exhibit 23-8. What is the total variable cost of firm A at the profit-maximizing (or loss-tninimizing) level of production?Art-tile operates in a market where there are a number of competitors and anyone could set up at operation like Art-tile by making the same initial financial commitment as Art. QM is the market demand for tiles and is described by the following demand curve; Tiles Workers AVC ATC MC TC Revenue 1000 10 8 20 8 22000 9000 2000 19 8 13.6 7.2 50000 18000 3000 27 7 11.2 6.4 93000 27000 4000 34 7 9.8 5.6 148000 36000 5000 41 7 9 5.6 217000 45000 6000 48 6 8.4 5.6 300000 54000 7000 58 7 8.3 8 418000 63000 8000 70 7 8.5 9.6 572000 72000 P = 40 - .0001QM What is the long run equilibrium price for the type of tiles that Art-tile produces? Why? How many companies will produce this type of tile in long run equilibrium?
- Assume the firm can sell its product for $14 each. TR AVC TC АТС MC $2000 100 $1400 $600 $2600 $26.00 $6.00 200 $2800 $5.00 $3000 $15.00 300 $1920 $6.40 $3920 $9.20 400 $5600 3280 $8.20 $13.20 $13.60 Suppose the manager decided to sell at an output that maximized average profit. At a market price of $14, how many would he sell? would you do about this manager, and why? As the owner of this company, what(intel) CORE IS H $ 40 36 32 28 24 20 16 12 8 4 0 Perfectly Competitive Firm MC 0 4 28 8 12 16 20 24 20. What is the minimum price below which this firm will definitely shut-down production? (a) $4 (b) $10 O (c) $12 (d) $14 (e) $22 Click Save and Submit to save and submit. Click Save All Answers to save all answers. Type here to search St ATC AVC 32 D Q Save All AnswersEfficiency is when ved of The benefits of the resources are distributed fairly among economic agents O b. Society gets the most from its scarce resources. OC Prosperity is distributed uniformly among society's members o d The wealth of the economy is redistributed Clear my choice VO
- Problem 1 A lash adjuster keeps the pressure constant on engine valves, increasing automobile engines' fuel efficiency. The relationship between price (p) and monthly demand (D) for lash adjusters made by the Wicks Company is given by this equation: D=(2,000-p)/0.10. 6 a) What is the demand (D) when total revenue is maximized? b) What important data are needed if maximum profit is desired? & 7 IAA fg 8 DII myhp np f10 DDI 9 fi Po 112 prt scYou are currently in a job as a chef in a restaurant earning $100,000 per year. You are considering opening up a restaurant in a building which you currently own. You estimate that, if you wanted to, you could rent out your building for $25,000 per year to another restaurant. Last year, your revenues and expenses from the restaurant were the following: Revenues $400,000Cost of Food $120,000Salaries/Wages $100,000Utilities $25,000Taxes $20,000 What is your accounting profit? Show your calculations What is your economic profit? Show your calculations Assuming that you are indifferent between being a chef or owning a restaurant, should you open up your restaurant? Explain why. Now suppose that instead of owning the building where your restaurant will be located, you had to pay rent of $25,000 per year for the building. Will your answers to parts 1-3 change? Show your calculations. Explain how and why your answers will change or…1. The following company is in a price taking situation. Price (=marginal revenue) on the market for its products is equal to $3 per unit. Fixed cost is $1000 Fill in the table for all the columns. ( ) At which point should the company stop producing? At this point what is the per unit profit (mark- up or margin) for the company? Qty 0 100 200 300 400 500 600 VC $100 $300 $500 $700 $800 $1200 FC TC AVC ATC MC per unit MR per unit