The total revenue of a purely competitive firm from selling 6 units of output is $48. Based on this information, the unit price of the output must be
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- Emma sells hand-made shawls in a perfectly competitive market for £18 per shawl. Emma’s fixed costs are £10, and she is capable of producing up to 6 shawls per week. (8%) Use that information to fill in the table Quantit y Total Revenu e Fixed Cost Variable Cost Total Cost Profit= Revenue – Total Cost Marginal Revenue Margina l Cost 0 0 10 --- --- 1 18 8 2 12 3 18 4 27 5 39 6 52 What quantity of shawls should Emma produce in order to maximize her profit? At the profit-maximizing level of output, how do marginal revenue and marginal cost compare?The table below shows cost and revenue information for Choco Lovers, a purely competitive firm producing different quantities of chocolate gift boxes. Fill in the blanks in the table. Instructions: Enter your answers rounded to two decimal places. Choco Lovers Cost and Revenue Quantity TC АТC MC of Gift Boxes ($) ($) ($) 25 205.00 8.20 7.00 30 237.50 7.92 35 7.79 7.00 40 312.50 8.00 45 362.50 8.06 10.00 50 422.50 8.45 12.00 Assume the profit-maximizing price is $10 per gift box, and then answer the following questions: a. Profit-maximizing quantity = gift boxes b. Total revenue = $Figure 6.1 MC ATC AVC MR2 MR, 30 40 50 60 Quantity Refer to Figure 6.1. Given MR2, what is total revenue if the firm produces 60 units and the lowest point of the average-total-cost curve is $4? O $400 O$240 O$440 O S300
- 13. At what price the competitive firm is making a zero profit? Price and cost P₂₁ P₁ Po 0 ph A) Po B) P₁ - C) P₂ D) P3 MC ATC 25emoont noleamo al bris 18ey 8 000 Low Vibles baxil eir) do Q Q, Q₂ Qz AVC Quantity с Fitong pimonste 00012 al hog olnionobe bris 00088 al mong ginasA 00012 al ho Jonq bolinusapi 00052 al fong orase bhe 0009 eng poitructa 00082 ei silang onoos bis 00013 al q prinudso 14. In the diagram of question 13, if the market price is P₁, what will be the total revenue? A) OP₁bQ₁ B).horize B) OP₁fQ3 C) OP1eQ2 D) P₁P2de aboubong slimtia lioa anil 16 droun elbubong nalimie lise emit elbubong 1stnia ne arinit v touborq ernaa erilyoxa lies aermit to admin apie 15. In the diagram of question 13, if the market price is P₁, what will be the total cost? A) OP₁bQ₁ yonepifle evideolls allu14mco allellegon B) P₁P3cb C) P₁P2de D) OP3CQ₁ etaal vier ristem faed farll aloubog nailiaqnco dilatiogonom telinu muaMC ATC AVC MR2 MR, 30 40 50 60 Quantity Refer to Figure 6.1. Given MR2, what is total revenue if the firm produces 60 units and the lowest point of the average-total-cost curve is $4? $400 O $440 $300 $240 PriceA firm in a perfectly competitive market has an average total cost of $40 for the 100th good it sells. Its fixed costs are $100. The average total cost of the 101th good is $41. If the market price is $50 this firm should O sell only 100 goods because the marginal cost of the 101th exceeds marginal revenue. O sell 101 because price is greater than average total costs. O sell 101 goods because it adds to profits. O sell 101 goods because its fixed costs are so low. 55. つ25 MacBook Air 000 esc F1 F2 F3 F4 F5 F7 23 $ & 1 3 7 Q W E R Y tab A S F G caps lock C V B shift alt
- Your food-services company has been named as the sole provider of meals at a small university. The cost and demand schedules are: Sold per Day 0 100 200 300 400 500 600 700 Price per Meal $3.50 $3.25 $3.00 $2.75 $2.50 $2.25 $2.00 $1.75 O A. 700 meals at $1.75 per meal. OB. 300 meals at $2.75 per meal. OC. 600 meals at $2.00 per meal. OD. 400 meals at $2.50 per meal. ✔ OE. 500 meals at $2.25 per meal. Total Fixed Cost $150 $150 $150 $150 $150 $150 $150 $150 ... Total Variable Cost $300 $500 $650 $750 $840 $905 $995 Total Revenue 0 $325 $600 $825 $1,000 $1,125 $1,200 $1,225Refer to the figure below. This firm can earn a positive profit at units of output. Price $33.50 $22.50 $19.30 ATC $5 MC 3.5 7. MR Quantity O no possible O all possible O greater than 7 o groater than 35Price and costs (dollars) 20 16 12 8 4 0 5 10 MC ATC 20 15 Quantity (per day) The figure above shows short-run cost curves for a perfectly competitive firm. If the price of the product is $8, in the short run the firm will Select one: O a. incur an economic loss O b. earn an economic profit O c. earn a normal profit O d. None of the provided answers is correct because more information is needed to determine the firm's profit or loss
- 6 5 4 Costs and Revenues (dollars) 20 40 Tomato Farm Multiple Choice Question If the market price for tomatoes is $5 per pound and the tomato market is perfectly competitive, what is the profit-maximizing quantity? MC MR ATC O 60 pounds O 120 pounds O 100 pounds 60 80 100 120 Quantity (pounds) O 80 pounds 40The table below shows cost and revenue information for Choco Lovers, a purely competitive firm producing different quantities of chocolate gift boxes. Fill in the blanks in the table. Instructions: Enter your answers rounded to two decimal places. Choco Lovers Cost and Revenue Quantity TC ATC MC of Gift Boxes ($) ($) ($) 25 205.00 8.20 7.00 30 237.50 7.92 35 7.79 7.00 40 312.50 8.00 45 362.50 8.06 10.00 50 422.50 8.45 12.0011. Explain the condition of equilibrium of a firm based on marginal cost and marginalrevenue. Need details explanation and make sure that no plagiarised answer