solve 30-40 minutes hand written asap..i'll rate Use the table below to answer questions about Christina's Christmas Wreaths. Christina operates in a perfectly competitive market forwreaths.Christina's Costs and RevenueQuantity Average VariableCost (dollars)$20.00Average TotalCost (dollars)(wreaths)5Marginal Cost(dollars)$20.00Marginal Revenue(dollars)$64.00$25.00618.0022.0022.0064.00724.0028.0064.0064.00829.0032.0060.0064.00936.0039.0095.0064.001049.0052.00169.0064.00Instructions: In part a, enter your answer as a whole number. In parts b and c, round your answers to two decimal places.a. What is the profit-maximizing level of output for Christina's Christmas Wreaths?wreathsb. What is the profit per unit if the profit-maximizing level of output is produced?c. What is the total economic profit generated by producing the profit-maximizing output?tA

In a perfectly competitive market, there are many firms producing identical goods. Firms do not have…

Use the table below to answer questions about Christina's Christmas Wreaths. Christina operates in a perfectly comp wreaths. Christina's Costs and Revenue Quantity (wreaths) Average Variable Cost (dollars) Average Total Cost (dollars) Marginal Cost (dollars) Marginal Revenue (dollars) 5 $20.00 $25.00 $20.00 $64.00 18.00 22.00 22.00 64.00 7 24.00 28.00 64.00 64.00 8 29.00 32.00 60.00 64.00 36.00 39.00 95.00 64.00 10 49.00 52.00 169.00 64.00 Instructions: In part a, enter your answer as a whole number. In parts b and c, round your answers to two decimal pla a. What is the profit-maximizing level of output for Christina's Christmas Wreaths? wreaths b. What is the profit per unit if the profit-maximizing level of output is produced? 2$ c. What is the total economic profit generated by producing the profit-maximizing output? 2$

Use the table below to answer questions about Christina's Christmas Wreaths. Christina operates in a perfectly comp wreaths. Christina's Costs and Revenue Quantity (wreaths) Average Variable Cost (dollars) Average Total Cost (dollars) Marginal Cost (dollars) Marginal Revenue (dollars) 5 $20.00 $25.00 $20.00 $64.00 18.00 22.00 22.00 64.00 7 24.00 28.00 64.00 64.00 8 29.00 32.00 60.00 64.00 36.00 39.00 95.00 64.00 10 49.00 52.00 169.00 64.00 Instructions: In part a, enter your answer as a whole number. In parts b and c, round your answers to two decimal pla a. What is the profit-maximizing level of output for Christina's Christmas Wreaths? wreaths b. What is the profit per unit if the profit-maximizing level of output is produced? 2$ c. What is the total economic profit generated by producing the profit-maximizing output? 2$

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter8: Perfect Competition

Section: Chapter Questions

Problem 23RQ: What two lines on a cost curve diagram intersect at the shutdown point?

See similar textbooks

Similar questions

Maria manages a bakery, that specializes in ciabatta bread, and has the following information on demand and costs: Ciabatta Bread Sold Per Price Total Cost Hour (Q) (P) (TC) $6.00 $1.50 1 5.50 5.00 2 5.00 7.50 3 4.50 9.50 4 4.00 11.00 3.50 12.00 6 3.00 12.50 7 2.50 13.50 8 2.00 15.50 a. To maximize profits, Maria should sell loaves of ciabatta bread per hour. (Enter your response as an integer.)
Maria manages a bakery, that specializes in ciabatta bread, and has the following information on demand and costs: Ciabatta Bread Sold Price Total Cost Per Hour (Q) (P) (TC) $1.50 $6.00 1 5.50 6.00 5 00 4 50 9.50 3 12.50 4.00 15.00 5 3.50 17.00 6 3.00 18.50 7 2.50 20.50 8 2.00 23.50 a. To maximize profits, Maria should sell loaves of ciabatta bread per hour. (Enter your response as an integer.) Maria should charge a price of $ (Enter your response rounded to two decimal places.) Maria's maximum profit is S (Enter your response rounded to two decimal places.) b. The marginal revenue when selling the profit-maximizing number of loaves of ciabatta bread is S: (Enter your response rounded to two decimal places.) The marginal cost when selling the profit-maximizing number of loaves of ciabatta bread is S (Enter your response rounded to two decimal places.)
Don't use chatgpt or any AI A profit-maximising firm in a competitive market is currently producing 1,000 units of output. It has average revenue of $50, average total cost of $40 and fixed cost of $10,000. a) What is its profit? b) What is its marginal cost? c) What is its average variable cost? Is the efficient scale of the firm more than, less than or exactly 1,000 units?
Maria manages a bakery, that specializes in ciabatta bread, and has the following information on demand and costs: Ciabatta Bread Sold Price Per Hour (Q) (P) 0 $6.00 1 5.50 2 5.00 3 4.50 4 4.00 5 3.50 6 3.00 7 2.50 8 2.00 Total Cost (TC) $2.00 6.50 10.00 13.00 15.50 17.50 19.00 21.00 24.00 loaves of ciabatta bread per hour. (Enter your response as an integer.) a. To maximize profits, Maria should sell Maria should charge a price of $ Maria's maximum profit is $ (Enter your response rounded to two decimal places.) (Enter your response rounded to two decimal places.) (Enter your b. The marginal revenue when selling the profit-maximizing number of loaves of ciabatta bread is $ response rounded to two decimal places.) The marginal cost when selling the profit-maximizing number of loaves of ciabatta bread is $. (Enter your response rounded to two decimal places.)
Maria manages a bakery, that specializes in ciabatta bread, and has the following information on demand and costs: Ciabatta Bread Sold Price (P) Per Hour (Q) 0 123 456 7 8 $6.00 5.50 5.00 4.50 4.00 3.50 3.00 2.50 2.00 Total Cost (TC) $2.00 6.00 9.00 11.50 13.50 15.00 16.00 17.50 20.00 loaves of ciabatta bread per hour. (Enter your response as an integer.) a. To maximize profits, Maria should sell Maria should charge a price of $ (Enter your response rounded to two decimal places.) Maria's maximum profit is $ (Enter your response rounded to two decimal places.) b. The marginal revenue when selling the profit-maximizing number of loaves of ciabatta bread is $ (Enter your response rounded to two decimal places.) The marginal cost when selling the profit-maximizing number of loaves of ciabatta bread is $. (Enter your response rounded to two decimal places.)
JYour business has the capacity to produce up to 5 units/week. The table & graph below show average cost (AC) for different weekly production levels. Your objective is to maximize profit each week. Average Cost 22 20 AC 18 1 20 14 2 15 12 3 12 10 1 2 4 4 13 Quantity 15 Your product sells in the market for $21/unit, and you can sell as many units at that price as you can bring to market. You know from your economics training that deciding how much to produce should rely on marginal concepts like marginal cost (MC). So, based on the AC table above, create a table that shows the MC of each unit. (Assume that there are no fixed costs, so total costs are zero if Q=0.) Based on MC for each unit, determine the profit-maximizing quantity to produce and sell. BRIEFLY explain your answer. (Your answer needs to be based on MC and being able to sell each unit for $21.) AC ($/unit)
Help Save & Exit Submit The table below shows the weekly marginal cost (MC) and average total cost (ATC) for Smitten, a perfectly competitive firm that produces children's mittens in a competitive market. Smitten's Production Costs Quantity (pairs of mittens) 15 Marginal Cost (dollars) $1.60 Average Total Cost (dollars) $1 20 2.00 1.25 25 2.45 1.49 30 3.55 4.00 1.83 35 2.14 40 5.50 6.00 8.50 2.56 45 2.94 50 3.5 Instructions: In part a, enter your answer as a whole number. In parts b, c and d, round your answers to 2 decimal places. a. If the market price of children's mittens is $6.00 per pair, how many pairs of children's mittens should Smitten produce per week to maximize its profits? pairs of mittens b. When the market price is $6.00, what is Smitten's average total cost at the profit-maximizing quantity of children's mittens? 24 c. What are Smitten's weekly profits if the market price is $6.00 per pair and the firm produces the profit-maximizing quantity of mittens? p..........: d.…
Help me
Maria manages a bakery, that specializes in ciabatta bread, and has the following information on demand and costs: Ciabatta Bread Sold Per Hour (Q) Price (P) Total Cost (TC) 0 $6.00 $1.50 1 5.50 6.00 2 5.00 9.50 3 4.50 12.50 4 4.00 15.00 5 3.50 17.00 6 3.00 18.50 7 2.50 20.50 8 2.00 23.50 a. To maximize profits, Maria should sell nothing loaves of ciabatta bread per hour. (Enter your response as an integer.)
3.1. Fill out the table below. Unit Marginal Marginal Quantity (Q) Price (P) Total Revenue (TR) Fixed Cost (FC) Variable Cost (VC) Total Cost (TC) Profit Cost Revenue 14 $10 140 $3 40 $43 - 15 $10 150 $3 48 $51 10 16 $10 160 $3 57 $60 10 17 $10 170 $3 67 $70 10 18 $10 180 $3 78 $81 10 3.2. Is the table above pertaining to a perfectly competitive firm or monopoly? How can you tell?
help me please
3. Profit maximization using total cost and total revenue curves Suppose Ana runs a small business that manufactures shirts. Assume that the market for shirts is a perfectly competitive market, and the market price is $20 per shirt. The following graph shows Ana's total cost curve. Use the blue points (circle symbol) to plot total revenue and the green points (triangle symbol) to plot profit for the first seven shirts that Ana produces, including zero shirts. TOTAL REVENUE, TOTAL COST, AND PROFIT (Dollars) Total Revenue A 125 100 Total Cost ☐ Profit 200 175 150 75 50 ༔་ཎྜ་ ྴ་སྐྱ ིི་ཐྭ་8་མ་° 1 2 3 4 5 6 7 8 QUANTITY OF OUTPUT (Shirts) (?) Calculate Ana's marginal revenue and marginal cost for the first seven shirts she produces and plot them on the following graph. Use the blue points (circle symbol) to plot marginal revenue and the orange points (square symbol) to plot marginal cost. Note: Be sure to plot marginal values between the appropriate whole unit values. For instance, plot…