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- a lobaster catch is sold by a fisher at $15 per kilogram the lobster fisher has the following total costs at each possible quantity $1500 at 0 kiklograms ,$3200 at 800 kilograms and $12200 at 1000 kilograms a) creat a table with following 10 coloumns :1 ) price 2) quantity 3) total revenue 4) fixed cost 5) variable cost 6) total cost 7) average fixed cost 8) average variable cost 9) average cost and 10) marginal cost .fill in this table based on the information provided in the question b) Draw the fishers marginal revenue ,marginal cost and average cost curves on graph ,plot only the two endpoints at 0 and 1000 kilograms for the marginal revenue curve and plot five points for each of the marginal cost and average cost curves for a total of 12 points (exclude the origin point for both costcurves) remember to plot marginal values such as marginal cost halfway between the two relevant quantities on the horizantal axis c) what is the fishers profit -maximizing or loss -mininmizing quantity…For a juice shop the total revenue is $1000 and the explicit cost is $320 Calculate Accounting profitQ3_A The Break even Analysis of firm show that: BEP = 1000 FC = 10,000 $ P = 3% of the quantity of zero profit. A) The point of intersection of TR with TC is at the cost point of $ 45,000 for TR. B) At the point where (zero units sold) TC equals $ 5,000 C) the start of the line drawing for TR is at cost point $ 0 D) the value UVC for the product in question equals $ 10) E)the FC value in a point for BFP equals $ 10,000 For the given choices, showing which one is True and which one is False, correcting the False ones and given a reasonable reason for the True. Write your answer below:
- The table below shows the short-run cost data of a perfectly competitive firm that produces plastic camera cases. Assume that output can only be increased in batches of 100 units. $0 (it breaks even) loss of $1,000 Quantity profit of $440 loss of $440 100 200 300 400 500 600 Total Cost (dollars) $1,000 1,360 1,560 1,960 2,760 4,000 5,800 Variable Cost (dollars) $0 360 If the market price of each camera case is $8 and the firm maximizes profit, what is the amount of the firm's profit or loss? 560 960 1,760 3,000 4,800Should a firm shut down if its revenues is TR = $1,500 per week and: a. its variable cost is TVC = $1,100 and its sunk fixed cost is TFC = $800? b. its TVC = $1,600 and is TFC = $600? c. its TVC = $1,100 and its TFC = $1000 ($800 of which is avoidable if it shuts down?)If marginal revenue is $430 and the marginal cost is $320 Find marginal profit
- If you were a taxi driver, the daily revenue and cost are as the following: Revenue: $250 Variable cost (gas, your labor…): $190 Mortgage payment for car: $70 License Fee: $30 For profit maximization, will you operate your taxi business today? What is the minimum daily revenue to keep the operation in the short run? What is the minimum daily revenue to keep the operation in the long run? Please show calculation formula and/or equation.What is the total cost for this firm? (omit $ sign. Report cents as needed.) MC ATC D Quantity Price $14.00+ $12.00 $10.00 $8.00 0 1 1 I 250 300 MRIf the firm sells 5 units at a price of $30 each, then the Quantity Cost 0 1 2 3 01 5 6 (in Costs dollars) (in 0 Fixed Total Average Costs Total Costs (in (in dollars per unit) 35 60 dollars) dollars) 15 40 55 40 40 40 75 37.5 40 100 125 40 165 55 160 40 200 marginal unit produced Average Variable Costs (in dollars per unit) 90 40 130 32.5 22.5 15 33.3 17.5 33.3 20 26.6 Marginal Costs (in dollars per unit) 15 20 40 is subtracting from profits. the purchase price is higher than the average cost. the purchase price is the same as the average cost. is adding to profits.
- 7. An analyst has found that Tom's Transmissions Company cost function is: C(x) = 40,000 + 500x – 0.55x² for, where x is the number of transmissions. a) Determine the marginal Cost function C'(x). b) Determine when the Cost function is maximized. c) Determine the marginal cost function at the 100th item proe Explain significance of the marginal cost at this point. ed and sold. d) Determine the cost difference between 101st and 100th boat ( C(101) - C(100)). Is this value the same or different from the marginal cost from part c? Explain.A manufacturer of electric switches in a competitive industry has a fixedmonthly cost of $50,000, total monthly variable cost $100,000, and marginalcost of $5. What is the profit if the monthly production is 100,000 units?Assuming that prices of switches fluctuate from month to month, what is the lowest price the manufacturer can accept in order to stay in business in the long run and in the short run. Will those prices be the same? Show detail workThe figure shows graphs of the total cost function and the total revenue function for a commodity. (Assume cost and revenue are measured in dollars.) y 500 400 300 200 100 MR 10 (a) Label each function correctly. function A ---Select--- function B ---Select--- (x, y): = 20 (b) Determine the fixed costs. $ 30 (c) Locate the break-even point. -([ = 40 50 Determine the number of units sold to break even. units A B 60 (d) Estimate the marginal cost MC and marginal revenue MR. MC = X
