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- Given the data provided in the table below, what is the marginal cost of producing the 4th unit of output? Q P TC TR MR MC Profit 0 $5 $9 1 $5 $10 2 $5 $12 3 $5 $15 4 $5 $19 5 $5 $24 6 $5 $30 7 $5 $45 Question 12 options: a) $4.00 b) $19.00 c) $4.75 d) $5.00When is an industry productively efficient? R OOD F4 A. When firms in that industry produce the amount of output that intersects with the minimum of their ATC curves ubmission B. When the short-run equilibrium market price is above the long-run equilibrium market price ← PREVIOUS or dº APR 20 % 5 C. When the market price for the good or service in that industry is the same as marginal revenue D. When the average total cost curve intersects the marginal revenue curve at its lowest point T F5 6 MacBook Air F6 Y & 7 F7 U stv * CO 8 A DII F8 - ( 9 DD F9 O 0 VIEW F10 PI need help with econ multiple hw questions asap! 68)Refer to the attachedTable 3.1. If this firm chooses to maximize profit, it will choose a level of output where marginal cost is equal to what dollar amount? A. $8 B. $12 C. $10 D. $6 67) Refer to the attached Figure 19. In which panel is the firm making a loss? A. panel (b) B. panel (a) C. panel (c) D. both panels (b) and (c)
- 1. Fill in the missing cells. Assume the firm operates in a perfectly competiuve environment in both the input and output markets. Calculate the profit (loss) when the firm receives S0.40 for the product. Each missing cell is 0.25 to a total of 7.5 for this question. Q4 P(L) AFC 2.75 TFC TVC TC MC ATC AVC 2. 40 110 10 120 24 0.25 65 20 124 0.4 93 0.307 1.69 0.375 1.3-5 0.4441.222 6. 80 28 30 30 0.66 90 150 2. Complete the following table below. Each missing cell is 0.25 to a total of 2.5 for this question. Input Output TFC TVC TC MC AFC AVC АТС 95 100 125 1.25 20 40 6.25 44 25 200 250 10 0.625 5/ 6.25/Economics QuestionThe market for fertilizer is perfectly competitive.Firms in the market are producing output but arecurrently incurring economic losses.a. How does the price of fertilizer compare to theaverage total cost, the average variable cost, andthe marginal cost of producing fertilizer?b. Draw two graphs, side by side, illustrating thepresent situation for the typical firm and for themarket.c. Assuming there is no change in either demand orthe firms’ cost curves, explain what will happenin the long run to the price of fertilizer, marginalcost, average total cost, the quantity supplied byeach firm, and the total quantity supplied to themarket.
- 1. With a new understanding of economic analysis, Corn Mart, wants your opinion on what to do. Currently, they are producing 7 bushels of corn per day. The corn market is very competitive in your city – therefore, it is perfect competition. The market price is $4. а. Fill in the blanks. All numbers are daily measurements Variable Total Output Fixed Cost AFC Cost AVC Cost АТС MC MR 1 10 1.20 X 2 3.00 4.00 4 6.50 9.00 6. 12.00 15.50 8 19.50 9. 26.00 10 33.00 a. Is producing 7 bushels of corn a good idea? Or, should they produce a different amount? If sU, Now manyA computer company produces affordable, easy-to-use home computer systems and has fixed costs of 250. The marginal cost of producing computers is 700 for the first computer, 250 for the second, 300 for the third, 350 for the fourth, 430 for the fifth, 450 for the sixth, and 500 for the seventh. Create a table that shows the companys output, total cost, marginal cost, average cost, variable cost, and average variable cost. At what price is the zero-profit point? At what price is the shutdown point? If the company sells the computers for 500, is it making a profit or a loss? How big is the profit or loss? Sketch a graph with AC, MC, and AVG curves to illustrate your answer and show the profit or loss. If the firm sells the computers for 300, is it making a profit or a loss? How big is the profit or loss? Sketch a graph with AC, MC, and AVG curves to illustrate your answer and show the profit or loss.The graph at right shows that the marginal response of cost to the production of skates is A. minimized at point B. O B. constant as production increases. O C. greatest at point A. O D. declining as production increases. O E. increasing as production increases. Costs of Production A B Hockey Skates Produced, Q
- Do all part to both question 1 and question 2 Question 1 (Q is quantity of production) Q TFC TVC TC AFC AVC ATC MC 1 60 15 3 4 50 8 22 140 7 20 8 60 9. 300 10 50 a. Fill out the table. b. Assume the cost table is of the purely (perfectly) competitive firm. Price = $40. What is the equilibrium quantity at that price. c. How much is the Profit/or Loss/or breakeven point d. What is the Marginal Revenue for this question e. Draw the necessary graphs as shown in class. Identify Q, P at equilibrium, and identify the total revenue and total cost areas, and the Profit, or loss or breakeven area which is applicable to this question.essay (on this firm) argues that, the firm would be better off by closing down. Do you a unit of output of this company is Birr L3. A student working on his senior A company in a perfectly competitive market has a total cost function given as: 6. TC 50+40+ The price agree? Explain By using the knowledge of relationshins among the various cost concepts, fill the bia cells of the following table. Quantity TFC TVC TC MC AFC AVC ATC 50 50 64 98 162 26 20 finms (Fi and Fa) producing identical product competing for like to dominate the other, if possible. They each defendsSuppose a perfectly competitive firm is operating in short run. The information of MR, Q,ATC and AVC are 15 taka, 60 unit, 45taka and 35 taka respectively. Calculate firm’sprofit/loss and total fixed cost. From these calculations and based on all the giveninformation, can you conclude about the firm’s decision in short run? Explain your reasoningwith the help of a suitable diagram. Show all the relevant information in yourdiagram.[Q=profit maximizing output and MR=marginal revenue]