5 Suppose a large corporation produces airplanes in a perfectly competitive industry. The data in the following table give information about the cost of producing a particular type of airplane (inthousands), where quantity is q, total cost is C, and marginal cost is MC. Airplanes sell for $192 thousand.q011234A596-7891011с4006007127928480409203401000400010881223139816131868MC2001128056135175215255Suppose this firm has the capacity to produce up to 11 airplanes of this particular type. If the company manager's goal is to maximize revenue, how many airplanes will the firm produce?airplanes. (Enter your response using an integer.)

Below, P price Q quantity C/TC cost/total cost TR total revenue MR marginal revenue MC marginal…

Suppose a large corporation produces airplanes in a perfectly competitive industry. The data in the following table give information about the cost of producing a particular type housands), where quantity is q, total cost is C, and marginal cost is MC. Airplanes sell for $192 thousand. q 0 1 2 3 3 4 X 5 X 6 9 7 8 9 10 с 400 600 712 792 848 040 920 Yo 1000 1000 1088 1223 1398 1613 MC 200 112 80 56 14 80 00 135 175 215

Suppose a large corporation produces airplanes in a perfectly competitive industry. The data in the following table give information about the cost of producing a particular type housands), where quantity is q, total cost is C, and marginal cost is MC. Airplanes sell for $192 thousand. q 0 1 2 3 3 4 X 5 X 6 9 7 8 9 10 с 400 600 712 792 848 040 920 Yo 1000 1000 1088 1223 1398 1613 MC 200 112 80 56 14 80 00 135 175 215

Economics (MindTap Course List)

13th Edition

ISBN:9781337617383

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter21: Production And Costs

Section: Chapter Questions

Problem 16QP

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The blue curve on the following graph represents the demand curve facing a firm that can set its own prices. Use the graph input tool to help you answer the following questions. You will not be scored on any changes you make to this graph. Note: Once you enter a value in a white field, the graph and any corresponding amounts in each grey field will change accordingly. PRICE (Dollars per unit) 100 TOTAL REVENUE (Dollars) 90 80 20 10 0 1250 1125 1000 875 750 625 500 On the previous graph, change the number found in the Quantity Demanded field to determine the prices that correspond to the production of 0, 10, 20, 25, 30, 40, or 50 units of output. Calculate the total revenue for each of these production levels. Then, on the following graph, use the green points (triangle symbol) to plot the results. 375 250 125 + 0 0 0 Demand 5 10 15 20 25 30 35 40 45 50 QUANTITY (Units) + 5 20 10 15 25 30 35 QUANTITY (Number of units) 40 Graph Input Tool Market for Goods 45 50 Quantity Demanded (Units)…
Giocattolo is a profit-maximizing firm producing toy cars, which it can produce and sell in its home country, Italy, and abroad in Spain. The average cost (AC) curve on the following graph represents Giocattolo's cost of producing toy cars within one factory, whether in Italy or in Spain. COST (Dollars per toy car) 20 18 16 14 12 10 8 4 2 0 0 10 20 30 40 50 60 70 80 QUANTITY (Thousands of toy cars) AC 90 100 Suppose that at the current market price of toy cars, the demand for Giocattolo's product is 10,000 toy cars per year in Italy and 20,000 toy cars per year in Spain. (Hint: Select each point on the previous graph to see its coordinates.) Based on Giocattolo's average cost curve, within one factory it can produce 20,000 toy cars at $ per toy car, and produce the total of 30,000 toy cars at $ per toy car. per car, produce 10,000 toy cars at
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Suppose a large corporation produces airplanes in a perfectly competitive industry. The data in the following table give information about the cost of producing a particular type of airplane (in thousands), where quantity is q, total cost is C, and marginal cost is MC. Airplanes sell for $100 thousand. 105 2 3 4 9 10 11 C 50 150 206 246 274 310 350 394 474 579 709 864 MC 100 56 40 28 36 40 44 80 105 130 155 Suppose this firm has the capacity to produce up to 11 airplanes of this particular type. If the company manager's goal is to maximize revenue, how many airplanes will the firm produce? 11 airplanes. (Enter your response using an integer.) What will be the firm's profit? $ thousand. (Enter your response rounded to two decimal places.)
For second graph; suppose there are 10 firms in this industry, each of which has the cost curves previously shown.
Giocattolo is a profit-maximizing firm producing toy cars, which it can produce and sell in its home country, Italy, and abroad in Spain. The average cost (AC) curve on the following graph represents Giocattolo's cost of producing toy cars within one factory, whether in Italy or in Spain. COST (Dollars per toy car) 10 1 0 10 I 1 20 30 40 50 60 70 80 QUANTITY (Thousands of toy cars) AC 90 100 Suppose that at the current market price of toy cars, the demand for Giocattolo's product is 10,000 toy cars per year in Italy and 20,000 toy cars per year in Spain. (Hint: Select each point on the previous graph to see its coordinates.) (?) Based on Giocattolo's average cost curve, within one factory it can produce 20,000 toy cars at S per toy car, and produce the total of 30,000 toy cars at S per toy car. Complete the following table by indicating Giocattolo's total production cost for each scenario. Total Production Cost (Dollars) Scenario Produce 10,000 toy cars in Italy and 20,000 toy cars in…
PQ4.2 Case: A firm is operating in a competitive market. Your Cost of Production is given by C = 200 + 2q², where the Level of Output is (q) and the Total Cost is (C). The Marginal Cost of Production (MC) is 4q; the Fixed Cost (FC) is $200. Given: C=200+2q² q=Level of Output C = Total Cost MC = 4q| FC = $200 Questions: (i) If the price of watches is $100, how many watches should you produce to Maximize Profit? (ii) What will the Profit Level be? (iii) At what Minimum Price will the firm produce a Positive Output?