The graph below depicts the cost curves faced by all firms in a particular industry. While the second graph show the total market demand (in thousands). Initially there are 500 firms. 9 8 7 2 10 9 8 5 20 40 60 80 100 120 140 160 180 200 50 100 150 200 250 300 350 400 450 500 Demand in thousands
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- Price and cost (dollars per student) $150 120 88 76 72 ATC 40 - MC MR 24,000 30,000 36,000 Quantity of students enroiled 15,000 Your college decides to offer a psychology course as a MOOC that can be taken by students anywhere in the world, whether they are actually enrolled in your college or not. The demand and cost situation for the MOOC is shown in the figure. The faculty member who designed the course argues: "I think the course should be priced so that the maximum number of students enroll." Which price should this faculty member favor? O A. $0 В. $40 C. $88 D. $150The table gives some of the costs of the Delicious Pie Company. The marginal cost per pie of increasing the output of pies from 100 to 200 is Total variable cost (dollars) Output (pies) 0 100 200 300 400 $8.00 $600 $6.00 $5.00 0 400 1,000 1,800 2,800 Total cost (dollars) 300 700 1300 2100 3100 ?How would you calculate a firms total cost and total revenue using this graph?
- Find the value of A. Quantity Total Cost $5,000 Fixed Cost Variable Cost Average Total Cost Average Fixed Cost Average Variable Cost $1,000 $1,000 $4,000| $7000 10 25 8000 A 40 11300 55 15050 70 19700 $8 $200 $280 $3201) Given the following cost and revenue schedule, find the profit-maximizing quantity. Calculate total profits, average cost and average revenue.. Quantity 0 10 20 30 40 50 60 70 Total Cost 400 500 625 775 950 1150 1375 1625 Total Revenue 0 600 900 1150 1350 1500 1600 1650 2) Plot the total revenue curve, total cost curve. 3) Given the cost and revenue schedule above, find the profit-maximizing quantity. Calculate the marginal cost and marginal revenue." 4) Plot the marginal cost curve and marginal cost curve. Apply the profit maximizing rule in the short-run. (The graph shows the short-run cost curves of a toy producer. The market has 1,000 identical toy producers. The market price of a toy is $21. In the short run, the firm produces toys a week. 24- 21- 18- 15- 12- 9- 0 500 1000 1500 2000 MC ATC AVC 2500
- 100 90 80 70 60 ATC 50 40 30 20 AVC МС О 10 + 0 0 5 10 15 20 30 35 40 45 50 QUANTITY (Thousands of shirts) or each price in the following table, use the graph to determine the number of shirts this firm would produce in order to maximize its profit. Assume hat when the price is exactly equal to the average variable cost, the firm is indifferent between producing zero shirts and the profit-maximizing uantity. Also, indicate whether the firm will produce, shut down, or be indifferent between the two in the short run. Lastly, determine whether it will nake a profit, suffer a loss, or break even at each price. Price Quantity (Dollars per shirt) (Shirts) Profit or Loss? Produce or Shut Down? Shut down 10 20,000 Loss Shut down 20 10,000 Loss Shut down 32 5,000 Loss Either 0 or 37,500 Shut down 40 Loss 25 COSTS (Dollars)The graph below depicts the cost curves faced by all firms in a particular industry. While the second graph show the total market demand (in thousands). Initially there are 500 firms. 10 B N 5 20 40 60 80 100 120 140 160 180 200 9 50 100 150 200 250 300 350 400 450 500 Demand in thousands What is the SR profit per firm? -80 240 0300 400What will be the firms total profit?
- Price and cost (dollars) 70 60 50 40 30 20 10 0 MC₁ 50 Quantity MC₂ 100 Demand 150 The demand for dishwashers facing the AllClean Co. is given in the figure above. The firm manufactures dishwashers in two plants. MC₁ and MC2 are the marginal cost curves for those two plants. How should the firm allocate total output between the two plants in order to maximize profit?Question 13 Table 12-3 Quantity 0 1 2 3 4 5 0 Total Cost $10.00 15.00 1750 Average Total Cost $15.00 8.75 7.50 7.50 8.00 875 964 Marginal Cost $5.00 2.50 5.00 7.50 10.00 12:50 22 50 30 00 40 00 52.50 7 67 50 11 85.00 10 63 9 105.00 11.67 20.00 Mary sells basketballs in a perfectly competitive market Table 123 sunemanzes Mary's ouput per day (O), total cost (TC), average total cost (ATC) and marginal cont (MC) 15:00 17:50 Refer to Table 12-3. What will Mary's output bo and how much profit will he ear if the market price of basketbi $7,507 OQ-3, prot- $7.50 OQ-0, prot- $10.00 OQ-4profit-50 O Price and profit cannot be determined from the information givenFor second graph; suppose there are 10 firms in this industry, each of which has the cost curves previously shown.