The graph to the right depicts the daily total cost and total revenue curves for a firm. If the firm chooses the profit maximizing level of output, it will earn a profit of $ per day. (Round your answer to the nearest penny)

The graph to the right depicts the daily total cost and total revenue curves for a firm. If the firm chooses the profit maximizing level of output, it will earn a profit of $ per day. (Round your answer to the nearest penny)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

See similar textbooks

Related questions

Q: 4. Government purchases: Suppose Congress and the president decide to increase government purchases…

A: The inverse relationship between the rate of interest and the level of output is depicted by the IS…

Q: The existence of lags in designing and implementing fiscal policy helps Illustrate some of the…

A: Fiscal policy is the policy that explains the government controls the economy by using the tool of…

Q: On the graph, use the purple point (diamond symbol) to indicate the new equilibrium exchange rate…

A: Introduction Under a flexible exchange rate system, the exchange rate is determined by market forces…

Q: Analyze what should be the optimal monetary policy in the UK in the short and medium run and an how…

A: In the short and medium run, the optimal monetary policy in the UK should aim to achieve low and…

Q: Refer to Figure 3.7. A decrease in demand is represented by the movement from D2 to D1. from D2 to…

A: A demand curve depicts the inverse relationship between price and quantity demanded, keeping other…

Q: QUESTION 1 High private damage awards typically improve the functioning of cartel leniency…

A: Introduction A cartel is a formal agreement between a group of producers of a good or service to…

Q: USA/Fiji No-Tax Tax No-Tax (10000,-99989) (10100,-89990) Tax (9900,-9989) (10000,10) a. Only the US…

A: A pure Nash Equilibrium is a situation in a game where no player can improve their payoff by…

Q: A monopolist sells the same good in two geographically separated markets, market 1 and market 2. The…

A: In a monopoly market structure, There exists a single seller. The firm will produce where the…

Q: Suppose you are considering whether to purchase a house off of Lake Erie for $400,000. You expect…

A: The money that is left over after all costs have been deducted from the entire amount of revenue is…

Q: Is this an economy where the CB sets the money supply (exogenous) or sets the interest rates…

A: As per the given information, LM function is a representation of a graphical presentation of the…

Q: MC = AC = 5, facing one possible entrant. That entrant must enter with an output no less than 4…

A: Market demand is given by P = 28 - 1⁄2 Q. There is a single incumbent firm with constant MC = AC =…

Q: 1. Is there a Nash Equilibrium of this game in which Fiji improves its payoffs relative to the…

A: Nash equilibrium explains a situation in which each of the players in a given game selects a…

Q: The Mankiw-Romer-Weil (1992) model. Assume the production function is given by KaH³(AL) ¹-a-B where…

A: Production functionY=KαHβ(AL)1-α-β α and β are constant between 0 &1Physical capital…

Q: Thanks for the response. Can you give a real work example of it

A: Finding and creating new ideas, concepts, and products is the process of research and development,…

Q: Labor Output (workers per week) (units per week) 0 0 1 20 2 50 3 70 4 85 5 95 6 100 Use the above…

A: Given:- Price=$500TFC=$600Unit produce=95 To calculate:- ATC at 95 unit=?MC at 90 unit=? Please find…

Q: At what price, will demand be equal to 728 for the following demand function Q(P) = 3403 – 25 P

A: Demand curve is negatively sloped showing different combinations of price and quantity demanded.

Q: 2. Answer the following questions based on the information given below: Autonomous consumption = $10…

A: Aggregate expenditure is a sum of consumption spending, investment spending, government spending and…

Q: Consider the case of a monopolist who charges the same price to all consumers. The demand for the…

A: A monopolist is a single firm in the market producing unique good without facing any competition…

Q: Don and Melinda are each allocated 10 apples. Initially, Don's marginal worth for an apple is $0.75,…

A: The right response is (c) both (a) and (b). Don initially values an apple at $0.75, while Melinda…

Q: What is a budget and why is budgeting important?

A: A budget is a financial plan that outlines an individual's or organization's expected income and…

Q: 1. A careful empirical study estimates that the (inverse) demand curve for fire protection services…

A: a. The demand curve is given by P=20-(Q/2). We can plot this equation on a graph by setting P on the…

Q: T/F/U. If I have two points describing the supply of Tesla's Cyber Truck: Point b--$70,999; 234…

A: Price elasticity of supply measures the responsiveness of change in quantity supplied to change in…

Q: Lagatt Green is a monopoly beer producer and distributor operating in the hypothetical economy of…

A: In monopoly , Profit is maximized where MR = MC MR is the marginal revenue MC = Marginal Cost…

Q: The graph above represent a market with a tax policy. Following the implementation of a tax, some…

A: The equilibrium is where the demand curve intersects the supply curve. The imposition of tax…

Q: Could I have this answered using the updated Phillips curve model, that is, using inflation instead…

A: The Philips Curve is a macroeconomic concept that shows the inverse relationship between…

Q: A Following the implementation of a tax, some existing producers remain in the market. However, for…

A: Producers surplus is the difference between the actual market price and the minimum amount a…

Q: special-purpose machine tool set would cost $20,000. The tool set will be financed by a $10,000…

A: Marginal tax revenue is the additional tax revenue generated from a small increase in the tax rate.…

Q: Use the following to answer questions 12-14: .A monopolist faces two consumer groups: old and young.…

A: Monopolist: A monopolist is a single seller in the market and hence he faces the downward sloping…

Q: explain demand and suply theory on rising food prices in poor countries.

A: The demand and supply theory can help explain why food prices tend to rise in poor countries.…

Q: Q 5P + (1.8) .81, SER = 1.75. Where Q is monthly sales quantity of screen guard computer glasses P…

A: Based on the given information, Maurice Smith estimated the demand for his 'screen guard' computer…

Q: Two years ago, Adrienne and William earned $90,450 and paid $10,854 in Income tax. Last year, the…

A: Disposable income is that level of income which is left with the household after paying taxes and…

Q: Consider a utility function l(X_{A}, X_{B}) = X_{A}*X_{B} Let P_{A} =\$3 and P_{B} =\$2. and income…

A: Before the price change, the optimal consumption bundles can be found by solving the following…

Q: If you are an American, and you agree to pay 100 Euro to another person in 6 months, who bears the…

A: The currency is the term used for money in any form such as paper, or coin issued by the government…

Q: Analyze what should be the optimal monetary policy in the UK in the short and medium run and an how…

A: Introduction The economy of the United Kingdom (UK) has been affected by a range of factors in…

Q: The inverse demand function in the industry is p(y)=10-2y. The marginal costs are constant and equal…

A: The perfectly competitive market refers to the market where large number of buyers and sellers exist…

Q: were the answer Globalization and the Asia Pacific and South Asia 1,2,3 numkber? please kindly…

A: The first three questions under the Topic "Globalization and the Asia Pacific" have been answered.…

Q: Refer to the above diagram where Ig is gross Investment, X is exports, G is government purchases, S…

A: For the equilibrium in the economy , the general condition is that the real GDP (Y) in the economy…

Q: Suppose John experienced an increase in income of $2,500 due to a tax reduction. Assume that people…

A: Multiplier: Multiplier tells if the autonomous variable (like tax) changes by 1 unit, then by how…

Q: QUESTION 7 Consider a market with two differentiated goods. Demand for good 1 is given by D₁ =…

A: The term "substitute goods" refers to commodities or services that can be used in lieu of one…

Q: Carl and Simon are the only sellers of pumpkins at the market, where the total demand function for…

A: Carl and Simon are the only sellers of pumpkins at the market, where the total demand function for…

Q: Explain and illustrate how a fiscal expansion can be accomodated by a monetary expansion in IS/LM…

A: In the IS/LM framework, fiscal policy refers to changes in government spending and taxation, while…

Q: Could you solve question D as well

A: The term "LM" stands for the Liquidity-Money Supply framework, an economic model that depicts the…

Q: Money velocity in the country of Ecoland is always stable. In 2019 (the base year), the money supply…

A: Quantity theory of money shows the relationship between the money supply , velocity of money, price…

Q: In terms of economic development, which of the following countries is presently considered to be a…

A: Countries are classified between two groups, i.e., developed and developing based on various factors…

Q: Which of the following is some evidence we discussed in lecture that trade affects firms of…

A: Introduction: The "China shock" refers to the period from the early 2000s onwards when China emerged…

Q: 4. Assume that the production function is Q = 2√KL. Label the isoquants in the diagram below to…

A: The production function is related with capital and labor. It is the function of both labor and…

Q: Sam is in equilibrium and is spending his income where the marginal utility of shoes is 20 units and…

A: A rational consumer seeks to maximize the utility or satisfaction received in spending his or her…

Q: 5. Bill Smith is the new Marketing Director at the Jonesfield Ham Company. In the interest of…

A: The confidence level identifies the likelihood that an estimate of a statistical parameter's…

Q: Two investment projects are being evaluated based on their payback periods. The first alternative…

A: Payback Period: The amount of years required to repay the initial cash investment is known as the…

Q: 1. Consider a pure exchange economy with two goods and two consumers. Let F denote food and C denote…

A: Pareto efficient: It is that allocation (A) where there doesn't exist any allocation which is pareto…

Question

100%

The graph to the right depicts the daily total cost and total revenue curves for a firm.
If the firm chooses the profit maximizing level of output, it will earn a profit of $ per day.
(Round your answer to the nearest penny.)
Revenue and Costs (3)
1,180
1910
624
480
48
91 118
Output (per day)
TR
a
a
G

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1: Introduction

VIEW

Step 2: Explanation

VIEW

Solution

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 3 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.

Similar questions

Complete the table below: Output TotalCost(RM) Totalvariablecost(RM) Totalfixedcost(RM)Averagefixedcost(RM)Averagetotalcost(RM)Marginalcost (RM) 0 505 16010 20020 25036 33058 40072 48088 580106 700130 820150 980
Total Costs (000s of dollars) 20 000 18 000 16 000 14 000 12 000- 10 000- 8 000 6 000 4 000 2000 0 4000 0 2000 5 1000 10 15 20 Output (golf carts per month) TC TVC Refer to the figure. How much is the total cost (TC) when the total output is zero? TFC T 25 30
Calculate total revenue given:- Profit = $500 Total cost = $1100
Output (unit) Total cost (RM) Total fixed cost (RM) Total variable cost (RM) Average fixed cost (RM) Average variable cost (RM) Average total cost (RM) Marginal cost (RM) 0 600 600 - - - - - 10 1050 600 450 60 45 105 45 20 1450 600 850 30 42.5 72.5 40 30 1800 600 1200 20 40 60 35 40 2100 600 1500 15 37.5 52.5 30 50 2450 600 1850 12 37 49 350 60 2850 600 2250 10 37.5 47.5 40 70 3300 600 2700 8.57 38.57 47.14 45 80 3850 600 3250 7.5 40.625 48.125 55 90 4500 600 3900 6.67 43.34 50 65 100 5250 600 4650 6 46.5 52.5 75 Which time period is the firm operating? Why?
The following graph illustrates the weekly demand curve for motorized scooters in Madison. Use the green rectangle (triangle symbols) to compute total revenue at various prices along the demand curve. Note: You will not be graded on any changes made to this graph. PRICE (Dollars per scooter) 325 300 275 250 225 200 175 150 125 100 75 50 25 0 0 10 A + 20 30 X B Demand 40 50 60 70 80 QUANTITY (Scooters) 90 100 110 120 130 Total Revenue ?
F a) Draw the demand process cycle and label it fully. b) A door company has the following materials in inventory. Inspect the table below and answer the following questions Material Average (in Kilograms) Price Aluminum 3884 $3.0 Steel 5850 $1.4 Iron 200 $1 Work in Progress Average Price Fence 78 230 Final Products Average Price Door 300 300 Window 550 240 i. Calculate the number of turns. ii. Calculate the cost per day.
5. Costs in the short run versus in the long run Ike's Bikes is a major manufacturer of bicycles. Currently, the company produces bikes using only one factory. However, it is considering expanding production to two or even three factories. The following table shows the company's short-run average total cost (SRATC) each month for various levels of production if it uses one, two, or three factories. (Note: Q equals the total quantity of bikes produced by all factories.) Number of Factories 1 2 3 Q = 100 Q 200 440 280 380 480 620 800 Average Total Cost (Dollars per bike) Q = 300 Q = 400 240 320 240 240 320 240 Q = 500 480 380 280 Q = 600 800 620 440 Suppose Ike's Bikes is currently producing 100 bikes per month in its only factory. Its short-run average total cost is $ per bike. Suppose Ike's Bikes is expecting to produce 100 bikes per month for several years. In this case, in the long run, it would choose to produce bikes using On the following graph, plot the three SRATC curves for…
PRINT YOUR NAME (LAST) (FIRST) Aggregate Cost Data Unit Cost Data Average Average Average I Fixed Variable Total Cost TC Marginal Quantity Fixed Variable Total Change in I Cost of Output (FC) (VC) Cost ATC Cost Cost Total Cost (TC) (ATC) Plot MC at Output Cost Cost IFC VC $600 $ 0 $ 600 I XX XX XX XX $3.00 $300 50 100 600 300 900 I $6.00 $3.00 $9.00 100 1.00 150 200 600 400 | 3.00 2.00 5.00 50 .50 - 250 300 1050 I 2.00 1.50 1.00 350 400 1150 I 1.50 1.38 2.88 200 2.00 - 450 500 600 750 1350 I 1.20 1.50 550 600 600 1200 1800 3.00 10.00 - 650 700 2200 2800 I.85 3.15 PLOT THE APPROPRIATE DATA FROM THE PRECEDING TABLE ON THE GRAPHS ON P. 134 AND 135 BEFORE ANSWERING THE EIGHT QUESTIONS BELOW. QUESTIONS 5-8 ARE ON PAGE 136. 1. How is marginal cost (ATC/AQ) represented in your graph on page 134? 2. On your graph on page 135 Variable Cost per unit (VC/Q or average variable cost) is at a minimum at an output level of, units. 3. On your graph on page 135 Total Cost per unit (TC/Q or average…
Quantity (Q) 1 2 3 456700 8 Total Fixed Cost (TFC) 50.00 50.00 50.00 50.00 50.00 50.00 50.00 50.00 Total Variable Cost (TVC) 0.00 17.00 30.00 41.00 48.00 57.00 77.00 81.00 Total Cost (TC) Average Average Average Fixed Variable Total Cost Cost Cost (AFC) (AVC) (ATC) Marginal Cost (MC)
Output quantity Total variable cost Total cost 0 $0 $250 25 450 50 300 X 75 375 100 600 850 125 X 1125 150 1200 X 175 1875 200 2000 2250
What is the total cost associated with producing eight units of the control varlable, a (identify point B in the tablej? 34 Marginal Harginal Harginal Net Bеnefit Control Total Net Costs Benefits Benefit Total variable Benefits Cost Sepped B(Q) C(Q) MB(0) MC(0) MND (0) 900 100 800 900 100 800 2 1,700 300 800 200 600 2,400 600 1,800 700 E 400 1,000 1,500 400 500 2,000 2,000 1,800 1,400 4 600 200 3,500 500 3,900 2,100 D 600 -200 4,200 4,400 4,500 2,800 300 700 -400 800 200 800 -600 4,500 100 900 -800 10 4,500 5,500 -1,000 1,000 -1,000 Mutiple Choice 3,000 3,600 3,800 4,200
If a firm has total revenue of $30,000 for January and the cost for the month are $26000 Calculate total profit