25. This question refers to the figure below which shows the price, marginal cost, and average costcurves facing a perfectly competitive firmthe short run.What is the total daily revenue of the profit-maximising firm in the short run?MCAC20PriceAVC6080100Output per daya)R800b)R2 000c)R960d)R720Cost, price (Rand)

Following are the information extracted from the graph: Price = 20 Quantity produces at the level…

25. This question refers to the figure below which shows the price, marginal cost, and average cost curves facing a perfectly competitive firm in the short run. What is the total daily revenue of the profit-maximising firm in the short run?

25. This question refers to the figure below which shows the price, marginal cost, and average cost curves facing a perfectly competitive firm in the short run. What is the total daily revenue of the profit-maximising firm in the short run?

ENGR.ECONOMIC ANALYSIS

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ISBN:9780190931919

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Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

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3. A profit-maximizing firm is perfectly competitive and is at long-run equilibrium. The output of the firm is 200 units and the total revenue is $1,200.00.Based on the information given, which of the following applies for the firm? The firm's marginal cost is $4.00. The firm's marginal cost is $6.00 The firm's marginal cost is $7.00 The firm's marginal cost is $9.00
Please answer F and show steps for the graph
A perfectly competitive firm has total revenue of $10,000 from its daily output. That output is the profit-maximizing output. The firm's average cost is $15, its marginal cost is $20, and its average variable cost is $10. What is the profit the firm is making at this output level? What total variable costs does it incur? Its total fixed costs? B Show transcribed image text
Answer the questions based on the table below - Complete the table below. - In which market does this firm operate? Explain your reasons. - Determine the equilibrium output. Calculate whether the firm will it be earning a profit or suffering a loss at equilibrium. Quantity(unit) Total Revenue($) Average Revenue($) MarginalRevenue($) TotalCost($) MarginalCost($) 1 10 5 2 18 11 3 24 16 4 28 20 5 30 23 6 30 25
Use the following table to answer the next question. The table shows the total costs associated with varying levels of output produced by a perfectly competitive firm. Output 0 1 2 3 4 Total Cost $1,400 1,600 2,000 2,600 3,500 4,800 If the product sells for $800 a unit, the firm's profit-maximizing output is
Slide 2 Questions: a. What is the total revenue of the firm at the optimum level of output? b. What is the total cost at the optimum level of output? c. What is the profit of the firm at the optimum (profit-maximizing) level of output? d. What is the average cost of each unit sold at the optimum level of output? Is the firm at its log-run equilibrium? If yes/no, why?
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