4. Assume that a perfectly competitive firm has the schedule of total fixed and total variable costs given in the table below. Fill in the total cost column. Output TFC 0 $500 2 500 4 500 6 500 8 500 10 500 Output 0 2 4 6 8 10 $ 50 150 250 TVC $0 200 340 590 1000 1650 (a) Complete the table below to show the total revenue and total profit of the firm at each level of output the firm might produce. Assume market prices of $50, $150, and $250. $ $ Market price = $50 Total revenue TC Profit (+) or loss (-) $ Market price = $150 Total revenue $ Profit (+) or loss (-) $ Market price = $250 Total revenue $ Profit (+) or loss (-) $

4. Assume that a perfectly competitive firm has the schedule of total fixed and total variable costs given in the table below. Fill in the total cost column. Output TFC 0 $500 2 500 4 500 6 500 8 500 10 500 Output 0 2 4 6 8 10 $ 50 150 250 TVC $0 200 340 590 1000 1650 (a) Complete the table below to show the total revenue and total profit of the firm at each level of output the firm might produce. Assume market prices of $50, $150, and $250. $ $ Market price = $50 Total revenue TC Profit (+) or loss (-) $ Market price = $150 Total revenue $ Profit (+) or loss (-) $ Market price = $250 Total revenue $ Profit (+) or loss (-) $

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Refer to the figure above. Firm operating in perfectly competitive market will shut-down production in the short run if the market price ______. is higher than $6 is higher than $3 is $4 falls below $3
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Ques 6 For a firm to be in equilibrium, Marginal Revenue (MR) and Marginal Cost (MC) must be and beyond that level of output Marginal Cost must be " (Fill up the blank)
(? 100 90 80 70 60 50 40 АТС 30 20 AVC 10 MC O 10 20 30 40 50 60 70 80 90 100 QUANTITY (Thousands of pounds) COSTS (Dollars per pound)
Click on the table icon that shows the fixed costs, variable costs, and total costs for different output levels. Then use this data to help fill in the missing information in the table below. Quantity 0 1 2 3 Average Average Fixed Cost Variable Cost 4.67 - $5.00 Average Total Cost $ 15.00 C Price Quantity B
COSI MC АТС AVC MR 15 14 11 750 1,100 1,350 1,800 Quantity Figure 12-5 shows cost and demand curves facing a typical firm in a constant-cost, perfectly competitive industry. Refer to Figure 12-5. to answer the following questions, assuming market price is $20. a. What is the profit maximizing quantity produced by the firm? 1350 b. What is the average total cost incurred by the firm at that quantity? 15 20
Suppose that a firm in a competitive market has the following cost curves: PRICE 20 18 16 4 13 12 10 14 8 6 4 2 MC 1 2 3 QUANTITY ATC AVC 5 Refer to Figure 14-1. If the market price is $5, the firm will earn a. negative economic profits in the short run but remain in business. b. negative economic profits and shut down. c. zero economic profits in the short run. O d. positive economic profits in the short run.