55 56 57 P-46 C D 58 11. The Perfect Competition: Cost and Output Determination: Fill the red-colored cells 59 60 -1.Bell Bearings, Inc. feces costs of 61 production as follows. 62 The price of a case of bell bearings is $50, 63 which is given by the competitive market 64 in the short run 65 66 67 68 Tatal in e Fieed Variable .Q Cast Cest O 1 2 3 4 5 G 6 73 CEO decides to shut down operations for a while. 74 What are the firm's profits/losses 100 100 70 100 100 90 100 140 100 200 100 360 0 50 Averope Cest 100.00 50.00 33.33 25.00 20.00 1667 Average Variable Cast 50.00 35.00 30.00 35.00 40.00 60.00 Cest 100 150 170 190 240 300 460 Total Cast 150.00 85.00 63.33 60.00 60.00 76.67 M 69 Nute hot total revenue total amount of money a seller receive for selling a specified ints of goods For a competitive fim, Total Revenue (TR)-Price $500 70 Note that average revenue (AR)overage price, for a compettive fum AR P 71 te that morginal revenue (M)ese in total revenue (18) by selling one more und of output, for a competitive for 72 1.1 Seeing that she can't make a profit, the Marginal Cast from PING dollars 50 20 20 50 60 160 P First you'd better create new columns for total revenue and marginal reven 81 1.3 If you are the firm's CEO, how many cases would you produce in order to maximize profits or minimizes losses? 82 cases 75 dollar Total Profs/Loss Total Revenue- Total Co, where Total Revenue Price = $50q Please, be noted that Fixed cost must be paid even after a factory shuts down for a while. 76 77 1.2 Vaguely remembering his introductory economics course, the CFO tells the CEO it is better to produce 1 case of ball bearings, 78 because marginal revenue (price) equals morginal cost from 0 to 1 case, which is $50. 79 What are the firm's profits/losses at that level of production 80 83 84 1.4 What are the firm's profits or losses at the production level which makes firm's profits maximized or losses minimized? Total Prots/Los Total Revenue- Total Cost, where Total Revenue Price Q 85 86 dollars

55 56 57 P-46 C D 58 11. The Perfect Competition: Cost and Output Determination: Fill the red-colored cells 59 60 -1.Bell Bearings, Inc. feces costs of 61 production as follows. 62 The price of a case of bell bearings is $50, 63 which is given by the competitive market 64 in the short run 65 66 67 68 Tatal in e Fieed Variable .Q Cast Cest O 1 2 3 4 5 G 6 73 CEO decides to shut down operations for a while. 74 What are the firm's profits/losses 100 100 70 100 100 90 100 140 100 200 100 360 0 50 Averope Cest 100.00 50.00 33.33 25.00 20.00 1667 Average Variable Cast 50.00 35.00 30.00 35.00 40.00 60.00 Cest 100 150 170 190 240 300 460 Total Cast 150.00 85.00 63.33 60.00 60.00 76.67 M 69 Nute hot total revenue total amount of money a seller receive for selling a specified ints of goods For a competitive fim, Total Revenue (TR)-Price $500 70 Note that average revenue (AR)overage price, for a compettive fum AR P 71 te that morginal revenue (M)ese in total revenue (18) by selling one more und of output, for a competitive for 72 1.1 Seeing that she can't make a profit, the Marginal Cast from PING dollars 50 20 20 50 60 160 P First you'd better create new columns for total revenue and marginal reven 81 1.3 If you are the firm's CEO, how many cases would you produce in order to maximize profits or minimizes losses? 82 cases 75 dollar Total Profs/Loss Total Revenue- Total Co, where Total Revenue Price = $50q Please, be noted that Fixed cost must be paid even after a factory shuts down for a while. 76 77 1.2 Vaguely remembering his introductory economics course, the CFO tells the CEO it is better to produce 1 case of ball bearings, 78 because marginal revenue (price) equals morginal cost from 0 to 1 case, which is $50. 79 What are the firm's profits/losses at that level of production 80 83 84 1.4 What are the firm's profits or losses at the production level which makes firm's profits maximized or losses minimized? Total Prots/Los Total Revenue- Total Cost, where Total Revenue Price Q 85 86 dollars

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

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Cheek Cell 56 58 Il. The Perfect Competition: Cost and Output Determination: Fill the red-colored cells Tehal Total Averoge Average Average Marginal Cost frem Q-1 te Q Tetel cases Flxed Variable Flced -1.Ball Bearings, Inc. feces costs of producion as follows The priee of a cese of ball bearings is $50,100 s0 10000 5000 which is given by the competitive market 2 10。70 50.00 3S00 in the short run 0 100 62 63 150 170 190 150.00 85.00 63.33 50 500 300 100 90 33.33 10。140 25.00 100 200 2000 100 360 20 50 60 160 60.00 7687 68 Hote that hotol revnse total omount of money a seller receive for selling o specified wnits of goods. For a competetive firm, Total Revenue (TR)-Prke Ote fat overoge revese IAR-average price, for competitre r AR = P ote hat morgnal .evenue (MR)-increase n tonal revenue (TR) by seling one more o odpd for o c..enve res MR = P 1.1 Seeing that she cant make a profin, te First youd better create new columns for total revenue and CEO decides to shut down operations for a while. What are the firms profits /losses s50°O 70 73 75 76 dollars Total Profit/loss = Total Revenue . Total Cost, where Total Revenue Ξ PriceQ Please, be noted that Fixed cost must be paid even after a factory shuts down for a while. $50-a 1.2 Vaguely remembering his introductory economics course, the CFO tells the CEO a is better t produce 1 case of ball bearings, becouse marginal revense (price) equals marginal cost from 0 to 1 cave, which is $50 What are the firms profits/ losses at that level of production? dollars 80 totel revense and otal cost if one unt in produced and sold Then you com tigare oun the profe or loss by soving hotal re whot will be the If you are the firms CEO, how many cases would you produce in order to maximize profits or minimizes losses 82 1.4 What are the firms profits or losses at the production level which makes firms profits maxim orlosses are mn ged a,彻quothy sotifying MR MC, Note a competitive firms MR P (price) 85 86 Total Peolt/la: Total Revenue Total Cost, where Total Revenue Price-Q dollars DOL

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ENGR.ECONOMIC ANALYSIS

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NEWNAN

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