Assume that the cost data in the following table are for a purely competitive producer: Average Average Variable Average Marginal Total Product Fixed Total Cost Cost Cost Cost 1 $60.00 $45.00 $105.00 $45.00 30.00 42.50 72.50 40.00 3 20.00 40.00 60.00 35.00 4 15.00 37.5e 52.50 30.00 5 12.00 37.00 49.00 35.00 6. 10.00 37.50 47.50 40.00 7 8.57 38.57 47.14 45.00 8 7.50 40.63 48.13 55.00 6.67 43.33 50.00 65.00 10 6.00 46.50 52.50 75.00 Instructions: If you are entering any negative numbers be sure to include a negative sign (-) in front of those numbers. Select "No applicable" and enter a value of "0" for output if the firm does not produce. a. At a product price of $66.00 (i) Will this firm produce in the short run? Yes (ii) If it is preferable to produce, what be the profit-maximizing or loss-minimizing output? Profit-maximizing O output = 9 O units per firm (iii) What economic profit or loss will the firm realize per unit of output?Profit per unit = $ 16 b. At a product price of $41.00 (i) Will this firm produce in the short run? Yes (ii) If it is preferable to produce, what will be the profit-maximizing or loss-minimizing output? Loss-minimizingO output = 6 O units per firm (iii) What economic profit or loss will the firm realize per unit of output? Loss V per unit = $ -39 0 c. At a product price of $32.00 (i) Will this firm produce in the short run? No (ii) If it is preferable to produce, what will be the profit-maximizing or loss-minimizing output? Not applicable output = 0 O units per firm (iii) What economic profit or loss will the firm realize per unit of output? Total loss per unit = $ 60 0 Instructions: Enter your answers as a whole number. If you are entering any negative numbers be sure to include a negative sign (-) in front of those numbers. d. In the table below, complete the short-run supply schedule for the firm (columns 1 and 2) and indicate the profit or loss incurred at each output (column 3). (1) (2) Quantity Supplied, Single Firm (3) (4) Profit (+) or Loss (-) Quantity Supplied, 1,500 Firms Price $22.00 27.00 32.00 38.00 43.00 47.00 57.00
Assume that the cost data in the following table are for a purely competitive producer: Average Average Variable Average Marginal Total Product Fixed Total Cost Cost Cost Cost 1 $60.00 $45.00 $105.00 $45.00 30.00 42.50 72.50 40.00 3 20.00 40.00 60.00 35.00 4 15.00 37.5e 52.50 30.00 5 12.00 37.00 49.00 35.00 6. 10.00 37.50 47.50 40.00 7 8.57 38.57 47.14 45.00 8 7.50 40.63 48.13 55.00 6.67 43.33 50.00 65.00 10 6.00 46.50 52.50 75.00 Instructions: If you are entering any negative numbers be sure to include a negative sign (-) in front of those numbers. Select "No applicable" and enter a value of "0" for output if the firm does not produce. a. At a product price of $66.00 (i) Will this firm produce in the short run? Yes (ii) If it is preferable to produce, what be the profit-maximizing or loss-minimizing output? Profit-maximizing O output = 9 O units per firm (iii) What economic profit or loss will the firm realize per unit of output?Profit per unit = $ 16 b. At a product price of $41.00 (i) Will this firm produce in the short run? Yes (ii) If it is preferable to produce, what will be the profit-maximizing or loss-minimizing output? Loss-minimizingO output = 6 O units per firm (iii) What economic profit or loss will the firm realize per unit of output? Loss V per unit = $ -39 0 c. At a product price of $32.00 (i) Will this firm produce in the short run? No (ii) If it is preferable to produce, what will be the profit-maximizing or loss-minimizing output? Not applicable output = 0 O units per firm (iii) What economic profit or loss will the firm realize per unit of output? Total loss per unit = $ 60 0 Instructions: Enter your answers as a whole number. If you are entering any negative numbers be sure to include a negative sign (-) in front of those numbers. d. In the table below, complete the short-run supply schedule for the firm (columns 1 and 2) and indicate the profit or loss incurred at each output (column 3). (1) (2) Quantity Supplied, Single Firm (3) (4) Profit (+) or Loss (-) Quantity Supplied, 1,500 Firms Price $22.00 27.00 32.00 38.00 43.00 47.00 57.00
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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