Dollars A C нк 0 G MC O L units and charge price K. M units and charge price N. E units and charge price C. O E units and charge price A. MR ATC ELM Quantity 36. Refer to the diagram. To maximize profits or minimize losses, this firm should produce Demand

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Perfect Competition MC - Marginal Cost MR - Marginal Revenue ATC - Average Total Cost Refer to the figure above. If this firm is producing the profit-maximizing quantity and selling it at the profit-maximizing price, the firm's  profit will be:     $240     $160     $80     $60

3. The components of marginal revenue Jabar's HookNLadder is the only company selling fire engines in the fictional country of Alexandrina. Jabari initially produced five trucks, but then decided to increase production to six trucks. The following graph gives the demand curve faced by Jabari's HookNLadder. As the graph shows, in order to sell the additional fire truck, Jabari must lower the price from $160,000 to $120,000 per truck. Notice that Jabari gains revenue from the sale of the additional engine, but at the same time, he loses revenue from the initial five engines because they are all sold at the lower price. Use the purple rectangle (diamond symbols) to shade the area representing the revenue lost from the initial five engines by selling at $120,000 rather than $160,000. Then use the green rectangle (triangle symbols) to shade the area representing the revenue gained from selling an additional engine at $120,000. PRICE (Thousands of dollars per fire engine) 200 100 100 140 120…

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The cost data in the following table are for Marshall’s Meats, a perfectly competitive firm.   Round your answers to 2 decimal places.  Output Average Variable Cost AverageTotal Cost MarginalCost Total Cost 0 /   /   /   $ 95   1 $   $   $   115   2       125   3       150   4       200   5       270   6       350   7       450     a. Complete above the table. b. What is the break-even price?    Break-even price: $       c. What is the shutdown price?    Shutdown price: $ d. If the market price of the product is $50, what quantity will Marshall’s Meats produce? What will be its profit or loss?        Quantity: ;           : $ e. If the market price of the product is $100, what quantity will Marshall’s Meats produce? What will be its profit or loss?     Quantity: ;           : $

Price, cost of bushel $30 MC 26 22 ATC 18 14 10 Break-even price 2 1 4. 6. Quantity of tomatoes (bushels) Look at the figure Total Cost for Tomato Producers. The market for tomatoes is perfectly competitive. The market price of a bushel of tomatoes is $14. The farmer's total cost at the profit-maximizing number of bushels is: O $3.50. $14.00. $56.00. O $72.00. O None of these options is correct.

Galaxy is a firm in perfectly competitive market. Galaxy currently produces and sells 400 units of toys. Its total revenue is $4,000; the marginal cost of producing the last toy  is $12; and the average total cost of producing the the last toy is $8. Is the Galaxy maximizing its profit, or should it increase or decrease output in order to increase its profit? Explain to get full credit.

Question 12 Examine the graph below. Assume this firm is producing at its profit-maximizing output. In the long run, if prices remain as shown here, this firm will SA MC ATC 13 12 11 10 AVC 6 6 0 3 8 0 12 15 18 21 q stay in the market and make a profit have zero economic profit O exit the market shut down have losses equal to fixed costs 9 B 7