11 Help plz Read Eye on Smartphones.Explain why smartphone producers offer such a largevariety of their products.Draw a graph of a firm's cost and revenue curves if allsmartphones are identical. Use your graph to illustrate theeffects of the firm introducing a new, differentiatedsmartphone.1. Smartphone producers offer such a large variety of theirproductsOA. to minimize total fixed costOB. to minimize average variable costC. to maximize profitOD. because the research and development requiredlowers average fixed cost2. The graph shows the market for smartphones. Onedemand curve represents the demand curve faced by afirm in a market that produces differentiated smartphones.The other demand curve represents the demand curvefaced by a firm in a market that produces identicalsmartphones.Draw a point to show the quantity of smartphones boughtand cold and the nring when the firma in a madent mundinn6OSelected:noneOll87&7EO*88▸300-O250+200-150-100-50-0-0Price and cost (dollars per smartphone)MR500750 1000Quantity (smartphones per day)9250.. Delete Clear>>> Draw only the objects specified in thequestion.?%MC0Do1250 15NextD₁XCanvas.supportd?ES Draw a graph of a firm's cost and revenue curves if allsmartphones are identical. Use your graph to illustrate theeffects of the firm introducing a new, differentiatedsmartphone.1. Smartphone producers offer such a large variety of theirproductsO A. to minimize total fixed costB. to minimize average variable costC. to maximize profitD. because the research and development requiredlowers average fixed cost2. The graph shows the market for smartphones. Onedemand curve represents the demand curve faced by afirm in a market that produces differentiated smartphones.The other demand curve represents the demand curvefaced by a firm in a market that produces identicalsmartphones.Draw a point to show the quantity of smartphones boughtand sold and the price when the firms in a market produceidentical smartphones. Label it 1.IDraw a point to show the quantity of smartphones boughtand sold and the price when the firms in a market producedifferentiated smartphones. Label it 2.300-250-200150-100-50-0-0Price ar250Qua>>> Draw only

If a product is significantly distinct from those of other companies, it is said to be product…

Read Eye on Smartphones. Explain why smartphone producers offer such a large variety of their products. Draw a graph of a firm's cost and revenue curves if all smartphones are identical. Use your graph to illustrate the effects of the firm introducing a new, differentiated smartphone. 1. Smartphone producers offer such a large variety of their products O A. to minimize total fixed cost OB. to minimize average variable cost C. to maximize profit D. because the research and development required lowers average fixed cost 2. The graph shows the market for smartphones. One demand curve represents the demand curve faced by a firm in a market that produces differentiated smartphones. The other demand curve represents the demand curve faced by a firm in a market that produces identical smartphones. Draw a point to show the quantity of smartphones bought and cold and the ninn whan the firma in a madent nende inn 300- 250- 200- 150- 100- 50- 0 Price and cost (dollars per smartphone) 250 500 Quantity (smartphones per day) MC MR 750 1000 1250 >>> Draw only the objects specified in the question. Do D₁ 15 Can

Read Eye on Smartphones. Explain why smartphone producers offer such a large variety of their products. Draw a graph of a firm's cost and revenue curves if all smartphones are identical. Use your graph to illustrate the effects of the firm introducing a new, differentiated smartphone. 1. Smartphone producers offer such a large variety of their products O A. to minimize total fixed cost OB. to minimize average variable cost C. to maximize profit D. because the research and development required lowers average fixed cost 2. The graph shows the market for smartphones. One demand curve represents the demand curve faced by a firm in a market that produces differentiated smartphones. The other demand curve represents the demand curve faced by a firm in a market that produces identical smartphones. Draw a point to show the quantity of smartphones bought and cold and the ninn whan the firma in a madent nende inn 300- 250- 200- 150- 100- 50- 0 Price and cost (dollars per smartphone) 250 500 Quantity (smartphones per day) MC MR 750 1000 1250 >>> Draw only the objects specified in the question. Do D₁ 15 Can

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter13: Firms In Competitive Markets

Section: Chapter Questions

Problem 7PA

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The folowing diagram shows the curves for perceived demand, marginal revenue, and cost for Manuela's Pizza, which serves Mexican-style pizza. Manuela's is one of many other fast food restaurants in this town. MC Price and Cost ATC Demand Quantity of piezas Which statement describes the transibon to the long nun? Select the best answer. O More fast food restaurants will enter the market, and Manuela's demand curve will become more elastic. Manuela's will raise its prices since there is a large demand for its pizzas. O More fast food restaurants will enter the market, and Manuela's demand curve will become more inelastic. Manuela's will experience lower costs of production because it will expand its output.
Maria manages a bakery, that specializes in ciabatta bread, and has the following information on demand and costs: Ciabatta Bread Sold Price Total Cost Per Hour (Q) (P) (TC) $1.50 $6.00 1 5.50 6.00 5 00 4 50 9.50 3 12.50 4.00 15.00 5 3.50 17.00 6 3.00 18.50 7 2.50 20.50 8 2.00 23.50 a. To maximize profits, Maria should sell loaves of ciabatta bread per hour. (Enter your response as an integer.) Maria should charge a price of $ (Enter your response rounded to two decimal places.) Maria's maximum profit is S (Enter your response rounded to two decimal places.) b. The marginal revenue when selling the profit-maximizing number of loaves of ciabatta bread is S: (Enter your response rounded to two decimal places.) The marginal cost when selling the profit-maximizing number of loaves of ciabatta bread is S (Enter your response rounded to two decimal places.)
Maria manages a bakery, that specializes in ciabatta bread, and has the following information on demand and costs: Ciabatta Bread Sold Per Price Total Cost Hour (Q) (P) (TC) $6.00 $1.50 1 5.50 5.00 2 5.00 7.50 3 4.50 9.50 4 4.00 11.00 3.50 12.00 6 3.00 12.50 7 2.50 13.50 8 2.00 15.50 a. To maximize profits, Maria should sell loaves of ciabatta bread per hour. (Enter your response as an integer.)
Suppose that the manager of a donut shop tellsyou that he sold 220 donuts today, for a total revenue of $220 and average revenue of $0.90. What’swrong with this story?
JYour business has the capacity to produce up to 5 units/week. The table & graph below show average cost (AC) for different weekly production levels. Your objective is to maximize profit each week. Average Cost 22 20 AC 18 1 20 14 2 15 12 3 12 10 1 2 4 4 13 Quantity 15 Your product sells in the market for $21/unit, and you can sell as many units at that price as you can bring to market. You know from your economics training that deciding how much to produce should rely on marginal concepts like marginal cost (MC). So, based on the AC table above, create a table that shows the MC of each unit. (Assume that there are no fixed costs, so total costs are zero if Q=0.) Based on MC for each unit, determine the profit-maximizing quantity to produce and sell. BRIEFLY explain your answer. (Your answer needs to be based on MC and being able to sell each unit for $21.) AC ($/unit)
Maria manages a bakery, that specializes in ciabatta bread, and has the following information on demand and costs: Ciabatta Bread Sold Price (P) Per Hour (Q) 0 123 456 7 8 $6.00 5.50 5.00 4.50 4.00 3.50 3.00 2.50 2.00 Total Cost (TC) $2.00 6.00 9.00 11.50 13.50 15.00 16.00 17.50 20.00 loaves of ciabatta bread per hour. (Enter your response as an integer.) a. To maximize profits, Maria should sell Maria should charge a price of $ (Enter your response rounded to two decimal places.) Maria's maximum profit is $ (Enter your response rounded to two decimal places.) b. The marginal revenue when selling the profit-maximizing number of loaves of ciabatta bread is $ (Enter your response rounded to two decimal places.) The marginal cost when selling the profit-maximizing number of loaves of ciabatta bread is $. (Enter your response rounded to two decimal places.)
Maria manages a bakery, that specializes in ciabatta bread, and has the following information on demand and costs: Ciabatta Bread Sold Per Hour (Q) Price (P) Total Cost (TC) 0 $6.00 $1.50 1 5.50 6.00 2 5.00 9.50 3 4.50 12.50 4 4.00 15.00 5 3.50 17.00 6 3.00 18.50 7 2.50 20.50 8 2.00 23.50 a. To maximize profits, Maria should sell nothing loaves of ciabatta bread per hour. (Enter your response as an integer.)
3. Profit maximization using total cost and total revenue curves Suppose Ana runs a small business that manufactures shirts. Assume that the market for shirts is a perfectly competitive market, and the market price is $20 per shirt. The following graph shows Ana's total cost curve. Use the blue points (circle symbol) to plot total revenue and the green points (triangle symbol) to plot profit for the first seven shirts that Ana produces, including zero shirts. TOTAL REVENUE, TOTAL COST, AND PROFIT (Dollars) Total Revenue A 125 100 Total Cost ☐ Profit 200 175 150 75 50 ༔་ཎྜ་ ྴ་སྐྱ ིི་ཐྭ་8་མ་° 1 2 3 4 5 6 7 8 QUANTITY OF OUTPUT (Shirts) (?) Calculate Ana's marginal revenue and marginal cost for the first seven shirts she produces and plot them on the following graph. Use the blue points (circle symbol) to plot marginal revenue and the orange points (square symbol) to plot marginal cost. Note: Be sure to plot marginal values between the appropriate whole unit values. For instance, plot…
Maria manages a bakery, that specializes in ciabatta bread, and has the following information on demand and costs: Ciabatta Bread Sold Price Per Hour (Q) (P) 0 $6.00 1 5.50 2 5.00 3 4.50 4 4.00 5 3.50 6 3.00 7 2.50 8 2.00 Total Cost (TC) $2.00 6.50 10.00 13.00 15.50 17.50 19.00 21.00 24.00 loaves of ciabatta bread per hour. (Enter your response as an integer.) a. To maximize profits, Maria should sell Maria should charge a price of $ Maria's maximum profit is $ (Enter your response rounded to two decimal places.) (Enter your response rounded to two decimal places.) (Enter your b. The marginal revenue when selling the profit-maximizing number of loaves of ciabatta bread is $ response rounded to two decimal places.) The marginal cost when selling the profit-maximizing number of loaves of ciabatta bread is $. (Enter your response rounded to two decimal places.)
The firm has total revenue $100 and producing total 10 cell phone. How would I calculate average revenue of the firm?
4. Francois owns a motel and monopolizes motel rooms along a remote stretch of south Texas highway. In March, Francois stayed open even though he earned negative economic profits. a. Draw a correctly and thoroughly labeled graph for Francois' motel during March and include each of the following: i. The profit-maximizing quantity and price, labeled QF and PF ii. The average total cost curve, labeled ATC iii. The rectangle indicating the negative economic profit, lightly shaded. b. What explains explains why Francois continued operating during March even though he was earning negative economic profits? c. In April, the fixed costs for Francois' motel decrease. Would Francois' profit-maximizing quantity increase, decrease, or stay the same in April? Explain.
TOTAL COST AND REVENUE (Dollars) 100 Total Cost ם Total Revenue 75 50 -25 A 50 0 1 2 5 QUANTITY (Shirts) A A Profit Calculate Neha's marginal revenue and marginal cost for the first seven shirts she produces and plot them on the following graph. Use the blue points (circle symbol) to plot marginal revenue and the orange points (square symbol) to plot marginal cost. (?) COSTS AND REVENUE (Dollars per shirt) 30 25 225 20 15 10 о OO 2 3 A 5 6 QUANTITY (Shirts) Marginal Revenue + Marginal Cost Neha's profit is maximized when she produces 10 shirts. When she does this, the marginal cost of the previous shirt she produces is $ which is than the price Neha receives for each shirt she sells. The marginal cost of producing an additional shirt (that is, one more shirt than would maximize her profit) is S than the price Neha receives for each shirt she sells. Therefore, Neha's profit- maximizing quantity corresponds to the intersection of the which is curves. Because Neha is a price taker, this…