
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN: 9780190931919
Author: NEWNAN
Publisher: Oxford University Press
expand_more
expand_more
format_list_bulleted
Question
Please take as many qustion fo rthis to complete this question It need to come together so i am getting it in bits and pieces. Unfortunitely with this one you need all info to complete\.

Transcribed Image Text:Table (a) shows the cost data for Farmer Mill, a barley farmer. Round your answers to 2 decimal places.
a) Complete table (a).
Total
Average
Total Cost
Average
Variable
Total
Variable
Marginal
Cost ($)
Quantity
Cost ($)
Cost ($)
(5)
Cost ($)
8
1
14
6
6
14
18
10
9
5
2
4
24
5.33
16
4
32
24
8
8
5
42
34
10
8.4
6.8
54
46
7.67
12
9.71
8.57
7
68
60
14
b) What are the values of the break-even and shutdown prices? Round your answer to 2 decimal places.
Break-even price: $
Shutdown price: $
c) Given the prices shown in column 1 of the following table, complete columns 2, 3. 4, and 5. (Assume that partial units cannot be
produced.)
(1)
(2)
(3)
(4)
(5)
(6)
(7)
Total
Quantity
Demanded
672
(8)
Total
Total
Total
Total
Profit(+)/
Loss(-)($)
Quantity
Supplied 1
Quantity
Supplied 2
Price($)
Output
Revenue ($)
Cost($)
4
-8
7
3
-3
576
4
36
31
480
11
55
42
13
384
13
96
54
18
288
d) Suppose that there are a total of 120 farms in the barley market, including and identical to Farmer Mills'. Show the total supply in
![c) Given the prices shown in column 1 of the following table, complete columns 2, 3. 4, and 5. (Assume that partial units cannot be
produced.)
(1)
(2)
(3)
(4)
(5)
(7)
(6)
Total
Quantity
Supplied 1
(8)
Total
Quantity
Supplied 2
Total
Total
Total
Revenue ($)
Profit(+)/
Loss(-) ($)
Quantity
Demanded
Price($)
Output
Cost($)
4
8
-8
672
7
3
21
24
-3
576
4
36
31
480
11
55
42
13
384
13
96
54
18
288
d) Suppose that there are a total of 120 farms in the barley market, including and identical to Farmer Mills'. Show the total supply in
column 6 of table(b).
e) If the market demand for barley is as shown in column 7. what will be the equilibrium price and quantity traded?
Price: $
Quantity traded:
f) At the equilibrium price, what quantity will Farmer Mill produce, and what will be her profit? What will be the industry profit?
Quantity
Firm profit: $
]: Industry profit: $
9) As a result of your answer in (f). will firms enter or leave this industry?
(Click to select)
h) Suppose that, in the long run, the number of firms increases by 60 percent. Show the new totals in column 8 of table (b). As a result,
what will be the new equilibrium price? What quantity will Farmer Mill produce, and what will be her profit/loss? What will be the
industry profit/loss?
Equilibrium price: $
:Quantity: [](https://content.bartleby.com/qna-images/question/f53eb250-5103-433f-a882-915aa4d88212/c60cc315-484f-44b0-9989-d2edc55c6fac/3zpd2k_thumbnail.png)
Transcribed Image Text:c) Given the prices shown in column 1 of the following table, complete columns 2, 3. 4, and 5. (Assume that partial units cannot be
produced.)
(1)
(2)
(3)
(4)
(5)
(7)
(6)
Total
Quantity
Supplied 1
(8)
Total
Quantity
Supplied 2
Total
Total
Total
Revenue ($)
Profit(+)/
Loss(-) ($)
Quantity
Demanded
Price($)
Output
Cost($)
4
8
-8
672
7
3
21
24
-3
576
4
36
31
480
11
55
42
13
384
13
96
54
18
288
d) Suppose that there are a total of 120 farms in the barley market, including and identical to Farmer Mills'. Show the total supply in
column 6 of table(b).
e) If the market demand for barley is as shown in column 7. what will be the equilibrium price and quantity traded?
Price: $
Quantity traded:
f) At the equilibrium price, what quantity will Farmer Mill produce, and what will be her profit? What will be the industry profit?
Quantity
Firm profit: $
]: Industry profit: $
9) As a result of your answer in (f). will firms enter or leave this industry?
(Click to select)
h) Suppose that, in the long run, the number of firms increases by 60 percent. Show the new totals in column 8 of table (b). As a result,
what will be the new equilibrium price? What quantity will Farmer Mill produce, and what will be her profit/loss? What will be the
industry profit/loss?
Equilibrium price: $
:Quantity: [
Expert Solution

This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution
Trending nowThis is a popular solution!
Step by stepSolved in 3 steps with 3 images

Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.Similar questions
- Hand written asap i'll ratearrow_forwardJack and Diane work at a bakery. Jack can make either five batches of cookies or two cakes per hour, while Diane can make either four batches of cookies or three cakes per hour. At 9:00 a.m. they receive an order for 24 batches of cookies and nine cakes. What time is the soonest they can have the order ready?arrow_forwardbottom is the question, top is a part to the solution one of he chegg tutors wrote down. In WHAT WORLD does 100/1000=0.01 IT DOESN'T. 100/1000 = 0.1 to the power of -2 is 100 NOT 1000 so CAN SOMEONE PLEASE PLEASE correctly solve this. This is my third time posting it like jesssusssssarrow_forward
- Company X is going to buy a total of 4 ads. They are going to advertise in the newspaper or on the radio. The more ads they buy the more customers they have based on the following schedule. Number of Ads Total new customers from newspaper ads Total new customers from radio ads 0 0 0 1 100 200 2 180 320 3 220 390 4 240 400 In this case, the best strategy is to buy newspaper ads and radio ads. Enter whole numbers.arrow_forwardDon't use ai to answer I will report your answer Solve it Asap with explanation and calculationarrow_forwardKobmison Crusoe spends 4 hours a day catching fish and picking coconuts. He can always cateh 2 umioer of coconuts he eats per day and Fis the number of ish he eats per day, How many fish will he choose to eat per day? F= 2LF or -2/.arrow_forward
- Please no written by hand and no emage Two classmates A and B are assigned a group project. Each student can choose to Shirk or Work. If one or more students chooses Work, the project is completed and provides each with credit valued at 4 payoff units each. The cost of completing the project is that 6 total units of effort (measured in payoff units) is divided equally among all players who choose to Work and this is subtracted from their payoff. If both Shirk, they do not have to expend any effort but the project is not completed, giving each a payoff of 0. The instructor can only tell whether the project is completed and cannot determine which students contributed to the project. A. Write down (draw) the normal form game, with payoff in the format of (player A payoff, player B payoff). Note that we assume students choose to Shirk or Work simultaneously. B. Does either player have a dominant strategy? C. Find the Nash equilibrium or equilibria. D. Explain ‘Prisoners’ dilemma’ using the…arrow_forwardThere are 2 players. They take Ston eS From the Pilt of 6 Stones. Player 1 can takt only 2 or 3 Stones. piayer 2 can taKeS only 2 or 4 StonesS. P layers take turns, observe dil Previous moves, and player 1 mover first. A pla yer loses if She can not make a legal move, While another player ir declared the Winner. Let the pay oF OF Winning egval to 1 and the payoFF OF losing equal to 0. a) represent the in ɛxtemsive Form (depict Only legalmoes) b) Find all SPNE OF this game& explain your a mwwer. Who Will Win ? game Only legalmar)arrow_forwardurgentarrow_forward
- when selecting the lineup for relays, teams start with the slowest runner and finishwith the fastest. In Beijing 2008, Jamaica were the hot favorites to win the 4 X 100 since theUK and USA were disqualified in the semis. Moreover, Usain Bolt came into the lineup. Thisleft the Jamaicans to make a key decision: Which position should they run Bolt? Look at thesplits both Bolt and Asafa Powell had and mention which position each runner should havecome in in race time.arrow_forward2arrow_forward
arrow_back_ios
arrow_forward_ios
Recommended textbooks for you
- Principles of Economics (12th Edition)EconomicsISBN:9780134078779Author:Karl E. Case, Ray C. Fair, Sharon E. OsterPublisher:PEARSONEngineering Economy (17th Edition)EconomicsISBN:9780134870069Author:William G. Sullivan, Elin M. Wicks, C. Patrick KoellingPublisher:PEARSON
- Principles of Economics (MindTap Course List)EconomicsISBN:9781305585126Author:N. Gregory MankiwPublisher:Cengage LearningManagerial Economics: A Problem Solving ApproachEconomicsISBN:9781337106665Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike ShorPublisher:Cengage LearningManagerial Economics & Business Strategy (Mcgraw-...EconomicsISBN:9781259290619Author:Michael Baye, Jeff PrincePublisher:McGraw-Hill Education


Principles of Economics (12th Edition)
Economics
ISBN:9780134078779
Author:Karl E. Case, Ray C. Fair, Sharon E. Oster
Publisher:PEARSON

Engineering Economy (17th Edition)
Economics
ISBN:9780134870069
Author:William G. Sullivan, Elin M. Wicks, C. Patrick Koelling
Publisher:PEARSON

Principles of Economics (MindTap Course List)
Economics
ISBN:9781305585126
Author:N. Gregory Mankiw
Publisher:Cengage Learning

Managerial Economics: A Problem Solving Approach
Economics
ISBN:9781337106665
Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Publisher:Cengage Learning

Managerial Economics & Business Strategy (Mcgraw-...
Economics
ISBN:9781259290619
Author:Michael Baye, Jeff Prince
Publisher:McGraw-Hill Education