The following presents the costs and revenues for a firm. Quantity Total Cost Marginal Cost Total Revenue Marginal Revenue Profit 0 15 0 1 30 100 2 48 190 3 59 300 4 68 450 5 74 500 6 79 505 7 81 308 Calculate the marginal cost, marginal revenue and profit for each unit of production. How many units should the firm produce to maximise profit? Describe the relationship between the marginal product and the total product of a firm

Q: Price and cost (dollars) 70 60 50 40 30 20 10 0 MC₁ 50 Quantity MC₂ 100 Demand 150 The demand for…

A: The marginal cost is the change in the total cost that arises when the quantity produced is…

Q: The table below represents costs for producing pairs of sunglasses. Calculate the marginal cost of…

A: Total cost(TC) refers to the overall expense incurred by a firm in the production of services or…

Q: $10 ATC 8 AVC 10 20 30 40 Quantity Using the above graph, calculate the firm's total cost of…

A: Average cost is per unit cost of production. Average variable cost is the per unit variable cost of…

Q: A X= 45.00, Y= 55.00, Z = 62.50 X= 40.00, Y= 60.00, Z = 62.50 C X = 18.00, Y= 55.00, Z = 50.00 X=…

A: here we complete the table and answer the following below

Q: If you have the following table that shows the costs of certain firm Variable costs Total cost…

A: Microeconomics deals with the firms and their behaviour individually. The costs and benefits and the…

Q: 1 2 3 75 4 Quantity Produced (Q) Average Cost (AC) 100 1. Determine the Total Cost (TC) and Marginal…

A: Businesses must analyze the state of costs in order to make informed decisions about manufacturing…

Q: This is a graph of our firm’s costs. Label the lines on the graph using the following labels:…

A: The Average fixed cost is constantly declining. The average variable cost curve is lower than the…

Q: Douglas Fur is a small manufacturer of fake-fur boots in Philadelphia. The following table shows the…

A: The marginal cost (MC) is the additional cost incurred when a firm produces one more output unit.…

Q: A price-taking firm makes air conditioners. The market price of one of its new air conditioners is…

A: Airconditioner per day to maximize profit= 2 per day Marginal costs are follow as presented in the…

Q: Consider the following cost information for a pizzeria: a. What is the pizzeria’s fixed cost?b.…

A: Meaning of Cost: Cost refers to the situation under which a firm occurs various expenses during the…

Q: Quantity Total Cost Marginal Cost Total Revenue Marginal Revenue Profit $8 $0 1 9 2 10 16 3 11 24 4…

A: Marginal cost is defined as the additional cost incurred to a firm when the quantity of output is…

Q: 2 3 4 5 7 8 Units Total Total Total Average fixed cost (R) Average variable cost Average product…

A: We know that ,  TC=TFC+TVC AVC=TVC/TP AFC=TFC/TP AC=TC/TP

Q: 19

A: In order to get the marginal cost of producing additional bottles of mineral water, we need to…

Q: a)  construct the cost schedule for a firm operating in the short run b)  Graph the average…

A: At zero level of quantity, total cost and total fixed cost are equal, and total variable cost is…

Q: The price of a pie is now $11. At a price of $11, are pies are sold in the market. Each producer…

A: Given the price of 11, we derive the total cost and total revenue to derive optimal selling…

Q: Note: Plot your points in the order in which you would like them connected. Line segments will…

A: Marginal cost (MC) is the addition to total cost resulting from one more output unit getting…

Q: 3. The graph below gives the marginal profit P'(x) for a company when it produces x products. P'(x)…

A: Given,

Q: Es is $90, so you should start your MC curve by placing an ange squa e: Plot your points in the…

A: The MC is related to AVC and ATC. These costs will fall as long as the marginal cost is less than…

Q: 16. In the accompanying table, you are given information about two firms that compete in a…

A:

Q: Graph the total cost curves as well as the average and marginal cost curves.

A: Total cost is the sum of fixed cost and variable cost.  Total cost is the cost of producing all the…

Q: b. Describe the relationship between the marginal product and the total product of a firm

A: Total Product: Total Product is the total volume of production or the amount of final output…

Q: Consider the table below showing the costs for a firm. Quantity Fixed Cost Variable Cost Total Cost…

A: Total cost is the sum of fixed and variable cost. Fixed cost remains same at all level of output.…

Q: Ball Bearings, Inc. faces costs of production as follows:QuantityTotal Fixed CostsTotal Variable…

A: Let's break down each part step-by-step with detailed explanations and computations. Part (a) -…

Q: PProblem 3-Page (174): The following table gives you information on the total cost of Mac's ice…

A: Average total cost is alluded to as the entirety of all production costs divided by the total…

Q: The production cost for a firm is given in the table below, calculate the marginal cost of producing…

A: Marginal cost is the additional cost of producing each additional unit of output.  Marginal cost =…

Q: The table below presents the average and marginal cost of producing cheeseburgers per hour at a…

A: Total cost is the sum of fixed cost and variable cost.Fixed cost is the cost that doesn't changes…

Q: Use the following information to answer the question Quantity (number ofFixedVariable Total Marginal…

A:

Q: Output fixed cost variable cost total cost marginalcost average variable cost   0 600 1 600…

A: In a market, a firm can compute different types of cost using one or two cost functions such as…

Q: 6. Firm's Costs 2 Consider the following cost information for a pizzeria: Quantity Total Cost…

A: A firm's cost encompasses expenses incurred in production and operations. It includes fixed and…

Q: Calculate economic and accounting profit, and explain the importanceof the difference.

A: Profits are the excess of the revenue receipts over the firm’s total spending incurred during a…

Q: 1 2 3 4 5 7 8 Units Total Total Total Average fixed cost (R) Average variable cost Average product…

A: Total product is the total output (Q) produced by the firm. AFC is the fixed cost per unit of Q. AVC…

Q: A pastries company has fixed costs of $250. The marginal cost of producing computers is $700 for the…

A: Cost is the monetary value of products and services acquired by producers and consumers. Cost is a…

Q: Table 1A: Costs and Total Production for a Competitive Firm Total Total Total Total Marginal Average…

A: Total cost is the sum of Fixed and variable cost. Marginal cost refers to change in total cost or…

Q: If you have the following table that shows the costs of certain firm Fixed cost Variable costs Total…

A: The formula for the following are: FC = Cost when Q=0 TC = FC +VC MC = TCn -TCn-1

Q: Quantity Total Cost Marginal Cost Total Revenue Marginal Revenue Profit $8 $0 1 10 16

A: Marginal Cost = Change in the total cost ÷ Change in quantity   Marginal Revenue = Change in total…

Q: Hi there can you please assist on the following question . Fill in the missing figures Output…

A: Marginal cost is the ratio of change in total cost to change in quantity. It means as quantity rises…

Q: Use the information for a firm in the table below to answer the following questions. Quantity Total…

A: Hi! Thank you for the question as per the honour code, we’ll answer the first question since the…

Q: Which of the following statements are true according to the previous graph? Check all that apply. O…

A:

Q: Using the following table a) construct the cost schedule for a firm operating in the short run b)…

A: Quantity Total Cost  Total Fixed Cost Total Variable Cost  Marginal Cost Average Total Cost Average…

Q: Compare marginal revenue, marginal cost, and marginal revenue product.

A: The concepts of marginal revenue, marginal cost and the marginal revenue product are used by the…

Q: Total Cost Marginal Cost (Dollars) Fixed Cost Variable Cost Average Variable Cost Average Total Cost…

A: The total production process of a firm/company is an amalgamation of various costs, the optimum…

Q: Fill in the remaining cells of the following table. Quantity Total Cost Marginal Cost Fixed Cost…

A: Marginal cost = (change in total cost / change in quantity) Fixed cost is equal to the total cost at…

Q: Suppose the total costs of production for a book publishing firm are given by: TC=5+20+30² Compute…

A: TC= 5+2Q+3Q2AC= TC/Q = 5/Q+2+3QMC= dTC/dQ= 2+6QThis the second option iscorrect.