The following table shows cost data for a perfectly competitive firm.Output12345תוס6789108 units.9 units.Average Fixed Average Variable Average TotalCostCost$500250Multiple ChoiceO units.5 units.1671251008371635650Show Transcribed TextIf the product price is $105, the profit-maximizing output isCost$1201089788817878818796$620358263213181161149144143146MarginalCost$120957560 55 6080105135170

In perfect competition, There exists large number of sellers and buyers. The profit is maximized…

The following table shows cost data for a perfectly competitive firm. Output 1 2 3 4 5 תוס 6 7 8 9 10 Average Fixed Average Variable Average Total Cost Cost $500 250 167 125 100 83 71 Multiple Choice O units. 5 units. 8 units. 9 units. 63 56 50 Show Transcribed Text Cost $120 108 97 88 81 78 If the product price is $105, the profit-maximizing output is 78 81 87 96 $620 358 263 213 181 161 149 144 143 146 Marginal Cost $120 95 75 60 55 60 80 105 135 170

The following table shows cost data for a perfectly competitive firm. Output 1 2 3 4 5 תוס 6 7 8 9 10 Average Fixed Average Variable Average Total Cost Cost $500 250 167 125 100 83 71 Multiple Choice O units. 5 units. 8 units. 9 units. 63 56 50 Show Transcribed Text Cost $120 108 97 88 81 78 If the product price is $105, the profit-maximizing output is 78 81 87 96 $620 358 263 213 181 161 149 144 143 146 Marginal Cost $120 95 75 60 55 60 80 105 135 170

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Total Product 1 2 3 4 5 6 7 8 9 10 Average Fixed Cost $ 150.00 75.00 50.00 37.50 30.00 25.00 21.43 18.75 16.67 15.00 Multiple Choice The accompanying table gives cost data for a firm that is selling in a purely competitive market. If the market price for this firm's product is $68.10, it will produce 8 units at an economic profit of zero. 6 units at a loss of $90. Average Variable Cost $ 25.00 23.00 20.00 21.00 23.00 25.00 28.00 33.00 39.00 48.00 9 units at an economic profit of $281.97. 8 units at an economic profit of $130.72. Multiple Choice 6 units at a loss of $150. 6 units at a loss of $90. The accompanying table gives cost data for a firm that is selling in a purely competitive market. If the market price for this firm's product is $35, it will produce Average Total Cost $ 175.00 98.00 70.00 58.50 53.00 50.00 49.43 51.76 55.67 63.00 9 units at an economic profit of $281.97. Marginal Cost $25.00 21.00 14.00 24.00 31.00 35.00 46.01 68.07 86.95 128.97 8 units at an economic profit…
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1: 2 (N 2: 4 > 3: sa 4: 5: 6 8 10 ✓ 6: Question 16 Listen Figure 12-2 $60 $45 $40 $30 $10 200 Marginal Cost Average Total Cost 450 800 650 Refer to Figure 12-2. If the market price equals $45, the maximum profit that the firm can earn is: approximately $29,250. approximately $19,500. approximately $9,750. zero dollars. Average Variable Cost
Answer question 6D only
Total Output 1 2 3 4 5 6 7 80 9 10 A B 8 D $20; $27.33 $10; $10.40 $24; $27.33 Price $30; $20.50 $100 90 80 70 60 50 40 30 20 Marginal Revenue 10 $100 80 60 40 20 -20 -40 -60 Average Total Cost -80 $100.00 63.00 52.67 49.50 49.60 50.00 52.29 55.75 60.67 67.60 130 Refer to the data for a nondiscriminating monopolist. At its profit-maximizing output, this firm's price will exceed its marginal cost and its average total cost by_ by $30 26 32 Marginal Cost 40 50 52 66 80 100
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The table below shows cost data for a Aurora Cannabis, which sells marijuana in a perfectly competitive market. If the price of marijuana is $25 an ounce, Aurora will: Output O 1 23 4 5 6 7 Total cost $50 90 120 140 170 210 260 330
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Answer Question 6
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Figure 6.1 MC ATC AVC MR2 MR, 3. 3. 3. 30 40 50 60 Quantity Refer to Figure 6.1. Given MR2, what is total revenue if the firm produces 60 units and the lowest point of the average-total-cost curve is $4? $400 $240 $440 $300 Price
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