The following table shows Farmer Parker's revenue, cost, and profit from wheat farming Quantity (bushels) (Q) Total Revenue Total Cost Marginal Revenue (MR) Marginal Cost (MC) Profit (TR-TC) $-3.00 -2.00 0.00 2.50 4.50 6.00 6.00 5.50 2.50 -3.00 (TR) $0.00 (TC) $3.00 6.00 8.00 9.50 11.50 1. 4.00 $4.00 3.00 8.00 12.00 16.00 20.00 4,00 2.00 3. 4.00 1.50 4.00 2.00 2.50 4.00 14.00 4.00 4.00 4.00 18.00 22.50 29.50 39.00 51.50 24.00 28.00 32.00 36.00 40.00 4.50 7.00 4.00 4.00 9.50 - 11.50 4.00 12.50 Farmer Parker's profit-maximizing level of production is 6 bushels of wheat. At this level of production he produces following the rule Marginal Revenue = Marginal Cost and earns the maximum possible profit of $6.00. Farmer Parker's fixed costs are $3. (Enter your responso rounded to two decimal places.) Suppose that foced costs increase by $1.50. Farmer Parker's new profit-maximizing level of production after the increase in fixed costs isbushels of wheat The amount of profit that Farmer Parker will eam after the increase in fixed costs is $ (Entor your response rounded to two decimal places.) lo-2 3456 7890

The following table shows Farmer Parker's revenue, cost, and profit from wheat farming Quantity (bushels) (Q) Total Revenue Total Cost Marginal Revenue (MR) Marginal Cost (MC) Profit (TR-TC) $-3.00 -2.00 0.00 2.50 4.50 6.00 6.00 5.50 2.50 -3.00 (TR) $0.00 (TC) $3.00 6.00 8.00 9.50 11.50 1. 4.00 $4.00 3.00 8.00 12.00 16.00 20.00 4,00 2.00 3. 4.00 1.50 4.00 2.00 2.50 4.00 14.00 4.00 4.00 4.00 18.00 22.50 29.50 39.00 51.50 24.00 28.00 32.00 36.00 40.00 4.50 7.00 4.00 4.00 9.50 - 11.50 4.00 12.50 Farmer Parker's profit-maximizing level of production is 6 bushels of wheat. At this level of production he produces following the rule Marginal Revenue = Marginal Cost and earns the maximum possible profit of $6.00. Farmer Parker's fixed costs are $3. (Enter your responso rounded to two decimal places.) Suppose that foced costs increase by $1.50. Farmer Parker's new profit-maximizing level of production after the increase in fixed costs isbushels of wheat The amount of profit that Farmer Parker will eam after the increase in fixed costs is $ (Entor your response rounded to two decimal places.) lo-2 3456 7890

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Wilbur's is the only septic service in a remote village. The firm's total fixed cost is $150 a day and marginal cost is zero. The table gives the demand schedule for service calls. Price (dollars per service call) 500 400 300 200 100 0 Draw the firm's demand curve. Label it D. Draw the firm's marginal revenue curve. Label it MR. Quantity (service calls per day) 0 2 4 6 8 10 Draw the firm's marginal cost curve. Label it MC. Draw a point at the profit-maximizing price and output. Wilbur's economic profit is $ a day. >>> If the firm incurs an economic loss, indicate the loss with a minus sign. If the firm earns an economic profit, do not include a plus sign. 600 500- 400- 300- 200- 100- 04 Price and cost (dollars per service call) 4 10 Quantity (service calls per day) >>> Draw only the objects specified in the question 0 12
$ $50 MC $45 $40 $35 $20 0 MR 10 10 20 25 40 40 Quantity How much profit will this firm make? ATC D
Refer to the table below: Quantity (Bushels) (Q) 0 1 2 DEEL AWN 6 10 Total Revenue (TR) $0.00 4.00 8.00 12.00 16.00 20.00 24.00 28.00 32.00 36.00 40.00 Total Cost (TC) $1.00 4.00 6.00 7.50 9.50 12.00 15.00 19.50 25.50 32.50 40.50 Profit (TR-TC) -$1.00 0.00 2.00 4.50 6.50 8.00 9.00 8.50 6.50 3.50 - 0.50 Marginal Revenue (MR) $4.00 4.00 4.00 4.00 4.00 4.00 4.00 4.00 4.00 4.00 Marginal Cost (MC) $3.00 2.00 1.50 2.00 2.50 3.00 4.50 6.00 7.00 8.00 bushels of wheat (enter a whole number). Farmer Parker will maximize profits by producing Suppose that the marginal cost of wheat increases by $0.50 for every bushel of wheat produced. For example, the marginal cost of producing the eighth bushel of wheat is now $6.50. Will this increase in marginal cost change the profit-maximizing level of production for Farmer Parker? How much profit will Farmer Parker make now? $ (round your answer to the nearest penny).
Quantity of commodity A per day Total Variable costs in U. 700 200 60.000 7-25 201 61.000 202 62.500 203 64.000 204 66.000 205 68.500 206 72.000 FO Use Table 1 above to answer question number 25 below New Generation is a perfectly competitive company selling commodity Y at the market price of OMR.500) New Generation Company has fixed costs of OMR 30.000/day and a daily variable cost schedule in Table 1 above. The profit maximizing level of output for New Generation Company is: a. 202 units per day. b. 204 units per day. 206 units per day. d. 205 units per day. 12292-
P 20 MC АТС 17 d 14 9 6. 40 50 55 80 The marginal revenue (MR) the individual producer receives when it maximizes its profit is $ (numeric) The marginal cost (MC) of the 40th unit produced by the individual firm is $ (numeric) The average total cost (ATC) of the 40th unit produced by the individual producer is $ (numeric)
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Compare marginal revenue, marginal cost, and marginal revenue product.
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