The table below shows cost data for producing different amounts of refrigerators. Use the given information to answer the questions below. Variable Cost Marginal Cost Average Variable Cost Average Total Cost Quantity Total Cost in $ in S in $ in $ in $ 241 0 271 30 361 120 491 250 681 440 901 660 0 10 20 30 40 50 How many refrigerators would a competitive firm produce if the market price was $19? What is the profit (loss) at that level of production? 3 9 13 19 22 3.00 6.00 8.33 11.00 13.20 27.10 18.05 16.37 17.02 18.02

Use the table Costs for Alina's Apple Pies. If Alina's Apple Pies operates in a perfectly competitive market and the market price for a pie is $18, how many pies should Alina's Apple Pies produce  and what is the economic profit or loss per unit?

Amos McCoy is currently raising corn on his 100-acre farm and earning an accounting profit of $100 per acre. However, if he raised soybeans, he could earned an accounting profit of $200 per acre. Is he currently earning an economic profit?

The following graph plots daily cost curves for a firm operating in the competitive market for demin overalls. Hint: Once you have positioned the rectangle on the graph, select a point to observe its coordinates. PRICE (Dollars per overalls) 50 10 10 5 0 MC 2 ATC 8 18 QUANTITY (Thousands of overallises per day) AVC 10 20 Profit or Loss In the short run, given a market price equal to $15 per overalls, the firm should produce a daily quantity of On the preceding graph, use the blue rectangle (circle symbols) to fill in the area that represents profit or loss of the firm given the market price of $15 and the quantity of production from your previous answer. Note: In the following question, enter a positive number regardless of whether the firm earns a profit or incurs a loss. The rectangular area represents a short-run thousand per day for the firm. $ overallses.

Use the table below to answer the following questions: Quantity Demand (Price) Marginal Revenue Marginal Cost Average Cost 1 $1200 1200 500 500 2 1100 1000 275 388 3 1000 800 225 333 4 900 600 250 313 5 800 400 400 330 6 700 200 500 358 7 600 0 700 407   What is this firm’s profit-maximizing price? What is its profit-maximizing output? What is the firm’s average profit? What is the firm’s total profit? If at least one consumer is willing to pay $1200 for this product, why won’t the monopolist charge $1200?

Consider the business whose Total Cost and Total Revenue for various quantities of a particular product are shown in the table below.   Quantity Total Cost Total Revenue 0 100 0 1 250 500 2 350 950 3 500 1350 4 725 1700 5 1000 2000 6 1400 2250   Use the Profit-Maximizing Rule to explain the quantity that this business should produce to maximize its profits. Answer must both state the number to produce and an explanation of how you used the profit-maximizing rule to arrive at that number.

A young Thomas Edison makes 20 light bulbs a week in his dorm room. The parts for each light bulb cost $2.25. He sells each light bulb for $5.25. General Electric offers Thomas an executive job that pays $55.00 a week. Thomas’s weekly economic profit from making light bulbs is equal to:   Instructions: Enter your answer as a whole number. If you are entering a negative number include a minus sign.   $

50 MC ATC 40 30 MR 10 10 20 30 40 Quantity (per day) The figure above shows a perfectly competitive firm. The firm is operating; that is, the firm has not shut down. a) What is the output level should the firm produce to maximize the profit? b) What is the price does the firm charge at this output level? Price and costs (dollars) 20

The graph shows the Cost curves for a profit maximizing firm in a competitive market. If the market price is $30 and the firm produces at the profit maximum quantity, what is the amount of the total fix cost

Using the Diagram above, answer the following questions: b). Suppose this firm produces 15 units of output. What is the variable cost of producing this level of output? What is the firm’s AVC of production when it produces 15 units of output. Explain your answer fully.