#10 i got the first two and last questions wrong. O Macmillan Learning8910158017601950Firms earning a loss will sometimes shut down in the shortrun. What quantity will the firm produce if it shuts down inthe short run?108012151350What will the profits be if this firm shuts down?Firms sometimes prefer to minimize losses by continuing tooperate in the short run. What quantity will the firm produceto minimizes losses in the short run?toIf this firm chooses to operate, what will its profits equal?Enter a negative number for a loss.If the cost and revenue numbers in the table willcontinue forever (permanently), is it better for this firmIncorrectshut down immediately.continue to operate indefinitely.continue to operate in the short run, and exit themarket in the long run.3Incorrect-425Incorrect4$ -420unitsunits O Macmillan LearningThe table shows total cost and total revenue information for a perfectly (or purely) competitive firm.Quantity Total cost Total revenue0123456789105006007108309601100125014101580176019500135270405540675810945108012151350Firms earning a loss will sometimes shut down in the shortrun. What quantity will the firm produce if it shuts down inthe short run?What will the profits be if this firm shuts down?Firms sometimes prefer to minimize losses by continuing tooperate in the short run. What quantity will the firm produceto minimizes losses in the short run?If this firm chooses to operate, what will its profits equal?Enter a negative number for a loss.3IncorrectGA-425Incorrect4$ -420unitsunits

Disclaimer- “Since you have asked multiple questions, we will solve the first three questions for you as per guidelines. If you want any specific question to be solved then please specify the question number or post only that question.” Total cost alludes to the overall cost of production, which incorporates both fixed and variable components of the cost. In economics, the total cost is portrayed as the cost that is expected to produce a product.TFC= TC at 0 quantity= 500 MR = Change in total revenue ÷ change in quantity MC = Change in total cost ÷ change in quantity TVC = TC - TFC AVC = TVC ÷ quantity Profit = Total Cost-Total Revenue Quantity Total Cost Total Revenue TFC TVC AVC MR MC Profit 0 500 0 500 0 -500 1 600 135 500 100 100 135 100 -465 2 710 270 500 210 105 135 110 -440 3 830 405 500 330 110 135 120 -425 4 960 540 500 460 115 135 130 -420 5 1100 675 500 600 120 135 140 -425 6 1250 810 500 750 135 135 150 -440 7 1410 945 500 910 130 135 160 -465 8 1580 1080 500 1080 135 135 170 -500 9 1760 1215 500 1215 140 135 180 -545 10 1950 1350 500 1350 145 135 190 -600 (A) Shut down means that the firm stops production and at this point: Quantity = 0 Loss when shut down= -TFC = -500 (B) It is observed from the above table that a minimum loss of 420 arises at: Quantity= 4 Profit= -420 (C) At a Quantity of 4, AVC is 115, less than the price of 135. Thus the firm will continue in the short run but due to losses, exits in the long run.

Business

Economics

The table shows total cost and total revenue information for a perfectly (or purely) competitive firm. Quantity Total cost Total revenue 0 1 2 3 4 5 6 7 8 9 10 500 600 710 830 960 1100 1250 1410 1580 1760 1950 0 135 270 405 540 675 810 945 1080 1215 1350

The table shows total cost and total revenue information for a perfectly (or purely) competitive firm. Quantity Total cost Total revenue 0 1 2 3 4 5 6 7 8 9 10 500 600 710 830 960 1100 1250 1410 1580 1760 1950 0 135 270 405 540 675 810 945 1080 1215 1350

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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