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- Use the following data to analyze the condition when the product proce is set at $41 Assume the following unit cost data are for a purely competitive producer. See table below: Required: A. What will be the profit maximizing or loss- minimizing output? B. How much would be the economic profit that the firm will realize per unit of output? C. How much would be the product price for the firm to be at a shutdown position?What are total fixed costs for the Zonker Company? $0 $8 $12 $20 2. The marginal cost to the Zonker Company of producing the third unit of output is $__________ and the marginal cost of producing the sixth unit of output is $__________. $10; $25 $36; $93 $24; $81 $25; $40 3. If the market price is $15 per unit and Zonker can sell all it wants at that price, then Zonker maximizes profit in the short run by producing __________ units per week. 5 3 4 0 4. If the market price fell to $11 per unit, Zonker maximizes profit in the short run by producing __________ units per week. a. 1 b. 2 c. 3 d. 0 5. The lowest short run average total cost for Zonkers occurs when they produce ________ units per week. 2 3 4 5 6. if the price-taking firm in Exhibit 0126 is currently producing 6 units, then to maximize profits in the short run, it should keep producing 6 units increase production to 13 units increase production to 14 units increase production…A perfect competitive firm estimates her cost function as given below: C = 100 + 5Q2a. What is the firm’s fixed and marginal cost?b. If all other firms in the market sell the product at a price ¢20. How much should thisfirm charge for the product?c. What is the optimal level of output to maximize profits?d. How much profit will be earned?e. In the long run should this firm continue to produce or shut down? Why
- Assume the following cost data are for a purely competitive producer Total Product AFC AVC ATC MC 0 1 $60 $45 $105 $45 2 $30 $42.50 $72.50 $40 3 $20 $40 $60 $35 4 $15 $37.50 $52.50 $30 5 $12 $37 $49 $35 6 $10 $37.50 $47.50 $40 7 $8.57 $38.57 $47.14 $45 8 $7.50 $40.63 $48.13 $55 9 $6.67 $43.33 $50 $65 10 $6.00 $46.50 $52.50 $75 At a price product of $56, will this firm produce in the short run? Why or Why not? If it is preferable to produce, what will be the profit-maximizing or loss-minimizing output? Explain. What economic profit or loss will the firm realize per unit of output?The Sunshine Corporation finds that its costs are $40 when it produces no output. Its total variable costs (TVC) change with output as shown in the accompanying table. Use this information to answer the following question. OutputTVC1$302503654855110 The marginal cost of the third unit of output is $105. $25. $15. $20.• Use the total cost (TC) schedule that is presented in the table below to determine the optimal rate of production when the firm can sell all of the output it produces at a price $8 per unit. Also determine the level of profit (or loss) that the firm will experience at this level of output.Q0123456789 TC 15 17 18 20 24 30 38 48 60 82
- Suppose that a sole proprietor ship is earning total revenue of $300000 and is incurring explicit cost of $95,000 if the owner could work for another company for $50,000 a year what you conclude that the firm is incurring an economic loss or getting profit?Consider a firm's total profit (TP) function as follows: TP = 50Q - Q2 (Q refers to the quantity of output) The firm's maximum level of total profit equals __________ . Select one: a. $1000 b. $25 c. $625 d. $500Zelda’s Zippers, a purely competitive firm currently producing 50 units of output earns marginal revenues of $30 from each extra unit of output it sells. If it sells 60 units, then the product price would be A) $60B) $30C) $2D) indeterminate based on the information given.
- Q2.The management of an ‘Electronic Goods’ manufacturing company asked you to give an advice about changing its current production plan, given the following information:- Annual production plan of computers is 4200 computers.- Total cost of production is OMR 824000.- Fixed cost is OMR 320000.- Revenue function: R = 460.2Q – 0.05Q2 1-Use the above information to formulate the price function and the total cost function, and determine the following: 1) Profit-maximizing quantity.2) Profit-maximizing price.3) Maximum profit value.4) Revenue-maximizing quantity. 2-Should the company change its current annual production plan of computers in order to maximize its profit?If a firm makes zero economic profit, then the firmA.has total revenues greater than its economic costs.B.must shut down.C.must have no fixed costs.D.has accounting profit equal to their implicit costs.Claude’s Copper Clappers sells clappers for $65 each in a perfectly competitive market. At its present rate of output, Claude’s marginal cost is $65, average variable cost is $45, and average total cost is $67. To maximize his profit or minimize his loss in the short run, Claude should increase output reduce output but not to zero maintain the present rate of output shut down raise price A price taker in a perfectly competitive industry is currently selling 6000 units per month at the market price of $8 per unit. Monthly total variable costs are $50,000 and total fixed costs are $20,000. Marginal cost is $8 per unit and rising. Economic profits are equal to zero are greater than zero are less than zero cannot be determined Choose two (2) of the incorrect answers to multiple choice Question #7 (Claude’s Copper Clappers problem) and explain why they are incorrect.
