Assume that the following cost data are for a perfectly competitive producer: Total ProductAverage Fixed Cost Average Variable Cost Average Total Cost Marginal Cost 0.00 S 45.00 S 0.00 105.00 $ na na 60.00 $ 30.00 $ 20.00 $ 45.00 2 42.50 S 72.50 $ 40.00 %24 40.00 S 37.50 $ 60.00 $ 52.50 $ 49.00 $ 3 35.00 4. 15.00 S 30.00 12.00 S 10.00 $ 37.00 S 35.00 37.50 S 38.57 S 40.63 $ 43.33 $ 6 47.50 $ 40.00 8.57 47.14 $ 45.00 7.50 $ 6.67 $ 6.00 $ 48.13 $ 55.00 50.00 $ %2$ 65.00 10 46.50 S 52.50 $ 75.00 Answer the questions in the first column in the table below for the price listed at the top of each of the other three columns. Instructions: Round your answers to 2 decimal places. If you are entering any negative numbers be sure to include a negative sign (-) in front of those numbers. Select "Not applicable" and enter a value of "0" for output if the firm does not produce. (b) At a product price of $57.00 At a product price of $42.00 At a product price of $33.00 (Click to select) (Click to select) (a) (c) (Click to select) (Click to select) (Click to select) (Click to select) Will this firm produce in the short run? If it is preferable to produce, what will be the profit-maximizing or loss-minimizing output? output =Ounits per firm (Click to select) output =Ounits per firm (Click to select) Junits per firm (Click to select) output = What economic profit or loss will the firm realize per unit of output? per unit = S per unit = $ d. In the table below, complete the short-run supply schedule for the firm (columns 1 and 2) and indicate the profit or loss incurred at each output (column 3). Instructions: Round your answers to 2 decimal places. If you are entering any negative numbers be sure to include a negative sign (-) in front of those numbers. (1) (2) (3) (4) Quantity Supplied, Profit (+) or Loss (-) Single Firm Quantity Supplied, 1,500 Firms Price $27.00 33.00 39.00 42.00 47.00 57.00 67.00
Assume that the following cost data are for a perfectly competitive producer: Total ProductAverage Fixed Cost Average Variable Cost Average Total Cost Marginal Cost 0.00 S 45.00 S 0.00 105.00 $ na na 60.00 $ 30.00 $ 20.00 $ 45.00 2 42.50 S 72.50 $ 40.00 %24 40.00 S 37.50 $ 60.00 $ 52.50 $ 49.00 $ 3 35.00 4. 15.00 S 30.00 12.00 S 10.00 $ 37.00 S 35.00 37.50 S 38.57 S 40.63 $ 43.33 $ 6 47.50 $ 40.00 8.57 47.14 $ 45.00 7.50 $ 6.67 $ 6.00 $ 48.13 $ 55.00 50.00 $ %2$ 65.00 10 46.50 S 52.50 $ 75.00 Answer the questions in the first column in the table below for the price listed at the top of each of the other three columns. Instructions: Round your answers to 2 decimal places. If you are entering any negative numbers be sure to include a negative sign (-) in front of those numbers. Select "Not applicable" and enter a value of "0" for output if the firm does not produce. (b) At a product price of $57.00 At a product price of $42.00 At a product price of $33.00 (Click to select) (Click to select) (a) (c) (Click to select) (Click to select) (Click to select) (Click to select) Will this firm produce in the short run? If it is preferable to produce, what will be the profit-maximizing or loss-minimizing output? output =Ounits per firm (Click to select) output =Ounits per firm (Click to select) Junits per firm (Click to select) output = What economic profit or loss will the firm realize per unit of output? per unit = S per unit = $ d. In the table below, complete the short-run supply schedule for the firm (columns 1 and 2) and indicate the profit or loss incurred at each output (column 3). Instructions: Round your answers to 2 decimal places. If you are entering any negative numbers be sure to include a negative sign (-) in front of those numbers. (1) (2) (3) (4) Quantity Supplied, Profit (+) or Loss (-) Single Firm Quantity Supplied, 1,500 Firms Price $27.00 33.00 39.00 42.00 47.00 57.00 67.00
Principles of Economics (MindTap Course List)
8th Edition
ISBN:9781305585126
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter14: Firms In Competitive Markets
Section: Chapter Questions
Problem 4PA
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