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-
Q: Graph the total cost lines.b) Over what range of annual volume is each facility goingto have a…
A:
Q: PriceQuantity Total Demanded Revenue Revenue Marginal Total Cost Marginal Cost $24 1000 $24,000 ***…
A: GIVEN Price Quantity Demanded Total Revenue Marginal Revenue Total Cost Marginal Cost $24…
Q: OutputAFC AVC АТС MC 1 100 40 140 40 2 50 35 85 30 3 33.33 35 68.33 35 4 25 36.25 61.25 40 5 20 38…
A: In a perfectly competitive market profit is maximized where marginal cost is equal to marginal…
Q: Question 2 (total product is Q of production) Total product TFC AFC TVC AVC TC MC $4 $_ $. 1 $12 2…
A: Note: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question…
Q: Q1 It costs a baker a fixed cost of $420 and variable cost of $2.10 per cupcake.A cupcake is sold…
A: According to guidelines, first 3 subparts needs to be solved. Profit maximisation is done by…
Q: MC 2$ 10 .ATC AVC 6 5.50 4.50 2 100 300 Quantity Figure 1 7. Refer to Figure 1. At an output of 100…
A: A competitive firm experiences a perfectly elastic demand curve for its own good. This is because it…
Q: What is the marginal revenue of producing the fortieth unit? 37 No. units produced Total Total…
A: Marginal Revenue refers to the additional revenue earned from the sale of an additional unit of…
Q: a. Fill in the marginal revenue (MR) and average revenue (AR) columns. Choco Lovers Cost and Revenue…
A: Answer to the question is as follows :
Q: armer Sam is supplying corns in a perfectly competitive market. In Year 1 he sells 3000 tons of…
A: revenue is the monetary value received from selling the products with respective price level .…
Q: Assume that the most efficient production technology available for making vitamin pills has the cost…
A: a) Output TC MC ATC 25400 104000 0.54 104000/25400= 4.09 50400 154000 1.04 154000/50400= 3.05…
Q: $350,000. Identify the following: a. Total Revenue b. Total Profit (or Loss) c. The firms Fixed…
A: Total revenue is the full amount of total sales of goods and services. It is calculated by…
Q: A. Complete the table. A small firm operating in a purely competitive market, has fixed costs of $45…
A: Answer: (A). Given, Fixed cost = $45 Wage rate (w) = $96 per day Note: here there are two variable…
Q: Price and cost (dollars per mug) 18 16 6 4 2 0 5 10 15 20 25 30 35 40 45 50 Quantity (mugs per day)…
A: When a perfectly competitive firm's market price falls below its average variable cost at the output…
Q: Table: Variable Costs for Lawns Table: Variable Costs for Lawns Quantity of Lawns Varlable Costs S0…
A: The short-run supply curve will pass through the minimum point for Average Total costsFC = 1000
Q: The market for apple pies in the city of Ectenia is competitive and has the followingdemand…
A: a. It is known that the marginal cost which shows the additional rise in cost due to the production…
Q: (a) The production department of a fim reported the following information for the month of January…
A: Answer
Q: Question attahed in image
A: In perfect competition, the equilibrium point will occur where the marginal cost and price interest…
Q: . Refer to the data for a monopolist. At its profit-maximizing output, this firm's price will exceed…
A: A monopolist firm produces at the intersection point of MR and MC in order to maximize profit.…
Q: You are economic consultant for Jack, who farms raw cotton in a perfectly competitive market. One…
A: a. Given: Price = $2.00 Output = 1250 Pounds TC= $7500 FC= $5625 MC= $2.00 (a) Profit = TR−TC…
Q: The following table presents the expected cost and revenue data for the Tucker Tomato Farm. The…
A: Marginal cost is a change in total cost due to a change in output. i.e., MC = (change in total cost…
Q: A soybean farmer produces beans for soybean meal and soybean oil. She has fixed costs of $500 and…
A: profit maximization is the short run or long run process by which a firm may determine the price,…
Q: Quantity Total Price Demanded Revenue Revenue Marginal Total Cost Marginal Cost $24 1000 $24,000…
A: Profit maximization occurs when the Marginal Revenue is equal to the Marginal cost. This is because…
Q: Given the quantity produced (Q), Total fixed cost (TFC) and Total Cost (TC), (1) Calculate Total…
A: Broadly, Total Cost is the summation of Total Fixed Cost and Total Variable Cost. TFC is the fixed…
Q: Your friend decides to travel abroad to a popular destination to operate a business. He is faced…
A: Given: Total Fixed Cost: $ 2000 per month Constant Marginal Cost: $ 31
Q: A bakery operating in competitive markets sells itsoutput for $20 per cake and rents ovens at $30…
A: A bakery is operating in perfectly competitive market where it sells output for $20 per cake and…
Q: 1) Complete the table. Price Quantity Total Marginal Fixed Demanded Revenue Revenue Cost 18 600 17…
A: Total Revenue is the product of price and quantity demanded. TR=PxQ Marginal Revenue is the…
Q: he market for calculators in the city of Lefke is competitive and has the following demand chedule:…
A: Hello. Since your question has multiple sub-parts, we will solve first three sub-parts for you. If…
Q: TUC Total variable cost (rials) 60.000 61.000 Quantity of biryani plates sold per day 200 201 202…
A: The profit is maximized in perfect competition when Marginal Revenue (MR)=Marginal Cost (MC).Also,…
Q: Hello, can I get help with the last three parts of this question?
A: d) For price equal to 26 and 32 dollars there is no AVC less than P thus, quantity supplied is zero.…
Q: Cost per Unit 2. Using Figure 2 below, showing Average Total Cost (ATC), explain the maximum number…
A: What causes ATC to change as units produced changes? Here Average Total Cost(ATC) which is the sum…
Q: Assume the following cost data are for a purely competitive producer Total Product AFC AVC ATC…
A: The shutdown point of a firm describes the minimum level of marginal revenue imperative for the firm…
Q: The first picture below depicts the cost curves for a representative firm in this perfectly…
A: Average total cost (ATC): ATC is the total cost per unit of output. It can be express as: ATC = TC/Q…
Q: ECONTO1 FEX 2021 2Male ewamus.net dearoducing a quantity of 20 units. The market price is $17. The…
A: Given A firm is producing Quantity = 20 units Price = $17. Variable cost = $60 Fixed cost =…
Q: 8. A firm is selling 3,000 units per month for $10 each; it can sell all it wants at that price but…
A: The firm is producing 3,000 units per month for price $10 each. The fixed cost is $9,000, variable…
Q: oduced. pany currently produces 1 million tablets and makes a profit of D00, but -f tablets could…
A: * SOLUTION :- From the given information the calculation as follows.
Q: Total product TFC AFC TVC AVC TC MC $. $. 1 $12 2 12 10 3 60 4 56 sheet) Fill out the table (already…
A: Hi, thanks for the question. As per the guidelines we are allowed to attempt the first three…
Q: Р МС $4.00 ATC $3.00 D $2.50 $2.00 MR 3,000 3,500 4,000
A: The imperfect competition is a market condition in which there will be many sellers selling…
Q: QUESTION 1 ssume a perfectly competitive market. he graph below indicates the price and different…
A: In a perfectly competitive market there are large number of firms producing similar and identical…
Q: Total product TFC AFC TVC AVC TC MC $. $_ $_ 1 $ $12 2 12 10 3 60 4 56 a. Fill out the table…
A: Disclaimer: Since you have posted a question with multiple sub-parts, we will provide the solution…
Q: Dere T:n? (Key Question) Assume the following cost data are for a purely competitive producer: 21-4…
A: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question and…
Q: ume that the following data is for a profit-maximizing manufacturer: antity $ Total Cost 100 140 160…
A:
Q: A firm TC = 120 + 50g - 10q? + q* Find the equations for a) Total Variable Cost b) Average Variable…
A: Question Two: TC = 120 + 50q - 10q2 + q3 (A) Variable cost is that part of TC which depends on…
Q: (b) Formidable Manufacturing Company has the following cost functions in the short run, where…
A: In short-run, there are two kinds of cost borne by the business company. These are fixed and…
Q: The following is a total cost curve 1000 900 Total cost (5) 800 700 600 500 400- 300- 200 100- D TC…
A: Marginal cost, also known as the incremental cost refers to the increase or decrease in the cost of…
Q: her competitor in the long run. Main Avenue's ngth is 1 mile. The transportation cost sociated with…
A: Marginal cost alludes to the increment or diminishing in the cost of creating another unit or…
Q: P (dollars) MC ATC 60 50 AVC 35 10 Q (units) 100 300 450 Consider the following cost schedule for…
A: In perfect competition, If Price > AVC, then firm should continue production. If Price = AVC,…
Q: Suppose the cost data below are for Shopify. a firm based in Waterloo, Ontario that is in an…
A: Marginal Cost is the change in total cost with respect to change in total output. We are going to…
Q: A manufacturer of electric switches in a competitive industry has a fixedmonthly cost of $50,000,…
A: Given: MC=$5 Fixed Cost=$50,000 Total monthly variable cost=$100,000 Monthly Production=100,000units…
Step by step
Solved in 2 steps with 4 images
- The total profit equation for the firm is p =-500-25x-10x^2 -4xy-5y^2+15y ;x +y =100 .where x and y represents output levels.Us8ng substitution method determine the profit maximizing output levels for x and y .Farmer Sam is supplying corns in a perfectly competitive market. In Year 1 he sells 3000 tons of corns at a price of $150 per ton. In Year 2 he sells 3600 tons at $200 per ton. In Year 2, his average revenue is ________ and her marginal revenue is ________. A) $20; $18B) $150; $200C) $200; $200D) $150; $150The market for apple pies in the city of Ectenia is competitive and has the followingdemand schedule:Price Quantity Demanded$ 1 1,200 pies2 1,1003 1,0004 9005 8006 7007 6008 5009 40010 30011 20012 10013 0 ch producer in the market has fixed costs of $9 and the following marginal cost:Quantity Marginal Cost1 pie $ 22 43 64 85 106 12a. Compute each producer’s total cost and average total cost for 1 to 6 pies.b. The price of a pie is now $11. How many pies are sold? How many pies does eachproducer make? How many producers are there? How much profit does eachproducer earn?c. Is the situation described in part (b) a long-run equilibrium? Why or why not?d. Suppose that in the long run there is free entry and exit. How much profit does eachproducer earn in the long-run equilibrium? What is the market price? How many piesdoes each producer make? How many pies are sold in the market? How many pieproducers are operating?
- Only typed answer When the local electricity company charges a price of $20 per kilowatt they sell 1,000 units. If they raise the price by $1 they sell 800 units. What is the marginal revenue between $20 and $21? a) $21 b) $3,200 c) $200 d) $1A competitive firm faces the following market price: P=200. Variable costs are C(Q)=Q^2. The firm also pays $17000 in costs that do not depend on production (even if q=0). Hint – marginal cost is MC(Q)=2*Q NOTE - KEEP YOUR CALCULATIONS. THIS INFORMATION WILL BE USED IN MULTIPLE QUESTIONS What is the profit of this firm (ACCOUNTING profit, counting sunk costs as well) Question 7 options: 5000 0 -7000 -17000you pay $10 in fixed costs for equipments and $ 9 per day to each of your artist who make the carpets if the industry is perfectly competitive and the cureent market price is $1 how many artists should you employ number of employees ouput 1 10 2 25 3 35 4 43 5 48 a. four b. five c. two d. three
- A company participating in a market of perfect competition invoices monthly 154,200 units, the sum of $308,400,000, so P = $2,000 With this level of sales, the company has saturated its production capacity and as a result its costs have risen sharply. Its marginal cost (MC) is MC = (q2 / 2,000,000) - (q / 20) + 2,450. It is determined that its fixed costs (FC) amount to $20,500,000. You want to know: (a) whether the company should increase or decrease its production and by how much. b) what would be the optimal level of production (q*)? c) what is the profit at the optimal level of production? d) what is the company's current profit?Title is my answer for this question correct please advice me Description Making dresses in a labor intensive process. Indeed, theproduction function of a dress making firm is well described by theequation Q=L - L^2/800, where Q denotes the number of dresses perweek and L is the number of labor hours per week. The firms cost ofhiring an extra hour of labor is $20 per hour (wage plus fringebenefits.) The firm faces the fixed selling price, P = $40. a.) How much labor should the firm employ? What are itsresulting output and profit? b.) Over the next 2 years, labor costs are expected to beunchanged, but dress prices are expected to increase to $50. Whateffect will this have on the firm's optimal output? Explain.Suppose that inflation is expected to increase the firm's laborcost and output price by identical (precentage) amounts. Whateffect would this have on the firm's output. c.) Finally, suppose that MCL =$20 and P=$50 but that laborproductivity (output per labor hour) is…. In a perfectly competitive market there is a donut shop that sells 1,200 donuts daily. Each donut sells for the market price of $0.75 and they sell out every day. Assume that this company has labor costs of $275 and materials costs of $400. a. Using only variable costs, what is the donut shop’s daily profit? - Now assume that the owner is thinking of adding a second location downtown. The capital investment required is $4,000 (Sunk Cost). The $4000 is Sunk Cost. The normal rate of return is 5%. b. If the new shop could operate under the same conditions as the original location is it a good business decision to expand? c. What would be the new shop’s daily profit?
- Given Question #1 Cost function C= 3000+6Q Q = 4400 - 200Q - This is the demand function Q= 1600 P = 14 Profit= 22400-12600 = 9800 Question #2 Q=$480 Q=$1120 Please answer Question #3 (A-E)1) There is an oil change firm in town called Oil Pro. The total cost function for Oil Pro is below. What is the break-even price in this market? TC=125+5q^2 A) P=60 B) P=50 C) P=40 D) P=30Use 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?