Suppose a firm faces the following total costs, TC ( and suppose the firm can only produce integer units of quantity, Q) Q 1 3 4 5 7 8 9 TC 6 11 15 18 20 22 25 29 36 45 A.) Construct a table in which you show for each level of q the fixed cost, the variable cost, the average total cost, the average variable cost, and the marginal cost B.) Suppose you are a price taker and face a market price of $6 per unit. How much will you produce? How much profit will you make? C.) Suppose the price raises to $9 How much will vou produce now ?

Q: Identify each of Larry's costs in the following table as either an implicit cost or an explicit cost…

A: The actual cost incurred by a firm for the purchasing and hiring of inputs, for the production…

Q: Assume that the cost data in the following table are for a purely competitive producer: Average…

A: a) Yes, $66exceeds AVC (and ATC) at a loss-minimizing output. using the MR=MC rule it will produce 9…

Q: Q)Assume that a competitive firm has the total cost function: TC=1q^3−40q^2+740q+1600 Suppose the…

A: Answer: Given, Price = $650 per unit Total cost function: TC=1q^3−40q^2+740q+1600 Quantity Total…

Q: In the short-run, if the marginal cost of a firm in a competitive industry is upward sloping while…

A: The short-run is the time period where at least one variable is fixed and others are variable. In…

Q: After a campus pub increases its output from 3 kegs of beer per day to 11 kegs of beer per day, its…

A: (a) Marginal resource cost, (MRC)= $(550-135)/ (11-3) = 415/8 =$ 51.87

Q: In a fishery the long-run harvest function (harvest volume) is H(E) = aE – bE², with a, b…

A: Long-run harvest function: H(E) = aE - bE2, with a, b representing positive constants and E is…

Q: 2. Suppose the total cost function of a firm that produces hotdogs is C= 150q - 4q° + 29' where q is…

A: Answer to the question is as follows:

Q: Suppose that a small family farm sold its output for $110,000 in a given year. The family spent…

A: Total Revenue= $110000 Money spent on fuel= $20000 Money spent on seed, fertilizers, and pesticides=…

Q: Given the following short run production cost schedule:   Short Run Total Cost Function…

A: Quantity produced Total cost($) Average total cost($) Marginal cost($) 0 20 0 0 10 27 2.7 0.7…

Q: Table: Variable Costs for Lots Variable Costs Quantity of Lots so 200 300 10 20 30 500 40 750 50 60…

A: Quantity should be below fixed cost 1000.

Q: Total Cost Hired Output $20 40 $40 80 $60 120 $90 10 160 $130 15 200 $180 21 240 $240 Consider the…

A: Total cost or TC is defined as the costs that are incurred during the production process. Fixed…

Q: Jeannette has a wheat farm, and the wheat market is perfectly competitive. The market price of a…

A: Total Cost is the sum of variable and fixed cost. TC= VC+FC Average variable cost is the per unit of…

Q: Suppose a factory's marginal cost has a minimum value of $2; its average variable cost has a minimum…

A: In the short run, there are fixed costs and variable cost and in the long run there exists only…

Q: (a) The revenue from selling q items is R(q) = 50q - q 2 and the total cost is C(q) = 15 + 10q i.…

A: Given: R(q) = 50q - q2C(q) = 15 + 10q   (i) Fixed cost is that component of total cost function that…

Q: Given the following short run production cost schedule:   Short Run Total Cost Function…

A: Given: To Find: The marginal cost of producing the first 10 units of output

Q: Suppose that the total cost function of a firm is given as follows;  TC = 500 + 2Q2 And the price…

A: A rational producer attempts to maximize his/her/their profit in the course of production by…

Q: Which one of the following statements below about cost functions of competitive firm is false? a)…

A: A perfectly competitive market is where there are large number of firms selling identical goods.…

Q: (b) The marginal cost of two firms is given by the following C'(Q) - 100e 10 TC= 3000 when Q = 0 TC…

A: With the given information the following is solved in the next steps.

Q: In the short run, if a marginal cost of a firm in a competitive industry is increasing while its…

A:

Q: You are given the following cost data Output(q) Total variable cost 0 0 1. 20 2. 35 3. 60 4. 90 5.…

A: The firm is profit-maximizing and will only produce until the point where marginal cost is equal to…

Q: There is an oil change firm in town called Oil Pro. The total cost function for Oil Pro is below.…

A: In perfectly competitive market, firms produce identical goods so they do not have any control over…

Q: Susan's profit is maximized when she produces marginal cost of the last teddy bear she produces is…

A: According to question# Susan is running a teddy business in the competetive market. In the…

Q: ALL ANSWERS ARE INTEGERS! Consider a firm with the following cost schedule as well as a fixed cost…

A: “Since you have posted a question with multiple sub-parts, we will solve the first three sub-parts…

Q: cost function of a single product firm is: C(Q)=1.9+4.5Q+8.2Q^2 If all firms have the same cost…

A: In long run perfectly competitive from operates at following point; P= MC = AC. C = 1.9+ 4.5Q+ 8.2Q²…

Q: ohnson produces bottles. Suppose q is the quantity of bottles produced. Her Total Costs are given by…

A: Average cost = total cost/ q take first order and second order condition for minimum value of…

Q: A car wash service 'Clean and Shine' is a small business operating in the short run in a perfectly…

A:

Q: Quantity of Output Total Cost $12 1 $14 $18 3. $24 4. $32 $42 6. $54 $68 The table above shows the…

A: Since you have posted a question with multiple sub-parts, we will solve first three subparts for…

Q: Assume that the cost data in the following table are for a purely competitive producer: Average…

A: B) iii When Price = $41 The profit-maximizing output is 6 units and the average cost of producing 6…

Q: Given the following short run production cost schedule:   Short Run Total Cost Function…

A: Since, you have posted multiple subpart questions, as per the guidelines we will answer first…

Q: Katie's Quilts is a small retailer of quilts and other bed linen products. Katie currently purchases…

A: The correct answer is given in the second step.

Q: The graph below shows the marginal cost (MC), average variable cost (AVC), and average total cost…

A: We can see that one of the axis we see the cost and profit is given, the verticle axis.Here, the…

Q: Assume that the cost data in the following table are for a purely competitive producer: Average…

A: Hi Student, Thanks for posting the question. As per the guideline, we are providing answer for the…

Q: A firm has the demand and total cost schedules given in the following table. If it wants to maximize…

A: Given  Total revenue = price × quantity  Profit = Total revenue - Total cost Quantity Price Total…

Q: Suppose a firm's marginal cost is increasing as it produces more output. Then the firms is said to…

A: The excess cost that is incurred by the producer to make an additional unit of output is known as…

Q: Quantity of Output Total Cost 0 $12 1 $14 2 $18 3 $24 4 $32 5 $42 6 $54 7 $68 The table above shows…

A: “Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…

Q: Consider the following information: TC = 20 + 5Q + Q2 Q = 25 – P Where TC is total cost, Q is the…

A: Given  Total cost  TC =20+5Q+Q2                      ............ (1) And demand function Q =25-P…

Q: n a fishery the long-run harvest function (harvest volume) is H(E) = aE - bE2, with a, b…

A: Harvest function : H(E) = aE  - bE2 Total Revenue Function : TR(E) = pH(E)  We need to show why and…

Q: If the Marginal Cost for a product is found to be MC= 8x+60 , and the Marginal Revenue is given as…

A: The marginal cost(MC) is the cost of manufacturing one more unit of output(o/p). Whereas the…

Q: Katie's Quilts is a small retailer of quilts and other bed linen products. Katie currently purchases…

A: Assume that Katie needs to sell K quilts to make vertical integration to be a profitable decision.…

Q: A company's short run total cost function is given by TC(q) = 3.0q^(3) - 1.0q^(2) + 3.6q + 3.…

A: In the short run there exists fixed cost which does not depend on output. The production decision…

Q: Suppose the total cost function of a firm that produces hotdogs is C= 150q - 4q +2q where q is the…

A:

Q: This question deals with cost curves and isoprofit curves. Keep in mind that the formula for a…

A: The isoprofit curve is a line joining various combinations of quantity (Q) and price (P) that would…

Q: After a campus pub increases its output from 3 kegs of beer per day to 11 kegs of beer per day, its…

A: [a] Marginal resource cost [MRC] = $[550-135]/[11-3]…

Q: Suppose an avocado farm has cost C= 0.004q + 28q + 1250, (where q is measured in bushels) and the…

A: A competitive market consist of large number of small firms and industry that determines price…

Q: Quantity Total Cost Marginal Cost 0 $   200   1      900   2   $900 3   3,000     a)…

A: a). The fixed coast is the cost which remains the same even when the firm produces nothing. Thus,…

Q: Suppose a firm’s short-run cost curves were found to be: Total Cost = SRTC = 1 + 2Q + Q2 Marginal…

A: Since the firm is a price taker so its perfectly competitive. The firm will maximise profit at a…

Q: Suppose a firm’s total cost curve is TC = 50Q2 + 10Q + 800 and marginal cost is MC = 100Q + 10. Find…

A: The marginal cost curve cuts the average cost curve and average variable cost at their respective…