Question 10 bb.alvincollege.edu/webapps/assessment/take/launch.jsp?course_assessment id%3 141961 1&ccGmailYouTubeA MapsG Imagesv Question Completion Status:O d. $78QUESTION 10Table 14-4The following table presents cost and revenue information for a firm operating in a competitive industry.CostsRevenuesQuantitySupplied(Units)TotalCostMarginal QuantityCostPriceTotalRevenue(Dollars)MarginalRevenueDemanded(Dollars) (Dollars)(Units)(Dollarsper unit)(Dollars)1001201150112020221203.257120431741203851206.46512075621208.6828.120Refer to Table 14-4. At what level of output should this firm operate, based on the information in table 14-4?O a. 4O b.7O. 8O d.0 (shut down, at least temporarily)QUESTION 11Table 14-4The following table presents cost and revenue information for a firm operating in a competitive industry.CostsRevenues

Total cost (TC): - it is the sum of fixed and variable costs incurred in the production process.…

Table 14-4 The following table presents cost and revenue information for a firm operating in a competitive industry. Costs Revenues Quantity Supplied (Units) Total Cost Marginal Quantity Demanded (Dollars) (Dollars) (Units) Price Marginal Revenue (Dollars) (Dollars) Total Revenue Cost (Dollars per unit) 100 120 1 150 1. 120 202 120 257 3 120 4. 317 4 120 385 120 6. 465 120 7 562 7 120 8. 682 8. 120 Refer to Table 14-4. At what level of output should this firm operate, based on the information in table 14-- O a. 4 O b.7 Oc. 8 O d.0 (shut down, at least temporarily)

Table 14-4 The following table presents cost and revenue information for a firm operating in a competitive industry. Costs Revenues Quantity Supplied (Units) Total Cost Marginal Quantity Demanded (Dollars) (Dollars) (Units) Price Marginal Revenue (Dollars) (Dollars) Total Revenue Cost (Dollars per unit) 100 120 1 150 1. 120 202 120 257 3 120 4. 317 4 120 385 120 6. 465 120 7 562 7 120 8. 682 8. 120 Refer to Table 14-4. At what level of output should this firm operate, based on the information in table 14-- O a. 4 O b.7 Oc. 8 O d.0 (shut down, at least temporarily)

Managerial Economics: Applications, Strategies and Tactics (MindTap Course List)

14th Edition

ISBN:9781305506381

Author:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris

Publisher:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris

Chapter10: Prices, Output, And Strategy: Pure And Monopolistic Competition

Section: Chapter Questions

Problem 3E

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Q Total Cost ATC AFC MC 0 10 - - - 10 12 12/10=1.2 10/10=1 12-10/10-0=0.2 20 16 16/20=0.8 10/20=0.5 16-12/20-10=0.4 30 26 26/30=0.867 10/30=0.333 26-16/30-20=1 40 38 38/40=0.95 10/40=0.25 38-26/40-30=1.2 50 75 75/50=1.2 10/50=0.2 75-38/50-40=3.7 60 120 120/60=2 10/60=0.167 120-75/60-50=4.5 What output or q (in the units of 10) is the most efficient production level?
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