15.The table below shows cost data for producing different amounts of refrigerators. Use the given information to answer the questions below.Quantity Total Cost Variable Cost Marginal Cost Average Variable Cost Average Total Costin $in $in $in $in $241027130361120491250681440901660010What is the profit (loss) at that level of production?20304050How many refrigerators would a competitive firm produce if the market price was $19?391319223.006.008.3311.0013.2027.1018.0516.3717.0218.02 16.The table below shows cost data for producing different amounts of DVD player. Use the information in the table to find the missing costs for each quantity.Marginal Cost in $Quantity Total Cost in $1050How many DVD player would a competitive firm produce if the market price was $130?If the firm is currently producing 920, it shouldOincreaseOreduceOmaintainquantity produced.By doing so, it wouldOincreaseOreduceOmaintainprofit.230460690920115070052540555305990051519059.

Answered: Image /qna-images/answer/1d792581-0b60-4afd-9d01-078a9f49052d.jpg

The table below shows cost data for producing different amounts of refrigerators. Use the given information to answer the questions below. Variable Cost Marginal Cost Average Variable Cost Average Total Cost Quantity Total Cost in $ in S in $ in $ in $ 241 0 271 30 361 120 491 250 681 440 901 660 0 10 20 30 40 50 How many refrigerators would a competitive firm produce if the market price was $19? What is the profit (loss) at that level of production? 3 9 13 19 22 3.00 6.00 8.33 11.00 13.20 27.10 18.05 16.37 17.02 18.02

The table below shows cost data for producing different amounts of refrigerators. Use the given information to answer the questions below. Variable Cost Marginal Cost Average Variable Cost Average Total Cost Quantity Total Cost in $ in S in $ in $ in $ 241 0 271 30 361 120 491 250 681 440 901 660 0 10 20 30 40 50 How many refrigerators would a competitive firm produce if the market price was $19? What is the profit (loss) at that level of production? 3 9 13 19 22 3.00 6.00 8.33 11.00 13.20 27.10 18.05 16.37 17.02 18.02

Principles of Microeconomics

7th Edition

ISBN:9781305156050

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter14: Firms In Competitive Markets

Section: Chapter Questions

Problem 4PA

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Similar questions

How does the average cost curve help to show whether a firm is making profits or losses?
Suppose that each firm in a competitive industry has the following costs: Total cost: TC = 50 + q2 Marginal cost: MC = q where q is an individual firms quantity produced. The market demand curve for this product is Demand:QD = 120 P where P is the price and Q is the total quantity of the good. Currently, there are 9 firms in the market. a. What is each firms fixed cost? What is its variable cost? Give the equation for average total cost. b. Graph average-total-cost curve and the marginal-cost curve for q from 5 to 15. At what quantity is average-total-cost curve at its minimum? What is marginal cost and average total cost at that quantity? c Give the equation for each firms supply curve. d. Give the equation for the market supply curve for the short run in which the number of firms is fixed. e. What is the equilibrium price and quantity for this market in the short run? f. In this equilibrium, how much does each firm produce? Calculate each firms profit or loss. Is there incentive for firms to enter or exit? g. In the long run with free entry and exit, what is the equilibrium price and quantity in this market? h. In this long-run equilibrium, how much does each firm produce? How many firms are in the market?
It is clear that businesses operate in the short run, but do they ever operate in the long run? Discuss.
Do entry and exit occur in the short run, the long run, both, or neither?
In the argument for why perfect competition is allocatively efficient, the price that people are willing to pay represents the gains to society and the marginal cost to the film represents the costs to society. Can you think of some social costs or issues that are not included in the marginal cost to the firm? Or some social gains that are not included in what people pay for a good?