Unit Marginal Cost $5.00 $6.00 $7.00 $8.00 $9.00 $10.00 Marginal Revenue $9.00 $9.00 $9.00 $9.00 $9.00 $9.00 Quantity 12 13 14 15 16 17 This table describes the relationship between output, marginal revenue, and marginal cost. If the firm is currently producing 14 units, what would you advise them to do? decrease quantity to 13 increase quantity to 15 remain at 14 units increase quantity to 16 units

Our firm produces two products: generators and solar panels. Name five economies of scale you would expect our company to leverage and explain how you would expect the company to leverage them.           Our firm’s accountants have put together the following table of costs.   Generators Solar Panels Fixed Costs $2 million $2 million Variable Costs $2 million $2 million Revenue $3 million $5 million         The accountants have assured us that there are no places to save money. We are at our profit maximizing quantities of each product. We are as efficient as any firm could possibly be. In answering the questions below, do not just say lower costs or increase sales. Explain all your answers. If you cannot explain why you are taking an action, then you are just guessing.

Table 13-1 Measures of Cost for ABC Inc. Widget Factory Variable Total Costs Costs $1 $3 $18 $6 $21 $10 $30 $21 Quantity of Widgets 0 1 2 3 4 5 6 Fixed Costs $15 $15

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Using the following tablea) construct the cost schedule for a firm operating in the short runb) Graph the average variable cost, average total cost and marginal cost curves.QuantityProduction(thousands)TotalFixedcostTotalVariablecostTotalCostMarginalCostAverageFixedCostAverageVariableCostAverageTotalCost0 $400 0 $400 --- --- ---- ----1 $6402 $7203 $7804 $8205 $8506 $8907 $9808 $12009 $1700

Zero economic profit is not as bad as it sounds because when the firm earns zero economic profit: O It earns enough revenue to cover both its explicit and implicit costs O It has been able to earn total revenue equal to price times quantity sold It covers all of its explicit costs and at least half of its implicit costs O It is earning accounting profit O None of the above

The accompanying table shows a car manufacturer’s total cost of producing cars. Quantity of cars TC 0 $500,000 1 540,000 2 560,000 3 570,000 4 590,000 5 620,000 6 660,000 7 720,000 8 800,000 9 920,000 10 1,100,000 What is this manufacturer’s fixed cost? For each level of output, calculate the variable cost (VC). For each level of output except zero output, calculate the average variable cost (AVC), average total cost (ATC), and average fixed cost (AFC). What is the minimum-cost output? For each level of output, calculate this manufacturer’s marginal cost (MC). On one diagram, draw the manufacturer’s AVC, ATC, and MC curves.

Total Product 1 2 3 4 5 6 7 8 9 10 Average Fixed Cost $ 150.00 75.00 50.00 37.50 30.00 25.00 21.43 18.75 16.67 15.00 Multiple Choice The accompanying table gives cost data for a firm that is selling in a purely competitive market. If the market price for this firm's product is $68.10, it will produce 8 units at an economic profit of zero. 6 units at a loss of $90. Average Variable Cost $ 25.00 23.00 20.00 21.00 23.00 25.00 28.00 33.00 39.00 48.00 9 units at an economic profit of $281.97. 8 units at an economic profit of $130.72. Multiple Choice 6 units at a loss of $150. 6 units at a loss of $90. The accompanying table gives cost data for a firm that is selling in a purely competitive market. If the market price for this firm's product is $35, it will produce Average Total Cost $ 175.00 98.00 70.00 58.50 53.00 50.00 49.43 51.76 55.67 63.00 9 units at an economic profit of $281.97. Marginal Cost $25.00 21.00 14.00 24.00 31.00 35.00 46.01 68.07 86.95 128.97 8 units at an economic profit…

Suppose that a paper mill "feeds" a downstream box mill. For the downstream mill, the marginal profitability of producing boxes declines with volume. For example, the first unit of boxes increases earnings by $30, the second by $ 27, the third by $24, and so on, until the tenth unit increases profit by just $3. The cost the upstream mill incurs for producing enough paper (one "unit" of paper) to make one unit of boxes is $9.50. Assume the two mills operate as separate profit centers, and the paper mill sets the price of paper. It follows that the marginal profitability of boxes represents the highest price that the box division would be willing to pay the paper division for boxes.. Furthermore, assume that fixed costs are $0 for the paper mill. The following table summarizes the quantity, total revenue, and marginal costs from the perspective of the paper mill for selling paper to the box mill at various prices. In the following table, fill in the marginal revenue, total cost, and…

20) - Google Chrome "mod/quiz/attempt.php?attempt%3=1579003&cmid%3812962&page%3D2 em (Academic 20- MC ATC AVC 16 4. 5 10 15 20 25 30 35 40 45 50 Quantity (units per day) The above figure shows the cost curves for a perfectly competitive firm. If all firms in the market have th same cost curves and the price equals $16 per unit Select one: O a. over time, the price will fall as new firms enter the market. O b. over time, firms will leave this market. O c. the market is in its long-run equilibrium. O d. the firm is making zero economic profit. o search hp Price and cost (dollars per unit)