Use the table below to answer the following questions. Quantity AVC 1 12.2 2 11 3 9 4 13 5 17 If market price is less than $ 4.50 the firm should shut down.
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- The table below shows the cost of a firm that produces handmade pottery vases in a competitive industry. The market price for a handmade vase is $3.75. To maximize it's profit, this firm should produce _______ vasesThe table below shows the total product for Car Suds, a car wash service. The market for car washes is perfectly competitive and car washes sell for $5 each. The wage rate paid to workers is $50 per day.A juice producing company operates in a perfectly competitive market and is therefore a price taker. The prevailing market price is $20.00 per juice.The costs are given by: Total Cost= 0.2Q2+8Q+40 Marginal Cost= 0.4Q+10 a) Calculate how many juices the company should sell to maximize its profits CMg=P b) Calculate the maximum daily benefits. Total income= P*Q Total costs= 0.2Q2+8Q+40 Maximum benefits= Total income Total cost
- A firm in a competitive market has the following market price P = 5000, and the following marginal cost curve MC(Q) = 13Q3 and a fixed cost of FC = 100. What is the profit maximizing quantity of production for this firm?In a competitive market, the current equilibrium price is $110 per unit. A firm that produces Q units ofoutput in this market has a short-run Total Cost (TC) given by TC = 300 + 10Q + 5Q2. What is the marginal cost for this firm? How many units should the firm produce per day?A competitive market has demand of Q = 50 - 0.5P and total cost of production is C=70q for each firm. What is the effect of an innovation by one firm that gives a marginal cost of $28? a. This is a drastic innovation that causes the market quantity to be 18. b. This is a drastic innovation that causes the market quantity to be 36. c. This is a drastic innovation that causes the market quantity d. This is a non-drastic innovation that causes the market quantity to be 18.
- A firm produces 220 units of a good which cost an average of £8.25 each to produceand sells them at a price of £9.95. What is its total profit?Solve the firm's profit maximization problem. c(y) = W1X1 + W2X2Subject:Business economics Q.1): A publisher faces the following demand schedule for the next novel from one its popular authors: Price Quantity demand $100 0 novels 90 100,000 80 200,000 70 300,000 60 400,000 50 500,000 40 600,000 30 700,000 20 800,000 10 900,000 0 1,000,000 the author is paid $2 million to write the book & the marginal cost of publishing the book is a constant $10 per book e) if the author were paid $3million instead of $2million to write the book how would this affect the publisher decision regardig what price to charge? explain
- A microbrewery operates next to the Bushville Lake and uses water from the lake during production. The marginal cost of beer production is: MC = 8 + 2Q where Q is the quantity of beer produced (keg). The brewery sells its output at a market price of $40/keg. Because the industry is perfectly competitive, the brewery’s action does not affect the market price. The Bushville Lake is also used for kayaking and recreational fishing, but pollution from the brewery reduces the quantity of fish available and makes the lake very unpleasant. Each keg of beer produced emits a pound of pollutants that causes a loss of recreation opportunities worth $3. a) How much beer will be produced? b) What is the efficient level of beer production? If the government used a Pigouvian tax to achieve this goal, what would the tax be?A perfectly competitive form sells 40 units of output at the market price of $ 380 per unit . It's marginal revenue per unit is ??Producer surplus is equal to: (Choose one from below) A. the firm's short-run profitsB. total revenue minus the sum of all marginal costC. the area under the supply curve.D. the difference between price and average cost for all units sold.