Question
1) Answer the following question based on the chart below: Q Price Total Cost Fixed Cost...
1) Answer the following question based on the chart below:
|
Q |
Price |
Total Cost |
Fixed Cost |
Total Variable Cost |
Marginal Cost |
Profit |
|
0 |
$8 |
$12 |
-- |
- |
-$12 |
|
|
1 |
$8 |
3 |
||||
|
2 |
$8 |
4 |
||||
|
3 |
$8 |
12 |
||||
|
4 |
$8 |
18 |
||||
|
5 |
$8 |
10 |
The optimal amount for this firm to produce in the short run is? When would the firm shut-down in the short-run (i.e. at what price)? What if the price of the good was $5? What would the firm do if the price fell to $2?
Make sure you fill in the tables to answer the question … but explain WHY you got the numbers you did.
Homework Answers
Answer #1
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Similar Questions
For the following firm in a competitive market, COSTS REVENUES Quantity Produced Total Cost Marginal Cost...
For the following firm in a competitive market,
COSTS
REVENUES
Quantity
Produced
Total
Cost
Marginal
Cost
Quantity
Demanded
Price
Total
Revenue
Marginal
Revenue
0
$0
--
0
$80
--
1
$50
1
$80
2
$102
2
$80
3
$157
3
$80
4
$217
4
$80
5
$285
5
$80
6
$365
6
$80
7
$465
7
$80
8
$585
8
$80
Fill the column for marginal cost, total revenue and marginal
revenue.
What is interesting about the numbers you find...
Complete the following cost and revenue schedule: Price Quantity Demanded Total Revenue Marginal Revenue Total Cost...
Complete the following cost and revenue schedule:
Price
Quantity Demanded
Total Revenue
Marginal Revenue
Total Cost
Marginal Cost
Average Total Cost
20
0
8
18
1
14
16
2
22
14
3
32
12
4
44
10
5
58
8
6
74
6
7
92
4
8
112
2
9
147
a. Graph the demand, MR, and MC curves.
b. At what rate of output are profits maximized within this
range?
c. What are the values of MR and MC...
COSTS REVENUES Quantity Produced Total Cost Marginal Cost Quantity Demanded Price Total Revenue Marginal Revenue 0...
COSTS
REVENUES
Quantity
Produced
Total
Cost
Marginal
Cost
Quantity
Demanded
Price
Total
Revenue
Marginal
Revenue
0
$0
--
0
$80
0
--
1
$50
50
1
$80
80
80
2
$102
52
2
$80
160
80
3
$157
55
3
$80
240
80
4
$217
60
4
$80
320
80
5
$285
68
5
$80
400
80
6
$365
80
6
$80
480
80
7
$465
97
7
$80
560
80
8
$585
120
8
$80
640
80
b) What...
Total Product Average Fixed Cost Average Variable Cost Average Total Cost Marginal Cost 1 $100.00 $17.00...
Total
Product
Average Fixed
Cost
Average
Variable Cost
Average Total
Cost
Marginal
Cost
1
$100.00
$17.00
$117.00
$17
2
50.00
16.00
66.00
15
3
33.33
15.00
48.33
13
4
25.00
14.25
39.25
12
5
20.00
14.00
34.00
13
6
16.67
14.00
30.67
14
7
14.29
15.71
30.00
26
8
12.50
17.50
30.00
30
9
11.11
19.44
30.55
35
10
10.00
21.60
31.60
41
11
9.09
24.00
33.09
48
12
8.33
26.67
35.00
56
The accompanying table
gives cost data for...
The table below shows output, fixed, variable, and total costs for a firm in a perfectly...
The table below shows output, fixed, variable, and total costs
for a firm in a perfectly competitive market.
Output
Fixed Cost (FC)
Variable Cost (VC)
Total Cost (TC)
Avg. Fixed Cost (AFC)
Avg. Variable Cost (AVC)
Avg. Total Cost (ATC)
Marginal Cost (MC)
0
5
0
1
7
2
10
3
9
4
19
5
25
1. Fill in the blank spaces in the fixed, variable, and total
cost columns. Also complete the AFC, AVC, ATC, and MC columns
(round...
Total Output Total fixed cost Total Variable cost Total Cost Average Fixed Cost Average variable cost...
Total Output
Total fixed cost
Total Variable cost
Total Cost
Average Fixed Cost
Average variable cost
Average total cost
Marginal cost
0
0
24
0
0
0
8
8
8
38
19
27
9
13
59
I need your help on filling in the rest of the chart.
Thank you very much. If it is not to much trouble can you please
explain how you got the answer. again thank you for your
help.
Complete this assignment by filling in the table and answering each question in the document below....
Complete this assignment by filling in the table and answering
each question in the document below. This assignment will be graded
out of 10 points with 2 points possible for each question.
1) Use the chart below to calculate marginal
product.
Labor Input
Total Product
Marginal Product
0
0
1
10
2
26
3
48
4
71
5
86
6
96
7
95
8
90
2) Use the chart above to determine the labor input when
diminishing returns to an...
Price Quantity Demanded Total Revenue Marginal Revenue Total Cost Marginal Cost Average Total Cost Average Variable...
Price
Quantity Demanded
Total Revenue
Marginal Revenue
Total Cost
Marginal Cost
Average Total Cost
Average Variable Cost
$20
0
$6
18
1
12
16
2
20
14
3
30
12
4
42
10
5
56
8
6
72
please fill out entire table
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The cost function for a firm is C(q) = 8 + 1/2q2. In
addition, the price of the good
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If there is a $2 tax in place and the price of the good is still
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shutdown or continue to operate in the short run? And, in the long
run, will the firm shutdown or continue to...
Consider a firm with a short run Total Cost (TC) given by TC=200 + 30Q -...
Consider a firm with a short run Total Cost (TC) given by TC=200
+ 30Q - 5Q^2 + Q^3.
What is the firm’s fixed cost? What is the firm’s marginal cost?
What is firm's shut down price?
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