Question

Q TC MC TR AVC ATC Total Profit or Loss 0 3750 --- 0 --- ---...

Q TC MC TR AVC ATC Total Profit or Loss
0 3750 --- 0 --- --- -3750
250 7500 3750
500 8500 7500 9.50 17.00 -1000
750 9000 11250
1000 10250 15000 6.50 10.25 4750
1250 12875 10.50 18750 7.30 10.30
1500 16500 14.50 22500 8.50
1750 21625 20.50 26250 10.21 12.36 4625
2000 28125 26.00 30000 12.91 14.06 1875

Given the above table, which shows the weekly production information for bushels of soybeans, complete the following:

1) Complete the above table (Note: For cost data, input your answers by rounding the answers for costs up to the nearest whole number. Ex. 3.174 should be entered as 3).

2) Does the table depict a short-run or long-run situation?

3) What is the market price per bushel of soybeans, based on the data in the table?  (Round answer to nearest whole number.)

4) According to the table, at what quantity would the firm maximize profits?

5) Given your answer to number 4, what is the firm's economic profit?  (Round answer to nearest whole number.)

6) What type of market is this firm competing in?

Homework Answers

Answer #1

ANSWER : NOTE : when firm produce 1500 unit then MC= 14.50 so it not 15 so this not equilibrium point . Equilibrium point hold where MC and MR or PRICE exactly equal . See your solution below :

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