Question
The following table contains information for a price taking competitive firm. Total Marginal Fixed Average...
The following table contains information for a price taking
competitive firm.
Total Marginal Fixed Average Total Average Marginal
Output Cost Cost Cost Cost Revenue Revenue Revenue
0 5 0
1 7 10
2 11 20
3 17 30
4 27 40
5 41 50
6 61 60
a. Complete the table
b. Determine and indicate the profit maximizing (cost
minimizing) level of output (round your answer to the nearest whole
number).
c. Calculate the profit/losses.
Homework Answers
Answer #1
Not the answer you're looking for?
Similar Questions
Consider a price-taking firm in a perfectly competitive market. The market equilibrium dictates that the price...
Consider a price-taking firm in a perfectly competitive market.
The market equilibrium dictates that the price is
$14. Use this information, along with the information
given, to complete the table below. Remember, economic
profit is total revenues minus total costs.
Quantity
Total Revenue
Marginal Revenue
Total Cost
Marginal Cost
Economic Profit
Average Total Cost
0
-
10
-
-
-
1
24
2
34
3
42
4
49
5
57
6
67
7
81
8
99
9
123
b. What is the...
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...
Quantity Total Revenue Marginal Revenue Total Cost Marginal Cost Fixed Costs ATC Average Fixed Costs Average...
Quantity
Total Revenue
Marginal Revenue
Total Cost
Marginal Cost
Fixed Costs
ATC
Average Fixed Costs
Average Variable Costs
0
0
-
10
-
10
-
-
-
1
8
24
14
24
2
16
34
10
17
3
24
42
8
14
4
32
49
7
12.25
5
40
57
8
11.4
6
48
67
10
11.17
7
56
81
14
11.57
8
64
99
18
12.38
9
72
123
24
13.67
f. You have now removed the fixed costs...
Suppose you are given the following table: Output Price Total Cost Total Revenue Marginal Revenue Marginal...
Suppose you are given the following table:
Output
Price
Total Cost
Total Revenue
Marginal Revenue
Marginal Cost
Average Total Cost
Profit/
Loss
(P-ATC)
0
150
100
1
138
150
2
125
184
3
113
208
4
100
227
5
88
250
6
75
280
7
63
318
8
50
366
9
38
425
10
25
500
a. Determine the optimum /profit maximizing point using the
MR-MC Principle
b. At this point, what are the total profits?
c. Calculate (Price -...
) Assume the following unit‑cost data are for a purely competitive producer: Total Product Average fixed...
) Assume the following unit‑cost data
are for a purely competitive producer:
Total
Product
Average
fixed
cost
Average
variable
cost
Average
total
cost
Marginal
cost
0
1
2
3
4
5
6
7
8
9
10
$60.00
30.00
20.00
15.00
12.00
10.00
8.57
7.50
6.67
6.00
$45.00
42.50
40.00
37.50
37.00
37.50
38.57
40.63
43.33
46.50
$105.00
72.50
60.00
52.50
49.00
47.50
47.14
48.13
50.00
52.50
$45
40
35
30
35
40
45
55
65
75
a. At a product...
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...
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...
Table 16-5 This table shows the demand schedule, marginal cost, and average total cost for a...
Table 16-5
This table shows the demand schedule, marginal cost, and average
total cost for a monopolistically competitive firm.
Quantity
Price
Marginal
Cost
Average
Total Cost
0
$30
--
--
1
$24
$2
$32
2
$18
$4
$18
3
$12
$6
$14
4
$6
$8
$10
5
$0
$10
$10
Refer to Table 16-5. How much profit will this
firm earn at the monopolistically competitive price?
A) $0
B) $5
C) $12
D) $16
6) A monopolistically competitive firm is not profitable (experiencing losses) where A) price = marginal revenue....
6) A monopolistically competitive firm is not profitable
(experiencing losses) where
A) price = marginal revenue.
B) price < average total cost.
C) marginal revenue > average revenue.
D) total revenue > marginal cost.
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...
ADVERTISEMENT
Need Online Homework Help?
Get Answers For Free
Most questions answered within 1 hours.
ADVERTISEMENT
Active Questions
asked 2 minutes ago
asked 5 minutes ago
asked 17 minutes ago
asked 24 minutes ago
asked 55 minutes ago
asked 1 hour ago
asked 1 hour ago
asked 1 hour ago
asked 1 hour ago
asked 1 hour ago
asked 1 hour ago
asked 2 hours ago