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- File 20 19 Home 23 24 25 Insert Calibri 26 X ✓ fx 27 28 29 Draw Page Layout く 11 A B C D G H Question 3: Profit Maximization for a Perfectly Competitive Firm (Parts a - g) E Answers: B TR =P*Q MR = change in TR/ change in Q MC = change in TC/ change in Q Profit= TR - TC Profit is max at Q, such that MR = MC. Parts (a) - (c): P Q Formulas F TR Data SV You will complete the rest of table as specified in the following parts of this assignment. b) Use Excel functions to calculate TC = 20 + 10*Q + 2*Q² and MC. Verify that MC = 10 + 4*Q. 1 c) Use Excel functions to calculate Profit = TR - TC. 2 d) Use the MAX function in Excel to find the highest profit this perfectly competitive firm can earn. 3 What is the profit-maximizing output? Verify that it satisfies the condition MR = MC. 4 5 6 MR Av... Review TC I e) Use the MIN function in Excel to find the break-even price of this company. f) Re-do the table you created in the previous parts if FC increases to $30. Compare the highest profit this…2. Table below refers to a PC firm. Firm 1 Price Quantity produced per unit $120 $120 $120 $120 $120 $120 $120 $120 $120 $120 0 1 2 3 4 5 6 7 8 9 Total Marginal Total Marginal profit Marginal ATC Revenue revenue cost profit cost 0 120 100 150 202 257 317 385 465 562 682 812 a) Complete the table. b) What is the profit-maximizing output? c) What is the relationship between price, marginal revenue and marginal cost at the profit maximizing level of output? d) If the P were RM80, should the firm continue to operate? Why or why not? e) Draw the firm's short run SS curveOnly typed answer and please don't use chatgpt A firm faces the following average revenue (demand) curve: P = 120 – 0.02Q where Q is weekly production and P is price, measured in cents per unit. The firm’s cost function is given by C = 60Q + 25,000. Assume that the firm maximizes profits. What is the level of production, price, and total profit per week?
- Question 2 $150 $145 $140 MC $135 $130 $125 $120 ATC $115 $110 $105 $100 $95 $90 $85 $80 AVC $75 $70 $65 $60 $55 $50 $45 $40 $35 $30 $25 0 1 2 3 56 7 8 9 10 11 Quantity Produced The graph above shows the short-run cost functions for a perfectly competitive profit maximizing firm. If the market price of the product equals $100 per unit, the firm will produce dollars. units and will make an economic profit of$150 $145 $140 MC $135 $130 $125 $120 $115 ATC $110 $105 $100 $95 $90 $85 $80 AVC $75 $70 $65 $60 $55 $50 $45 $40 $35 $30 $25 0 1 2 3 5 6 Quantity Produced 7 8 9 10 11 The graph above shows the cost functions for a perfectly competitive profit maximizing firm. If the market price of the product is $70 per unit, the firm will produce units, will cover make an economic profit of dollars. dollars of its fixed cost, and willlackboard.com -Fall_2021 Remaining Time: 1 hour, 39 minutes, 21 seconds. v Question Completion Status: AMoving to the next question prevents changes to this answer. Question 1 TC 500 TR 400 300 200 100 Q1 Q2 Q3 Quantity Consider the above figure. If output increases from Q 2 to Q 3, the firm increases its profit. reduces its marginal revenue. decreases its profit. increases its marginal revenue. A Moving to the next question prevents changes to this answer. stv 12 MacBook Air DII F9 000 000 FO 80 F7 F4 F9 F2 & 2 Total revenue and total cost (dollars)
- 212592/variants/1301916/take/7/ Question 15 Listen Which of the following describes a unique value proposition of an ice cream business? A Scoopy's will offer the only fluffy waffle cone in Dallas. B C D Scoopy's will be located in the downtown area of Dallas. Scoopy's will offer five different flavors of ice cream. Scoopy's will offer a 50 percent discount when buying two cones. 13 of 18 Total Questions Answered * £ ✰ ✰ All Changes Saved V ( □ *** ANN Continue 10/5. El Sol Inc. produces beach towels. The cost of each towel is $ 4.00 and it sells for $ 10.00 after the markup on its cost. Similar towels sell for $ 8.00. How much should each towel cost you to be able to adjust to the market price and keep your profit margin?$150 $145 $140 $135 MC $130 $125 $120 $115 Ате $110 $105 $100 $95 $90 $85 $80 AVC $75 $70 $65 $60 $55 $50 $45 $40 $35 $30 $25 0 1 2 3 5 6 7 8 9 10 11 Quantity Produced The graph above shows the short-run cost functions for a perfectly competitive profit maximizing firm. If the market price of the product equals $145 per unit, the firm will produce dollars. units and will make an economic profit of
- Table A Unit Marginal Cost Marginal Revenue Quantity 12 $5.00 $9.00 13 $6.00 $9.00 14 $7.00 $9.00 15 $8.00 $9.00 16 $9.00 $9.00 17 $10.00 $9.00 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 unitsQ23 Suppose a perfectly competitive firm is currently operating with the following information: Output = 1500 tonnesAverage total cost = $627 per tonneAverage variable cost = $614 per tonneMarginal revenue = $620 per tonneMarginal cost = $620 per tonneAt the current level of output, this firm is _____ profit and is an earning economic profit of _____. a. Maximising; -$10500. b. Not maximising; -$10500. c. Maximising; $10500. d. Maximising; $9000. e. Not maximising; -$9000.Problem 10-07 (algo) There are 300 purely competitive farms in the local dairy market. Of the 300 dairy farms, 298 have a cost structure that generates profits of $21 for every $300 invested. Instructions: Enter your answers as a whole number. a. What is the percentage rate of return for these 298 dairies? 7 percent b. The other two dairies have a cost structure that generates profits of $24 for every $200 invested. What is their percentage rate of return? 12 percent c. Assuming that the normal rate of profit in the economy is 9 percent, and that firms cannot copy each other's technology, will there be entry or exit? Exit d. Will the change in the number of firms affect the two that earn $24 for every $200 invested? Yes, because those exiting firms will spread their technology. No, because those two firms are too small. No, because the exiting firms didn't belong in the industry. Yes, because those two firms can claim a larger market share. e. What will be the rate of return earned by…
