A profit-maximizing firm in a competitive market is currently producing 500 units of output. It has average revenue of $10, average total cost of $8, and fixed costs of $200. a. What is its profit? b. What is its marginal cost? c. What is its average variable cost? d. Is the efficient scale of the firm more than, less than, or exactly 100 units?
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- Don't use chatgpt or any AI A profit-maximising firm in a competitive market is currently producing 1,000 units of output. It has average revenue of $50, average total cost of $40 and fixed cost of $10,000. a) What is its profit? b) What is its marginal cost? c) What is its average variable cost? Is the efficient scale of the firm more than, less than or exactly 1,000 units?Price MC ATC IC MR Quantity a. What area(s) of the graph represent(s) total revenue for this firm if it was profit maximizing? b. What area(s) of the graph represent(s) total cost for this firm if it was profit maximizing? c. What area(s) of the graph represent(s) profits for this firm if it was profit maximizing? d. What area(s) of the graph represent(s) deadweight loss if the firm was profit maximizing?i. Calculate the marginal cost, marginal revenue and profit for each unitof production. ii. How many units should the firm produce to maximise profit?
- Please solve Fast i give 2 like Which of the following is not true according to Figure 1? Hide Transcribed Text Figure 1: Cost and Price AC : Average Cost, AVC: Average Variable Cost, and MC: Marginal Cost A) The firm earn a zero economic profit when it produces 40 unit at the price of $5.7 per unit. B) The minimum acceptable price (the shut-down point) is $4.3 per unit. C) The firm's supply curve is its MC curve above minimum of AVC. D) The firm earns an economic profit when the price exceeds $4.3 per unit.The WipeOut Ski Company manufactures skis for beginners. Fixed costs are $30. Fill in Table 7.16 for total cost, average variable cost, average total cost, and marginal cost., now imagine a situation where the firm produces a quantity of 5 units that it sells for a price of $25 each. a. What will be the company’s profits or losses? b. How can you tell at a glance whether the company is making or losing money at this price by looking at average cost? c. At the given quantity and price, is the marginal unit produced adding to profits?Cost LRAC 40 30 20 10 100 200 400 800 Output b. What happened to the cost of one good as the firm increased its output from 100 units to 200 units and from 200 units to 400 units? c. What is the firm experiencing as it increased it scale of operation from 100 units to 400 units? d. What is the firm experiencing if it chooses to produce at point P? Give reason for your answer. e. Which point would be the best point for the firm to produce at? Give reason for your answer.
- i. Calculate the marginal cost, marginal revenue and profit for each unit of production. ii. How many units should the firm produce to maximise profit?for this graph answer the following question what is the total revenue? what is the total profit? what is the maximun point?What is true with profit maximization of the firm using the Total Revenue Total Cost approach? PLEASE EXPLAIN A. The only requirement to find the optimal output that maximizes economic profit is that the difference between the total revenue and the total cost is the highest B. The total revenue should be lower than the total cost C. The total revenue should be higher than the total cost D. A and B are correct E. A and C are correct
- Danilo and his wife operate a restaurant where they sell all their meals for $14.00 each. The markup on each meal is $5.00 and overhead expenses are 19.00% of cost. a. How much does it cost them to make each meal? $0.00 Round to the nearest cent b. What is their operating profit per meal? 50.00 Round to the nearest cent c. Calculate the break-even price. Round lo the nerert rentOutputAFC AVC АТС MC 1 100 40 140 40 50 35 85 30 3 33.33 35 68.33 35 4 25 36.25 61.25 40 5 20 38 58 45 16.67 40 56.67 50 A price taking firm has the above cost data. The price of output is $34. What level of output should the firm choose to maximize profit in the short run?Maria manages a bakery, that specializes in ciabatta bread, and has the following information on demand and costs: Ciabatta Bread Sold Price Per Hour (Q) (P) 0 $6.00 1 5.50 2 5.00 3 4.50 4 4.00 5 3.50 6 3.00 7 2.50 8 2.00 Total Cost (TC) $2.00 6.50 10.00 13.00 15.50 17.50 19.00 21.00 24.00 loaves of ciabatta bread per hour. (Enter your response as an integer.) a. To maximize profits, Maria should sell Maria should charge a price of $ Maria's maximum profit is $ (Enter your response rounded to two decimal places.) (Enter your response rounded to two decimal places.) (Enter your b. The marginal revenue when selling the profit-maximizing number of loaves of ciabatta bread is $ response rounded to two decimal places.) The marginal cost when selling the profit-maximizing number of loaves of ciabatta bread is $. (Enter your response rounded to two decimal places.)