Consider the following total cost schedule for a perfectly competitive firm producing ball-point pens. Output per period TVC (S) TFC ($) 0 0 21 10 2 21 20 3 21 30 6 21 40 10 21 50 15 21 Suppose the prevailing market price for this firm's product is $0.99. If the firm is producing 30 units of output per period, then its profit per unit is and its total profit per period is A. $0.9; $27 B. $0.13; $4 C. $0.45; $14 D. $0.09; $2.7 E. $1.35; $41
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- 2AAWO AC I4 17.1 REVENUE, COST, AND PROFIT APPLICATIONSITSO RSYHAHD 797 20 A firm sells each unit of a product for $50. The total cost of producing x (thousand) units is described by the function C(x) = 10 – 2.5x² + x³ where C(x) is measured in thousands of dollars. (a) Use the marginal approach to determine the profit-maximizing level of output. (6) What is total revenue at this level of output? Total cost? Total profit? 1 The profit function for a firm is -000Output TFC TVC TC MC ATC A 25 25 В 1 25 25 50 25 50 C 2 25 40 65 32.5 3 25 70 95 E 25 110 33.75 F 5 25 160 50 What is the marginal cost of the 4th unit of output? 40 25 50 Cannot be determined.ntQu102spring22 (1) - Protected View • Saved to this PC - O Search (Alt+Q) Faridatu Pafadnam References Mailings Review View Help t Defender Advanced Threat Protection and it hasn't detected any threats. If you need to edit this file, click enable editing, Enable Editing 3) Consider the following short-run cost curves for a profit-maximizing firm in a perfectly competitive industry. MC SRATC 4 SRAVC 1.5 1 100 200 300 400 Quantity FIGURE 1 a) Refer to Figure 1. If the current market price is $6, what is the profit-maximizing output for this firm? b) Refer to Figure 1. If the price is $6 and the firm is producing at its profit-maximizing output, then what are total costs for the firm? c) Refer to Figure 1. If the market price is $1, the firm will produce short run. units of output in the d) Refer to Figure 1. If the market price is $2, what the firm will do? Price $
- The diagram shows the price, marginal cost and average cost curves facing a perfectly competitive firm in the short run. What is the total revenue of the profit maximising firm in the short run? a) R720 b) R800 c) R960 d) R2 000 20 2 Cost, price (Rand) MC I 100 60 80 Output per day AC AVC Pricea lobaster catch is sold by a fisher at $15 per kilogram the lobster fisher has the following total costs at each possible quantity $1500 at 0 kiklograms ,$3200 at 800 kilograms and $12200 at 1000 kilograms a) creat a table with following 10 coloumns :1 ) price 2) quantity 3) total revenue 4) fixed cost 5) variable cost 6) total cost 7) average fixed cost 8) average variable cost 9) average cost and 10) marginal cost .fill in this table based on the information provided in the question b) Draw the fishers marginal revenue ,marginal cost and average cost curves on graph ,plot only the two endpoints at 0 and 1000 kilograms for the marginal revenue curve and plot five points for each of the marginal cost and average cost curves for a total of 12 points (exclude the origin point for both costcurves) remember to plot marginal values such as marginal cost halfway between the two relevant quantities on the horizantal axis c) what is the fishers profit -maximizing or loss -mininmizing quantity…Quantity of commodity A per day Total Variable costs in U. 700 200 60.000 7-25 201 61.000 202 62.500 203 64.000 204 66.000 205 68.500 206 72.000 FO Use Table 1 above to answer question number 25 below New Generation is a perfectly competitive company selling commodity Y at the market price of OMR.500) New Generation Company has fixed costs of OMR 30.000/day and a daily variable cost schedule in Table 1 above. The profit maximizing level of output for New Generation Company is: a. 202 units per day. b. 204 units per day. 206 units per day. d. 205 units per day. 12292-
- Consider the details of 3 firms. If the price of the product is Rs.48, find the output that has to be produced to make a profit of Rs.84,000/- A B C Total Fixed Cost(TFC) 11200 16000 21600 Average Variable cost(AVC) 20 16 12Price per unit 19 333 a b C A d MC Uhits of output Figure 9.7 This firm will earn positive profits when price is above point ATC AVC 9. A major cattle feeding operation has entered into a firm commitment to buy 100,000bushels of corn to be delivered to its feed lot in Kansas. The corn is expected to be delivered in90 days. The company is committed to pay $1.50 per bushel. If corn yields are greater thanexpected, the price of corn could decline and the company would experience higher operatingcosts than necessary as a result of the commitment.In order to protect itself against falling corn prices, the company purchased an option to sellcorn in 90 days at a strike price of $1.51 per bushel delivered to a facility in Nebraska.1. Assume that at the time of acquiring the put option, the price of corn was more than $1.51.Explain why the option had a value of more than zero at inception.2. Assume that one of your colleagues made the following comment: ‘‘An option can neverhave a negative value; therefore, you can never lose money on an option.’’ Discuss whetheror not you agree with your colleague.3. Assuming that only the…
- a. ABC Company produces 100 pendants per day. The total fixed cost for the plant is $5000 and the total variable cost is $15000 per day. Calculate the average fixed cost, average variable cost, average total cost and total cost at the current output level. b. Calculate Economic profit and Accounting profit from the figures given below for ABC Company. Total revenue $ 500,000 Wages and salaries $ 40,0000 Forgone salary $ 80,000 Interest paid $ 10,000 Forgone rent $ 10,000 Raw materials $ 50,000 Other payments $ 20,000 Forgone interest $7000For Problems 15-17It costs a company $500,000 to produce 1,000 treadmills. The company’s cost will be $500,350 if it produces an additional treadmill. The company is currently producing 1,000 treadmills. A) What is the firm’s average cost for 1,000 treadmills? B) What is the firm’s marginal cost for the 1,001 treadmill? C) A customer is willing to pay $200 for the 501st treadmill. Should the company produce and sell it? (Enter yes or no and briefly explain your reasoning)Variable Output 1 O $200 O $250 TVC O $500 400 700 2 3 4 1400 Use the above table and assume fixed costs of $1000 33. At an output of 4, AFC is: 1000 TC AFC O $1000 O Cannot be determined AVC ATC Marginal Cost