Construct a short-run supply schedule for the firm and indicate the profit or loss incurred at each output. Assume the following unit-cost data are for a purely competitive producer. ( See table below) REQUIRED: E. When the product price is set at $46, how many is the quantity supplied by the firm? F. When the product price is set at $46, how much would be the economic profit that the firm will realize per unit of output?

Construct a short-run supply schedule for the firm and indicate the profit or loss incurred at each output. Assume the following unit-cost data are for a purely competitive producer. ( See table below) REQUIRED: E. When the product price is set at $46, how many is the quantity supplied by the firm? F. When the product price is set at $46, how much would be the economic profit that the firm will realize per unit of output?

Economics:

10th Edition

ISBN:9781285859460

Author:BOYES, William

Publisher:BOYES, William

Chapter23: Profit Maximization

Section: Chapter Questions

Problem 5E

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Assume the following cost data are for a purely competitive producer Total Product AFC AVC ATC MC 0 1 $60 $45 $105 $45 2 $30 $42.50 $72.50 $40 3 $20 $40 $60 $35 4 $15 $37.50 $52.50 $30 5 $12 $37 $49 $35 6 $10 $37.50 $47.50 $40 7 $8.57 $38.57 $47.14 $45 8 $7.50 $40.63 $48.13 $55 9 $6.67 $43.33 $50 $65 10 $6.00 $46.50 $52.50 $75 In the table below, complete the short run supply schedule for the firm (columns 1 and 2) and indicate the profit or loss incurred at each output (column 3) 1 2 3 4 Price Quantity supplied, single firm Profit (+) or loss (-) Quantity supplied, 1500 firms $26 $32 $38 $41 $46 $56 $66
The next 2 questions refer to the following total cost schedule for a competitive firm: Output Total Cost 012345 $15 100 145 205 290 410 If market price is $100, the maximum profit the firm can earn is $ If market price is $60, the firm will produce units of output.
Calculate accounting profit given:- Total revenue = $4500 Explicit cost = $4500
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Barrels of Average Oil Marginal Marginal Total Produced Revenue Cost Costs $ 30.00 $ 50.00 $ 4.00 $ 34.00 $ 50.00 $ 6.00 $ 40.00 $ 50.00 $ 77.00 $ 17.00 $ 50.00 $ 17.00 $ 17.00 $ 50.00 $ 23.00 $ 18.20 $ 50.00 $ 29.00 $ 20.00 $ 50.00 $ 36.00 $ 22.29 $ 50.00 $ 50.00 $ 25.75 $ 50.00 $ 90.00 $ 32.89 $ 50.00 $124.00 $ 42.00 2 3 7. 8 9. 10 Consider the table above. What are the fixed costs of production for this firm? $50 $34 $4 $30
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 $
Total Quantity Fixed Costs (FC) Variable Costs (VC) Costs of TC) Apples 0 80 1 80 117 197 332 2 80 252 485 3 4 80 656 845 80 765 6 80 1052 1197 1277 1440 1520 8 80 7
Table Q1(c) shows the long-run total cost information for Firms A, B, C and D in a hypothetical industry. The cost currency is in Ringgit Malaysia (RM). Table Q1(c): Long-run total cost information Quantity 1 2 3 340 350 4 5 6 7 Firm A Firm B 210 180 850 800 490 660 1,290 1,050 1,050 1,050 1,060 930 510 660 Firm C 120 250 390 540 700 870 Firm D 450 750 150 300 600 900 Explain: (i) Which firm experiences constant return to scale over the entire range of output. (ii) Which firm experiences diseconomies of scale over the entire range of output. (iii) Which firm experiences economies of scale over the entire range of output.
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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 Price
Output 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.
Complete the Daily Production Cost Schedule table below. Quantity MR = Price per Unit TFC TVC AFC AVC TC ATC MC 0 $ 325.00 $ 100.00 1 $ 325.00 $ 100.00 $ 400.00 2 $ 325.00 $ 100.00 $ 600.00 3 $ 325.00 $ 100.00 $ 750.00 4 $ 325.00 $ 100.00 $ 950.00 5 $ 325.00 $ 100.00 $ 1,200.00 6 $ 325.00 $ 100.00 $ 1,525.00 7 $ 325.00 $ 100.00 $ 1,950.00 Abbreviations: MR: Marginal revenue TFC: Total fixed cost TVC: Total variable cost AFC: Average fixed cost AVC: Average variable cost TC: Total cost ATC: Average total cost MC: Marginal cost