(Table: Total Cost and Output for All-Natural Frozen Yogurt) Use Table: Total Cost and Output for All- Natural Frozen Yogurt, which describes Sasha's total costs for his perfectly competitive all-natural frozen yogurt firm. İf the market price of a tub of frozen yogurt is $20, how many tubs of frozen yogurt will Sasha produce in the short run? Table: Total Cost and Output for All-Natural Frozen Yogurt Output Total Cost $10 60 2. 80 110 4 170 5 245 O a) 1 b) 0 d) 2
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- Principles of Microeconomics Name: Homework #3 Prof. R. Harris DUE: Wednesday, April 17, 2019 at the beginning of class - NO EXCEPTIONS. Please remember to show all work and please be neat. Please staple this if you print it on your own. 1. Consider the following table of numbers, which represents demand and cost conditions for a com firm. petitive TR 600 0 1 2 $o $400 600 $400 $240 600 $430 $670 $960 $1,350 $1,840 $2,440 $3,120 $3,910 $4,800 600 600 600 600 600 600 5 6 7 600 600 9 10 (a) Fill in the missing values (b) Use the information in the chart to determine what level of output the firm should produce. Explain your reasoning.Tips ips The following graph plots daily cost curves for a firm operating in the competitive market for instant pots. 100 PRICE (Dollars per instant pot) 8888 2 2 2 2 10 o ATC AVC MC ㅁㅁ 0 5 10 15 20 25 30 35 40 45 50 QUANTITY (Thousands of instant pots) Using the following table, for each price level, calculate the optimal quantity of units for the firm to produce. Using the data from the graph to determine the firm's total variable cost, calculate the profit or loss associated with producing that quantity. Assume that if the firm is indifferent between producing and shutting down, it will choose to produce. (Hint: Select purple points [diamond symbols] on the graph to receive exact average variable cost information.) Price (Dollars per instant pot) Quantity (Instant pots) Total Revenue (Dollars) Fixed Cost (Dollars) Variable Cost (Dollars) Profit (Dollars) 25.00 1,600,000 70.00 1,600,000 100.00 1,600,000 If the firm shuts down, it must incur its fixed costs (FC) in the short run. In…(Table: Total Cost and Output for All-Natural Frozen Yogurt) Use Table: Total Cost and Output for All- Natural Frozen Yogurt, which describes Sasha's total costs for his perfectly competitive all-natural frozen yogurt firm. How many tubs of frozen yogurt will Sasha produce in the long run? Table: Total Cost and Output for All-Natural Frozen Yogurt Output Total Cost 0 $10 1 60 2 80 3 110 4 170 5 245 02 3 4
- ull touch LTE 10:08 PM O O 37% O A docs.google.com What is the relationship between a perfectly competitive firm's marginal cost curve and its short-run supply curve? * The marginal cost curve of a perfectly competitive firm is the firm's short-run supply curve at the point where price is less than average variable cost. The marginal cost curve of a perfectly competitive firm is the firm's short-run supply curve at the point where price is equal to or greater than average variable cost. The marginal cost curve of a perfectly competitive firm is the firm's short-run supply curve at all points. The two are unrelated Page 4 of 5 Вack Next4. Profit maximization in the cost-curve diagram A Consider a perfectly competitive market for shirts. The following graph shows the daily cost curves of a firm operating in this market. PRICE Dollars per sht 20 HE 16 12 34 LE AD 72 OUTPUT (Theunts of shirts! Chow Ad In the short run, at a market price of $185 per shirt, this firm will choose to produce shirts per day. On the previous graph, use the blue rectangle (dirde symbols) to shade the area representing the firm's economic profit or loss if the market price is $18 and the firm chooses to produce the quantity you already selected. Tool tip: Mouse over the shaded region on the graph to see its area. The area of this rectangle indicates that the firm would have per day. For each price in the following table, calculate the firm's optimal quantity of units produced and determine the economic profit or loss if it produces at that quantity. Use the data from the previous graph to identify its total variable cost. Assume that if the…5. The graph below shows the Price, Marginal Cost, and Average Total Cost curves for the production of Beanie Weenie Dog (a new item served at Tropicana Field -deep-fried hot dog wrapped in bacon, covered with baked beans). I will not be trying it. Will you?_ price 400 380 MC 360 340 АТС 320 300 280 260 240 220 200 180 160 140 120 100 80 60 40 20 0 P MR o 1 2 3 4 5 6 7 8 9 1o 11 Quantity a. What is the profit-maximizing level of Beanie Weenie Dogs that should be produced? b. At the level that you found in part (a), what is the firm's profits or loss? Show your calculations. c. Calculate what the firm's profits or losses are if instead of choosing the level you found in part (a), the firm chooses to produce at one unit above that level. d. Calculate what the firm's profits or losses are if instead of choosing the level you found in part (a) firm chooses to produce at one unit below that level.
- What is the relationship between a firm’s supply curve, its marginal cost curve, and its average variable cost curve? and pls give example/scenario.-So Price $2.00 $1.75 $1.50 $1.25 $1.00 $0.75 $0.50 $0.25 0 20 MR ATC MC 40 60 80 100 120 140 160 Lady Gaga MP3s (000s) Tools -i Pt. A Instructions: Enter your answers as a whole number. The profit-maximizing price for Lady Gaga MP3s in the short run is: $ The profit-maximizing quantity for Lady Gaga MP3s in the short run is: b. In the long run, the demand curve will (Click to select) c. In the long run, the profit-maximizing price will (Click to select) thousand MP3s. AC 20 # NextThe accompanying graph shows the cost curves for Moe's mushroom gathering business, which is perfectly competitive. Price ($/bushel) 60 50 40 30 20 10 0 0 ΤΑ 10 20 30 40 50 60 70 80 Quantity (bushels/month) Select one: O A. 50 bushels. C If mushrooms sell for $10 per bushel, and Moe chooses the profit-maximizing quantity, he will gather: B. 30 bushels. O C. 20 bushels. O D. zero bushels.
- 15. The table below shows cost data for producing different amounts of refrigerators. Use the given information to answer the questions below. Quantity Total Cost Variable Cost Marginal Cost Average Variable Cost Average Total Cost in $ in $ in $ in $ in $ 241 0 271 30 361 120 491 250 681 440 901 660 0 10 What is the profit (loss) at that level of production? 20 30 40 50 How many refrigerators would a competitive firm produce if the market price was $19? 3 9 13 19 22 3.00 6.00 8.33 11.00 13.20 27.10 18.05 16.37 17.02 18.024. Profit maximization in the cost-curve diagram Suppose that the market for candles is a perfectly competitive market. The following graph shows the daily cost curves of a firm operating in this market. 40 36 Profit or Loss 32 28 24 20 ATC 16 12 AVC MC 4 8 10 12 14 16 18 20 QUANTITY (Thousands of candles) In the short run, at a market price of $20 per candle, this firm will choose to produce candles per day. On the previous graph, use the blue rectangle (circle symbols) to shade the area representing the firm's profit or loss if the market price is $20 and the firm chooses to produce the quantity you already selected. Note: In the following question, you should enter a positive number in the numeric entry field. The area of this rectangle indicates that the firm's would be S per day. PRICE (Dollars per candle)Productive efficiency and allocative efficiency are two concepts achieved in the long mm in a perfectly competitive market. These are the two reasons why we call them perfect. How would you use these two concepts to analyze other market structures and label them imperfect?