The table below shows cost data for producing different amounts of car accessories. Use the information in the table to find the missing costs for each quantity. Quantity Total Cost in $ Marginal Cost in $ 0 130 250 5130 500 20130 750 47630 1000 97630 1250 155130 How many car accessories would a competitive firm produce if the market price was $110? If the firm is currently producing 1000, it should Oincrease Oreduce Omaintain quantity produced. By doing so, it would Oincrease Oreduce Omaintain profit.
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- Price and cost (dollars per student) $150 120 88 76 72 ATC 40 - MC MR 24,000 30,000 36,000 Quantity of students enroiled 15,000 Your college decides to offer a psychology course as a MOOC that can be taken by students anywhere in the world, whether they are actually enrolled in your college or not. The demand and cost situation for the MOOC is shown in the figure. The faculty member who designed the course argues: "I think the course should be priced so that the maximum number of students enroll." Which price should this faculty member favor? O A. $0 В. $40 C. $88 D. $150100 90 80 70 60 ATC 50 40 30 20 AVC МС О 10 + 0 0 5 10 15 20 30 35 40 45 50 QUANTITY (Thousands of shirts) or each price in the following table, use the graph to determine the number of shirts this firm would produce in order to maximize its profit. Assume hat when the price is exactly equal to the average variable cost, the firm is indifferent between producing zero shirts and the profit-maximizing uantity. Also, indicate whether the firm will produce, shut down, or be indifferent between the two in the short run. Lastly, determine whether it will nake a profit, suffer a loss, or break even at each price. Price Quantity (Dollars per shirt) (Shirts) Profit or Loss? Produce or Shut Down? Shut down 10 20,000 Loss Shut down 20 10,000 Loss Shut down 32 5,000 Loss Either 0 or 37,500 Shut down 40 Loss 25 COSTS (Dollars)See Hi At a market price of $5 your artisanal pencil business maximizes profits by producing 484 pencils per day. When you produce this quantity of pencils per day, your average cost per unit is $4. What is your total revenue per day? S What is your total cost per day? S What is your daily profit? S
- What is the marginal cost for this product?A price-taking firm makes air conditioners. The market price of one of its new air conditioners is $130. The firm's total cost information is given in the table below: Instructions: Calculate marginal cost, and enter your responses as whole numbers. Air conditioners per day Total cost Marginal cost ($ per day) ($ per day) 1 100 100 2 150 3 220 4 310 5 405 6 510 7 650 8 800 How many air conditioners should the firm produce per day if its goal is to maximize its profit? air conditioners per day.QUESTION 9 John lives in the small island nation of Vanuatu, and is a producer in the perfectly competitive market for galip nuts. A summary of some of his costs, which are given in the local currency (the "vatu"), is shown below. Quantity (kg of galip nuts) 0 30 60 90 120 150 Total Fixed Cost TFC (vatu) 5600 5600 5600 5600 5600 5600 Total Variable Cost TVC (vatu) 0 640 1520 2640 4800 9120 If John's profit-maximising quantity is 90kg of galip nuts, what is the marginal revenue per kilogram of galip nuts at this profit maximising quantity? Answer to the nearest whole number.
- A computer company produces affordable, easyto-use home computer systems and has fixed costs of$250. The marginal cost of producing computers is $700for the first computer, $250 for the second, $300 for thethird, $350 for the fourth, $400 for the fifth, $450 for thesixth, and $500 for the seventh.a. Create a table that shows the company’s output,total cost, marginal cost, average cost, variablecost, and average variable cost.b. At what price is the zero-profit point? At whatprice is the shutdown point?c. If the company sells the computers for $500, is itmaking a profit or a loss? How big is the profitor loss? Sketch a graph with AC, MC, and AVCcurves to illustrate your answer and show theprofit or loss.d. If the firm sells the computers for $300, is itmaking a profit or a loss? How big is the profitor loss? Sketch a graph with AC, MC, and AVCcurves to illustrate your answer and show theprofit or loss.The market for apple pies in the city of Ectenia is competitive and has the followingdemand schedule:Price Quantity Demanded$ 1 1,200 pies2 1,1003 1,0004 9005 8006 7007 6008 5009 40010 30011 20012 10013 0 ch producer in the market has fixed costs of $9 and the following marginal cost:Quantity Marginal Cost1 pie $ 22 43 64 85 106 12a. Compute each producer’s total cost and average total cost for 1 to 6 pies.b. The price of a pie is now $11. How many pies are sold? How many pies does eachproducer make? How many producers are there? How much profit does eachproducer earn?c. Is the situation described in part (b) a long-run equilibrium? Why or why not?d. Suppose that in the long run there is free entry and exit. How much profit does eachproducer earn in the long-run equilibrium? What is the market price? How many piesdoes each producer make? How many pies are sold in the market? How many pieproducers are operating?The graph shows the short-run cost curves of a toy producer. The market has 1,000 identical toy producers. The market price of a toy is $21. In the short run, the firm produces toys a week. 24- 21- 18- 15- 12- 9- 0 500 1000 1500 2000 MC ATC AVC 2500
- a 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…$10 ATC 8 AVC 10 20 30 40 Quantity Using the above graph, calculate the firm's total cost of producing 30 units of output. $8 O $120 $180 $240 The graph is showing you average total cost. The question asks you to use it to calculate total cost. Price 642explain what is happening in this graphs