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- $ $50 MC $45 $40 $35 $20 0 MR 10 10 20 25 40 40 Quantity How much profit will this firm make? ATC DYour food-services company has been named as the sole provider of meals at a small university. The cost and demand schedules are: Sold per Day 0 100 200 300 400 500 600 700 Price per Meal $3.50 $3.25 $3.00 $2.75 $2.50 $2.25 $2.00 $1.75 O A. 700 meals at $1.75 per meal. OB. 300 meals at $2.75 per meal. OC. 600 meals at $2.00 per meal. OD. 400 meals at $2.50 per meal. ✔ OE. 500 meals at $2.25 per meal. Total Fixed Cost $150 $150 $150 $150 $150 $150 $150 $150 ... Total Variable Cost $300 $500 $650 $750 $840 $905 $995 Total Revenue 0 $325 $600 $825 $1,000 $1,125 $1,200 $1,225competitive market. If the market price is $30 and if the fitm is producing output, what is the amount of its total vanable cost? 15. The ngure below shows the cost curves for a profit-maxintizing firm in a periecuy Price TVC and cost TC.FTC AY83 MC ATC AVC TVに $40 50 36.00 30.00 MR 22.00 20.00
- Apex is a perfectly competitive firm. It has total fixed costs of $300/day and a daily variable cost schedule in the table below. Apex’s product sells for $200 per unit. Quantity (units) 0 1 2 3 4 5 6 7 8 9 10Total Variable Cost (TVC) 0 100 180 220 300 390 500 640 800 1000 1250Answer the following questions:1. If the market price dropped to $80, what is the profit-maximizing level of output? What is Apex’s profit (or loss) in this case?2. If the market price dropped further to $40, what is the profit-maximizing level of output? What is Apex’s profit (or loss) in this case?3. Comment on your answers to parts (1) and (2).$10 MC ATC AVC 1 2 3 4 5 6 7 8 9 10 Quantity (in 1,000s) Suppose this firm operates in a perfectly competitive market. (8) If the market price (the price the firm must take) is $3, what quantity maximizes profits? What is profit? (9) If the market price (the price the firm must take) is $5.50, what quantity maximizes profits? What is profit? (10) If the market price (the price the firm must take) is $9, what quantity maximizes profits? What is profit? 4- 3. Cost per unitPrice and cost (dollars) 20 15.75 12 21 11 A C SMC 1000 ATC AVC D=MR = $20 6,000 8,000 Quantity The above graph is for a perfectly competitive firm. The curve labelled "SMC " is the Marginal Cost curve, D = Demand and Marginal Revenue curve, ATC= average total cost curve, AVC is the average variable cost curve. (a) What is the profit maximizing price and output? (b) At the profit maximizing price and output what is the average total cost and average variable cost and average fixed cost? (c) At the profit maximizing price and output what is the amount of profit earned by this firm? (d) At what price would the firm earn zero profit (or loss)?
- Price and costs $30 $25 $20 $17.50 $15 $10 $5 0 $4.40 3.25 MR 1 2 3 4 MC 5 b. What is total cost for this firm? ATC Demand 6 7 8 9 10 Quantity Instructions: Round your answers to 2 decimal places. a. What is total revenue for this firm? c. What is this firm's economic profit? Click to select) V equilibrium$10 987654321 Figure 10-8 JMC F 100 AC 200 300 AVC Figure 10-8 displays the cost curves of a perfectly competitive firm. Profits at a price of $10 would be approximately a. $10 per unit. b. $1 per unit. c. $3 per unit. d. $5 per unit.Figure 16-12 100 Price 90 80 MC ATC 70 58 60 50 40 36 30 + 20 10 + MR 4 8 12 16 20,24 28 32 Buaxtity c) Does the firm minimize cost? Why or why not? How much excess capacity does this firm have?
- Pls don't use AI solution Consider a firm operating in a competitive market. The firm is producing 50 units of output, has an average total cost of production equal to 7 dirhams, and is earning 350 dirhams economic profit in the short run. What is the current market price?.Output 1 2 3 4 5 6 7 8 9 10 AFC $ 300 150 100 75 60 50 43 38 33 30 Multiple Choice AVC $ 100 75 production of 4 units. produce 6 units. shut down. 70 73 80 90 103 119 138 160 The accompanying table shows cost data for a firm that is selling in a purely competitive market. If the market price for the firm's product is $80, the firm will produce 5 units. ATC $ 400 225 170 148 140 140 146 156 171 190 MC $100 50 60 80 110 140 180 230 290 360of Price, P (€); cost 8 3.70 Ni 2.50 2 0 0 20 40 60 80 160 140 120 100 Quantity of loaves, Q 180 Marginal cost curve 200 Isoprofit curve: €200 Isoprofit curve: €80 Firm's demand curve Zero-economic- profit curve (AC curve) The diagram shows a price-taking bakery's marginal and average cost curves, and its isoprofit curves. The current market price for bread is P*= 2.50. Which of the following statements is correct? Select one: a. If the market price rises to 3.70, the bakery's profit increases to 200. b. The bakery's supply curve is horizontal. c. The bakery maximises its profits when the price is equal to the average cost. d. The bakery maximises its profits by supplying 160 loaves. e. The bakery's profit is 200.