ur answer, should the firm continue or stop the production? Justify. Output (Units) Total Revenue (RM) Average Cost (RM) Total Cost (RM) Marginal Cost (RM) Marginal Revenue (RM) 1 8.0 2 5.5 3 4.0 4 3.5 5 3.8 6 4.5
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The table below shows the average cost (AC) for a purely competitive market. The average revenue (AR) is constant at RM5 per unit and the firm’s total fixed cost (TFC) is RM4.
If the average revenue falls to RM3 per unit, calculate the firm’s new profit or loss at the equilibrium. Based on your answer, should the firm continue or stop the production? Justify.
Output (Units) |
Total Revenue (RM) |
Average Cost (RM) |
Total Cost (RM) |
Marginal Cost (RM) |
Marginal Revenue (RM) |
1 |
|
8.0 |
|
|
|
2 |
|
5.5 |
|
|
|
3 |
|
4.0 |
|
|
|
4 |
|
3.5 |
|
|
|
5 |
|
3.8 |
|
|
|
6 |
|
4.5 |
|
|
|
7 |
|
6.0 |
|
|
|
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- Given the quantity produced (Q), Total fixed cost (TFC) and Total Cost (TC), (1) Calculate Total Variable cost (TVC) and (2) Draw Total Variable cost (TVC) curve. Quantity (Q) Total fixed cost (TFC) Total Variable cost (TVC) Total Cost (TC) 200 200 1 375 2 500 3 700 4 1000 5 1400 6 1900 7 2500Given the quantity produced (Q), Total fixed cost (TFC) and Total Cost (TC), (1) calculate Total Variable cost (TVC) and (2) Draw Total cost (TC) curve Quantity (Q) Total fixed cost (TFC) Total Variable cost (TVC) Total Cost (TC) 160 160 160 1 240 160 2 320 160 3 400 160 4 480 160 560 160 6. 640 160 7 720Central Grocery in New Orleans is famous for its muffaletta, a large round sandwich filled with deli meats and topped with a tangy olive salad. Suppose the following table represents cost and revenue data for Central Grocery. Muffaletta Sold per Day Price (P) Total Revenue (TR) Marginal Revenue (MR) Total Cost (TC) Marginal Cost (MC) Average Total Cost (ATC) Profit 0 $15 $12 1 14 18 2 13 20 3 12 21 4 11 23 5 10 26 6 9 30 7 8 35 8 7 42 9 6 52 10 5 78 Fill in the table What are the profit-maximizing price and quantity, and what…
- Moonbucks has the following cost schedules: Quantity (bottle) Variable Cost (RM) Total Cost (RM) 0 0 100 1 90 190 2 170 270 3 240 340 4 300 400 5 370 470 6 450 550 7 540 640 8 650 750 9 780 880 10 930 1030 Calculate average variable cost, average total cost, and marginal cost for each quantity.Output Total Fixed Cost (TFC) Total Variable Cost (TVC) Total Cost (TC) Average Fixed Cost (AFC) Average Variable Cost (AVC) Average Cost (AC) Marginal Cost (MC) 0 200 - 1 40 2 44 3 330 4 50 90 5 37The table below shows the cost of producing model vintage cars for collectors. Instructions: Enter your answers as a whole number. a. Complete the marginal cost column in the table. Vintage Model Car Production Costs Total Fixed Cost Total Variable Cost (dollars) Total Cost (dollars) $2,000 (dollars) $2,000 Marginal Cost (dollars) Output $0 1 2,000 600 2,600 2,000 1,100 3,100 2,000 1,900 3,900 4 2,000 2,900 4,900 5. 2,000 4,150 6,150 b. What is the total cost of producing 4 vintage model cars? 2. c. What is the marginal cost of producing the 4th vintage model car? 2.
- Marginal and Total Costs Quantity Total Marginal (Q) Cost Cost (TC) (MC) 0 15 15 1 25 2 70 70 30 3 4 40 5 45 6 250 60When marginal cost equals average variable cost, average variable costiv (Click for List) falling constant at a maximum at a minimum risingWhat is the total revenue when output is 1, total cost is 35, marginal cost is 10, fixed cost is 25, average cost is 35.
- Fill in the appropriate numbers in the blank spaces, given the following information:output Total fixedcost (RM) Totalvariable cost(RM) Averagefixedcost(RM)Averagetotal cost(RM)Marginalcost(RM) 0 100 01 100 202 100 503 100 604 100 655 100 70k The table below presents the average and marginal cost of producing cheeseburgers per hour at a roadside diner. Cheeseburger Production Costs Quantity (burgers per hour) 0 10 20 30 40 50 60 70 80 90 100 Average Variable Cost (dollars) $1.00 0.70 0.70 0.78 0.88 1.07 1.34 1.74 2.23 2.81 Average Total Cost (dollars) $6.60 3.50 2.57 2.18 2.00 2.00 2.14 2.44 2.86 3.37 Marginal Cost (dollars) $1.00 0.40 0.70 1.00 1.30 2.00 3.00 4.50 6.20 8.00 a. When moving from producing a quantity of 30 cheeseburgers per hour to 40 cheeseburgers per hour, the average total cost of production is (Click to select) and the marginal cost of cheeseburger production is (Click to select) b. When moving from producing a quantity of 50 cheeseburgers per hour to 60 cheeseburgers per hour, the average variable cost of production is (Click to select) and the average total cost of cheeseburger production is (Click to select) ✓A computer company produces affordable, easy-to-use home computer systems and has fixed costs of $250. The marginal cost of producing computers is $700 for the first computer, $250 for the second, $300 for the third, $350 for the fourth, $400 for the fifth, $450 for the sixth, and $500 for the seventh. Create a table that shows the company’s output, total cost, marginal cost, average cost, variable cost, and average variable cost. At what price is the zero-profit point? At what price is the shutdown point? If the company sells the computers for $500, is it making a profit or a loss? How big is the profit or loss? Sketch a graph with AC, MC, and AVC curves to illustrate