Barrels ofAverageTotalCosts$ 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$23.00 $ 18.20$50.00$ 50.00$ 29.00 $ 20.00$ 50.00$36.00$ 22.29$50.00$ 50.00 $ 25.75$ 50.00$90.00 $ 32.89$124.00 $ 42.00$50.00Consider the table above. What is the average fixed cost at the profit-maximizing quantity?Oil Marginal MarginalProduced Revenue Cost012345678910$80$50$4.28$54.30

The study and analysis of commercial issues impacting businesses using abstract economic concepts…

Barrels of Oil Marginal Marginal Produced Revenue Cost 0 1 2 3 4 5 6 7 8 9 10 Consider the table above. What is the average fixed cost at the profit-maximizing quantity? $80 $50 Average Total Costs $ 30.00 $50.00 $ 4.00 $ 34.00 $50.00 $ 6.00 $ 40.00 $ 50.00 $ 77.00 $ 17.00 $ 17.00 $ 17.00 $ 50.00 $ 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 $4.28 $54.30

Barrels of Oil Marginal Marginal Produced Revenue Cost 0 1 2 3 4 5 6 7 8 9 10 Consider the table above. What is the average fixed cost at the profit-maximizing quantity? $80 $50 Average Total Costs $ 30.00 $50.00 $ 4.00 $ 34.00 $50.00 $ 6.00 $ 40.00 $ 50.00 $ 77.00 $ 17.00 $ 17.00 $ 17.00 $ 50.00 $ 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 $4.28 $54.30

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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The following is a table of the lawn mowing business. Look at the table below and answer some of the questions! ATC AVC Q 0 1 2 3456 7 8 9 VC $0 2 3.5 5.5 8 11 15 21 29 39 TC $7 9 10.5 12.5 15 18 22 28 36 46 $9 5.25 4.167 3.75 3.6 3.67 4 4.5 5.11 $2 1.75 1.83 2 2.2 2.5 3 3.625 4.33 MC $2 1.5 2 2.5 3 4 6 8 10 a. If the market price for mowing is $9 per grass, how much grass will be cut? How much the profit? Show your answer graphically! b. At what price will the business break even? c. At what price will the business lose, but continue to produce in the short run?
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TP/ Q PRICE TR MR AR TC MC PROFIT 0 50 0 0 0 120 30 -120 1 50 50 50 50 150 25 -100 2 50 100 50 50 175 18 -75 3 50 150 50 50 193 25 -43 4 50 200 50 50 218 30 -18 5 50 250 50 50 248 34 2 6 50 300 50 50 282 40 18 7 50 350 50 50 322 50 28 8 50 400 50 50 372 55 28 9 50 450 50 50 427 58 23 10 50 500 50 50 485 15 1. What is the output level that maximizes the profit? 2. At this level, how much are the firm's profit? 3. Identify the level at which the firm should shut down?
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Utilize the following table to answer the following question: O Q-5 O Q-3 Q 0 1 7 8 9 10 Q=4 O Q-1 2 3 4 5 6 TC 30 55 75 85 100 120 145 185. 240 310 395 MC N/A 25 20 10 15 20 25 40 55 70 85 TVC N/A 25 45 55 70 90 115 155 210 280 365 TFC 30 30 30 30 30 30 30 30 30 30 30 AVC N/A 25 22.5 18.33333 17.5 18. 19.16667 22.14286 26.25 31.11111 36.5 ATC N/A 55 Question: Suppose that the prevailing price in the market drops to $16. What output level maximizes profit for the firm? 37.5 28.33333 25 24 24.16667 26.42857 30 34.44444 39.5
Q Price TR AR MR TC MC Profit 0 30 0 0 0 70 -70 5 27 135 27 27 135 0 10 24 240 24 21 197 43 15 21 315 21 15 252 63 20 18 360 18 9 300 60 25 15 375 15 3 345 30 30 12 360 12 -3 383 -23 35 9 315 9 -9 428 -113 40 6 240 6 -15 478 -238 45 3 135 3 -21 533 -398 50 0 0 0 -27 593 -593 Provide a brief explanation of the firm's behavior to set production at 20 units at the price of P18 per unit.
Quantity 0 1 2 3 4 5 6 7 8 Total Cost $60 90 109 125 140 160 184 210 240 TVC AVC 49 $0 30 30.00 90.00 24.50 54.50 65 21.67 41.67 16 80 20.00 35.00 15 100 124 150 AC -LL_ 20.00 32.00 MC 21.43 30.00 180 22.50 30.00 30 19 20.67 30.67 24 20 26 30 Given the costs above, what is this perfectly competitive firm's total profit* when the market price is $15? *Note: Be sure to use a negative sign if the firm incurs a loss.
You are currently in a job as a chef in a restaurant earning $100,000 per year. You are considering opening up a restaurant in a building which you currently own. You estimate that, if you wanted to, you could rent out your building for $25,000 per year to another restaurant. Last year, your revenues and expenses from the restaurant were the following: Revenues $400,000Cost of Food $120,000Salaries/Wages $100,000Utilities $25,000Taxes $20,000 What is your accounting profit? Show your calculations What is your economic profit? Show your calculations Assuming that you are indifferent between being a chef or owning a restaurant, should you open up your restaurant? Explain why. Now suppose that instead of owning the building where your restaurant will be located, you had to pay rent of $25,000 per year for the building. Will your answers to parts 1-3 change? Show your calculations. Explain how and why your answers will change or…