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- Return to Figure 7.7. What is the marginal gain in output from increasing the number of batters from 4 to 5 and from 5 to 6? Does it continue the pattern of diminishing marginal returns? Figure 7.7 How output Affects Total costs8. Consider a firm's short run and long run average costs depicted below: 300 270 240 210 180+ Wunt 150 120+ 90 60 30 ---- W X AC LRAC 200 400 600 800 1000 1200 1400 1600 1800 2000 # of units Suppose this firm has been producing 400 units per month for a long time. If it decides to increase its output to 800 units per month, then its average cost will O A. fall from $300/unit to $150/unit initially, then rise to $240/unit eventually. O B. fall from $300/unit to $60/unit initially, then rise to $240/unit eventually. O C. fall from $300/unit to $60/unit and remain there. O D. fall from $300/unit to $240/unit and remain there. O E. rise from $150/unit to $240/unit initially, then fall to $60/unit eventually. OF. rise from $150/unit to $300/unit initially, then fall to $60/unit eventually. O G. fall from $150/unit to $60/unit and remain there. OH. rise from $150/unit to $240/unit and remain there.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?
- Which of the following equations calculates the profits of a firm? O A. Total revenues - Fixed costs OB. Total costs - Fixed costs OC. Total revenues - Total costs O D. Total revenues + Total costs43. Refer to the table. Total Product Total Fixed Cost Total Variable Cost 1 $150 $0 150 50 150 75 150 105 150 145 150 6. 200 150 270 7 150 8. 360 150 9. 475 150 620 10 150 800 Which of the following correctly represents the firm's short-run supply schedule? (a) (b) (c) (d) Price QS Price QS Price QS Price QS $20 $20 2 Cost 30 1 $20 $20 3 30 30 30 4 45 45 45 5 Av. 60 4 60 60 60 75 75 75 75 95 6 95 8. 95 6. 95 8 120 7 120 9. 120 7 120 150 8 150 10 8. 150 9. 150 a. (а) b. (b) C. (c) d. (d) of scale: e long run this 1 nprely competitive industry, ther ang iencing eco 4567 0(Table: Quinoa Cost) Use Table: Quinoa Cost. If the market price of a bushel of quinoa is $15, what will be the farmer's short-run profit at the optimal level of production Table: Quinoa Cost Quantity of Quinoa (bushels) Total Cost (TC) 12 26 2 33 3 42 4 54 5 69 6 84 7 104 O a) $5 b) $6 O c) s69 d) $75
- (Minimizing Loss in the Short Run) Explain thedifferent options a firm has for minimizing losses in theshort run.QUESTION 6 Table of a perfectly comptetitive firm COSTS Quantity Total Produced Cost SO 1 2 3 4 5 7 8 $50 $102 $157 $217 $285 $365 $462 $582 O b.S0 O c. $80 O d. $68 Marginal Cost REVENUES Quantity Demanded Price $80 $80 0 1 2 3 4 5 7 8 $80 $80 $80 $80 $80 $80 $80 Total Revenue Refer to Table. What will be the average revenue for this firm when they sell 4 units? O a. $400 Marginal Revenue QUESTION 7 A perfectly competitive firm produces where O a marginal cost equals price, while a monopolist produces where price exceeds marginal cost. O b. price exceeds marginal cost, while a monopolist produces where marginal cost equals price. O c. marginal cost exceeds price, while a monopolist produces where marginal cost equals price. d. marginal cost equals price, while a monopolist produces where marginal cost exceeds price.Completed 0 out of 30 Resources Submit All Question 16 of 30 The graph shows the costs, revenue, and demand facing a A profit-maximizing monopolistic competitor monopolistically competitive firm. Refer to the graph to answer the three questions. 50- Marginal cost 40- B 30 (5) 20-C Average cost The area covered by rectangle CDFE is the firm's ID 10- Demand 0- total cost. 10 20 30 40 50 60 70 80 90 100 1i0 -10- Marginal revenue total revenue. Quantity O profit. O None of the above. The area covered by rectangle A BDC is the firm's total cost. 8:19 P 46°F A E 4) 12/15/2 a Price ($)
- The president of an ailing savings and loan is paid not to stay in his job for the last two years of his contract. The president of the ailing savings and loan A. has an increasing marginal revenue product. O B. has a diminishing marginal revenue product. O C. has a negative marginal revenue product. O D. has a positive marginal revenue product. O E. has a constant marginal revenue product.QUESTION 2 When the article said that Bird was making 19% gross margin profit, this is O A. Accounting profit O B. Economic Profit O C. Neither accounting nor economic profit. D. Cannot tell from the article what kind of profit сPrice and costs (dollars) 20 16 12 8 4 0 5 10 MC ATC 20 15 Quantity (per day) The figure above shows short-run cost curves for a perfectly competitive firm. If the price of the product is $8, in the short run the firm will Select one: O a. incur an economic loss O b. earn an economic profit O c. earn a normal profit O d. None of the provided answers is correct because more information is needed to determine the firm's profit or loss