Suppose Yvonne runs a small business that manufactures shirts.Assume that the market for shirts is a perfectly competitivemarket, and the market price is $25 per shirt.
The following table represents Yvonne's cost structure perhour:
Quantity (Q) and Total Cost (TC)
0 20
1 40
2 50
3 55
4 65
5 80
6100
7 130
If Yvonne produces and sells three shirts, her total revenue(TR) would be _______ (choices are 0, 20, 50, 35, 75, or 100), andher economic profit would be _______ (choices are 35, 75, 0, 100,20, or 50). Yvonne's marginal revenue (MR) from the third shirt shesells is ________ (choices are 0, 20, 40, 15, 25, 30, 35, or 10),and her marginal cost (MC) of producing a third shirt is ________(choices are 10, 15, 5, 0, 55, or 20).
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I need help with these questions, use the information from the Qand TC table to answer the underlined questions with the choiceslisted. Thank you.
Suppose Yvonne runs a small business that manufactures shirts.Assume that the market for shirts is a perfectly competitivemarket, and the market price is $25 per shirt.
The following table represents Yvonne's cost structure perhour:
Quantity (Q) and Total Cost (TC)
0 20
1 40
2 50
3 55
4 65
5 80
6100
7 130
If Yvonne produces and sells three shirts, her total revenue(TR) would be _______ (choices are 0, 20, 50, 35, 75, or 100), andher economic profit would be _______ (choices are 35, 75, 0, 100,20, or 50). Yvonne's marginal revenue (MR) from the third shirt shesells is ________ (choices are 0, 20, 40, 15, 25, 30, 35, or 10),and her marginal cost (MC) of producing a third shirt is ________(choices are 10, 15, 5, 0, 55, or 20).
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I need help with these questions, use the information from the Qand TC table to answer the underlined questions with the choiceslisted. Thank you.
Related textbook solutions
Related questions
| Gulp and Devour | ||||||||
| Output | TR | TC | Profit | AC | Price | MR | MC | Marginal |
| Profit | ||||||||
| 1 | 135 | 100 | 35 | 100 | 135 | 135 | 100 | 35 |
| 2 | 260 | 200 | 60 | 100 | 130 | 125 | 100 | 25 |
| 3 | 375 | 300 | 75 | 100 | 125 | 115 | 100 | 5 |
| 4 | 480 | 400 | 80 | 100 | 120 | 105 | 100 | 5 |
| 5 | 575 | 500 | 75 | 100 | 115 | 95 | 100 | -5 |
| 6 | 660 | 600 | 60 | 100 | 110 | 85 | 100 | -15 |
| 7 | 735 | 700 | 35 | 100 | 105 | 75 | 100 | -25 |
| 8 | 800 | 800 | 0 | 100 | 100 | 65 | 100 | -35 |
| Shady Enterprise | ||||||||
| Output | TR | TC | Profit | AC | Price | MR | MC | Marginal |
| Profit | ||||||||
| 1 | 160 | 50 | 110 | 50 | 160 | 160 | 50 | 110 |
| 2 | 300 | 125 | 175 | 62.5 | 150 | 140 | 75 | 65 |
| 3 | 420 | 220 | 195 | 75 | 140 | 120 | 100 | 20 |
| 4 | 520 | 350 | 170 | 87.5 | 130 | 100 | 125 | -25 |
| 5 | 600 | 500 | 100 | 100 | 120 | 80 | 150 | -70 |
| 6 | 660 | 675 | -15 | 112.5 | 110 | 60 | 175 | -115 |
| 7 | 700 | 875 | -175 | 125 | 100 | 40 | 200 | -160 |
| 8 | 720 | 100 | -380 | 137.5 | 90 | 20 | 225 | -205 |
What is the profit-maximizing output for each case? Show that three criteria are equivalent: marginal cost equals marginal revenue, maximum profit, and marginal profit equals zero.
The table below represents the hourly output and cost structure for a local pizza shop. The market is perfectly competitive, and the market price of a pizza in this area is $10. Total cost includes all implicit opportunity costs. Calculate the pizza shop's marginal cost and marginal revenue at each rate of output and fill in the values in the table.
|
Total Hourly Output and Sales of Pizzas |
Total Hourly Cost ($) |
Total Revenue ($) |
Total Economic Profit ($) |
Marginal Cost ($) |
Marginal Revenue ($) |
|
0 |
6 |
0 |
0 |
- |
- |
|
1 |
10 |
10 |
0 |
||
|
2 |
12 |
20 |
8 |
||
|
3 |
13 |
30 |
17 |
||
|
4 |
15 |
40 |
25 |
||
|
5 |
19 |
50 |
31 |
||
|
6 |
25 |
60 |
35 |
||
|
7 |
33 |
70 |
37 |
||
|
8 |
43 |
80 |
37 |
||
|
9 |
55 |
90 |
35 |
||
|
10 |
71 |
100 |
29 |
How I calculate this?
The following table shows the demand curve and cost information for a firm that is monopoly
| Price | Quantity | TC |
| $10 | 0 | $500 |
| $9 | 200 | $1,000 |
| $8 | 400 | $1,600 |
| $7 | 600 | $2,500 |
| $6 | 800 | $4,000 |
What quantity should they produce to maximize their profits?
200 units
400 units
800 units
600 units
Mary competes in a monopolistically competitive market. Suddenly, 5 new firms enter the market causing her perceived demand curve to shift. The following tables show her original and new demand curves and her cost information.
Assume that Mary can only choose from the quantities of output given in the table. By how will the quantity that she produces change after the new firms enter the market?
Original Demand Curve
| Price | quantity | TC |
| 30 | 0 | $130 |
| 25 | 10 | $140 |
| 20 | 20 | $260 |
| 15 | 30 | $450 |
| 10 | 40 | $660 |
New Demand Curve
| 25 | 0 | $130 |
| 20 | 10 | $140 |
| 15 | 20 | $260 |
| 10 | 30 | $450 |
| 5 | 40 | $660 |
Decrease by 5
Decrease by 10
Increase by 10
Increase by 5
Monopolistic competitor has the following information about cost and demand
| Quantity | Price($) | Total Revenue ($) | Marginal Revenue ($) | Total Cost ($) | Marginal Cost ($) | Average Cost ($) |
| 0 | 25 | 0 | 25 | 30 | ---- | ---- |
| 2 | 24 | 48 | 23 | 35 | 2.5 | 17.5 |
| 4 | 23 | 92 | 21 | 45 | 5 | 11.25 |
| 6 | 22 | 132 | 19 | 60 | 7.5 | 10 |
| 8 | 21 | 168 | 17 | 77 | 8.5 | 9.63 |
| 10 | 20 | 200 | 15 | 100 | 11.5 | 10 |
| 12 | 19 | 228 | 13 | 126 | 13 | 10.5 |
| 14 | 18 | 252 | 11 | 165 | 19.5 | 11.79 |
| 16 | 17 | 272 | 9 | 210 | 22.5 | 13.13 |
| 18 | 16 | 288 | 7 | 260 | 25 | 14.44 |
| 20 | 15 | 300 | 5 | 320 | 30 | 16 |
If this industry was perfectly competitive, what price would the good sell for?
$19
$23
$21
$15
Monopolistic competitor has the following information about cost and demand
| Quantity | Price($) | Total Revenue ($) | Marginal Revenue ($) | Total Cost ($) | Marginal Cost ($) | Average Cost ($) |
| 0 | 25 | 0 | 25 | 30 | ---- | ---- |
| 2 | 24 | 48 | 23 | 35 | 2.5 | 17.5 |
| 4 | 23 | 92 | 21 | 45 | 5 | 11.25 |
| 6 | 22 | 132 | 19 | 60 | 7.5 | 10 |
| 8 | 21 | 168 | 17 | 77 | 8.5 | 9.63 |
| 10 | 20 | 200 | 15 | 100 | 11.5 | 10 |
| 12 | 19 | 228 | 13 | 126 | 13 | 10.5 |
| 14 | 18 | 252 | 11 | 165 | 19.5 | 11.79 |
| 16 | 17 | 272 | 9 | 210 | 22.5 | 13.13 |
| 18 | 16 | 288 | 7 | 260 | 25 | 14.44 |
| 20 | 15 | 300 | 5 | 320 | 30 | 16 |
What will the firm
