Marginal average profit
[DOC File]University of Wisconsin–Madison
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This implies that the firm's marginal cost is given by the equation MC=10+10q (you do not need to be able to show this). The market demand for beer is given by the equation QD=105 – (1/2)*P. a) Write the equations showing the brewery's average total cost and average variable cost and average fixed cost, each as a function of q.
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____19.If price is greater than average variable cost and less than average total cost at the profit-maximizing quantity of output in the short run, a perfectly competitive firm will: a. ... marginal cost curve above the average variable cost curve and below the average total cost curve. Figure 59-7: Perfectly Competitive Firm II
[DOC File]CHAPTER 7
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With constant average variable cost, marginal cost is equal to average variable cost, $55 (or $55,000). d. What is its average fixed cost? At q = 100, average fixed cost is or ($2,000). e. Suppose the company borrows money and expands its factory. Its fixed cost rises by $50,000, but its variable cost falls to $45,000 per 1,000 units.
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Marginal Average Cost, Revenue, & Profit: , , The derivative of the Average Cost, Revenue, & Profit functions. First find, and then take the derivative. Interpretation: If, then “At a production level of 3 units, the average cost is increasing at a rate of $100 per unit.”
[DOC File]Question #1-#3 are based on the following diagram
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Average Revenue > Marginal Cost. Price < Average Variable Cost. Price < Average Total Cost. Average Revenue > Average Fixed Cost. Average Revenue > Average Variable Cost. In the long run all of a firm's costs are variable. In this case the exit criterion for a profit-maximizing firm is. Average Revenue > Marginal Cost. Average Revenue ...
[DOC File]Economics 160
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a. “If marginal cost is below average total cost then average total cost must be falling”. b. “If the marginal product of labor is falling, then total product must be falling.” c. “In the long run, all costs are variable costs.” 9. Country A has marginal product of labor of 10 and wage rate of $20/L. Country B has
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a. marginal cost = average cost. b. marginal cost = price. c. average cost = price. ^ d. all of the above. 2. For a perfectly competitive firm, if P = $10 and the firm's total costs are given by TC = 10 + 2Q + Q2, the profit maximizing rate of output in the short run will be. a. 10. b. 8. c. 0 ^ d. 4. 3.
[DOC File]University of Wisconsin–Madison
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Profit per unit = Price per unit – ATC per unit when producing 70 units of output. Profit per unit = 380 –170.71 = $209.29 per unit. To verify your answer, check that profit per unit times number of units yields the same profit as you got initially. Thus, Profit = (profit per unit)(number of units produced) = ($209.29)(70) = $14650 2.
[DOC File]Final Exam
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31. For the monopolist shown below, the profit maximizing level of output is: a. Q1. b. Q2. c. Q3. d. Q4. e. Q5. 32. As the manager of a firm you calculate the marginal revenue is $152 and marginal cost is $200. You should. a. expand output. b. do nothing without information about your fixed costs. c. reduce output until marginal revenue equals ...
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