please give me correct answer with calculation The table below shows the total cost (TC) and marginal cost (MC) for Baker Street, a perfectly competitive firm producing differentquantities of apple pies. The market price of apple pies is $10.00 per pie.a. Fill in the marginal revenue (MR) and average revenue (AR) columns.Instructions: Round your answers to two decimal places.Baker Street's Costs and RevenuesQuantity(apple pies)MRTC (dollars)MC (dollars)(dollars)25$205.00$7.00$AR(dollars)$30237.506.5035272.507.0040312.508.0045362.5010.0050422.5012.00Instructions: Enter your answers as a whole number.b. At the market price of $10.00 per apple pie, how many apple pies should Baker Street make?apple piesc. If the market price for apple pies were to rise to $12.00 per apple pie, how many apple pies should Baker Street make?apple pies

Step 1:a. Marginal Revenue (MR) and Average Revenue (AR):In a perfectly competitive market, the…

Answered: The table below shows the total cost…

Exploring Economics

8th Edition

ISBN:9781544336329

Author:Robert L. Sexton

Publisher:Robert L. Sexton

Chapter12: Firms In Perfectly Competitive Markets

Section: Chapter Questions

Problem 14P

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The table below shows the total cost (TC) and marginal cost (MC) for Choco Lovers, a purely competitive firm producing different quantities of chocolate gift boxes. The market price for a box of chocolates is $8 per box. Instructions: Enter your answers as a whole number. a. Fill in the marginal revenue (MR) and average revenue (AR) columns. Choco Lovers Cost and Revenue Quantity TC MC MR AR of Gift Boxes ($) ($) ($) ($) 20 115 5 25 137 4.50 30 162 35 192 40 232 8 45 282 10 Instructions: For profit/loss, round your answers to two decimal places. If you are entering any negative numbers be sure to include a negative sign (-) in front of those numbers. A loss should be entered as a negative number. b. Given a price of $8 per gift box, how many boxes of chocolate should Choco Lovers produce? gift boxes What will the profit or loss be per gift box? $ per gift box c. Suppose that Choco Lovers raises the price to $10 per gift box. Now how many boxes should Choco Lovers produce? gift boxes…
The table below shows the marginal cost (MC) for The Tea Shop, a perfectly competitive firm producing different quantities of tea. The market price of tea is $5.50 a box. Instructions: In part a, round your answers to two decimal places. In part b, enter your answer as a whole number. a. Complete the marginal revenue (MR) column in the table below. The Tea Shop's Costs and Revenues Marginal Cost Quantity (tea) 50 75 100 125 150 175 200 225 (dollars) $5.00 4.50 4.00 5.50 9.00 14.50 21.50 30.50 boxes Marginal Revenue (dollars) $ b. At a market price of $5.50 per box of tea, how many boxes of tea should The Tea Shop supply? c. Suppose there is an increase in demand. The likely effect on the market will be (Click to select) in the market price and (Click to select) in the quantity produced by The Tea Shop.
The table below shows the total cost (TC) and marginal cost (MC) for Choco Lovers, a purely competitive firm producing different quantities of chocolate gift boxes. The market price for a box of chocolates is $4 per box. Instructions: Enter your answers as a whole number a. Fill in the marginal revenue (MR) and average revenue (AR) columns. Quantity of Gif Boxes 5 10 15 20 25 30 Choco Lovers Cost and Revenue TC ($) MC ($) MR ($) 55 4 57 4 62 4 72 92 122 30 gift boxes 1 0.50 1 2 4 6 4 4 4 What will the new profit or loss be per gift box? AR ($) 4 4 4 Instructions: For profit/loss, round your answers to two decimal places. If you are entering any negative numbers be sure to include a negative sign (-) in front of those numbers. A loss should be entered as a negative number. b. Given a price of $4 per gift box, how many boxes of chocolate should Choco Lovers produce? 25 gift boxes What will the profit or loss be per gift box? per gift box c. Suppose that Choco Lovers raises the price to…
QUESTION 10 Jack sells water bottles. Assume the market for water bottles is perfectly competitive. Jack sells his water bottles at the market price of $9.00. At the profit-maximising output level of 51 water bottles, Jack's average total cost is $4.40 per water bottle. The minimum average variable cost is $3.90 per water bottle. Answer the following questions: a. Jack's economic profit or loss is decimal places (ie: to the nearest cent). (use a negative value if a loss). Answer in dollars, rounded to two b. State whether the following statement is true or false: "At the profit-maximising quantity, Jack is making an economic profit of $4.60 per water bottle." Type T for true, or F for false c. State whether the following statement is true or false: "Jack should shut down if the market price is $3.85 per water bottle." Type T for true, or F for false
The table below shows cost and revenue information for Choco Lovers, a purely competitive firm producing different quantities of chocolate gift boxes. Fill in the blanks in the table. Instructions: Enter your answers rounded to two decimal places. Quantity of Gift Boxes 20 25 30 35 40 45 b. Total revenue = Choco Lovers Cost and Revenue TC ($) ATC ($) 5.75 5.50 5.42 c. Profit = $ 227.50 d. Profit per unit = $ 115.00 137.50 162.50 192.50 232.50 282.50 Assume the profit-maximizing price is $8 per gift box, and then answer the following questions: a. Profit-maximizing quantity = 35 gift boxes 12 5.81 6.28 MC ($) per gift box 5.00 4.50 5.00 6.00 8.00 10.00
The table below shows the total cost (TC) and marginal cost (MC) for Choco Lovers, a purely competitive firm producing differe quantities of chocolate gift boxes. The market price for a box of chocolates is $4 per box. Instructions: Enter your answers as a whole number. a. Fill in the marginal revenue (MR) and average revenue (AR) columns. Choco Lovers Cost and Revenue Quantity TC MC MR AR of Gift Boxes ($) ($) ($) ($) 55 1 10 57 0.50 15 62 1 20 72 25 92 4 30 122 6.
he table below shows the weekly marginal cost (MC) and average total cost (ATC) for Smitten, a perfectly competitive firm that roduces children's mittens in a competitive market. Smitten's Production Costs Quantity (pairs of mittens) Marginal Cost (dollars) $1.60 Average Total Cost (dollars) $2.2 2.17 2.21 25 30 2.00 35 2.45 3.55 4.00 40 2.38 45 2.56 2.85 50 5.50 55 6.00 3.14 60 8.50 3.58 Instructions: In part a, enter your answer as a whole number. In parts b, c. and d, round your answers to two decimal places. a. If the market price of children's mittens is $6.00 per pair, how many palrs of children's mittens should Smitten produce per week to maximize its profits? pairs of mittens b. When the market price is $6.00, what is Smitten's average total cost at the profit-maximizing quantity of children's mittens? %24 3.28 c. What are Smitten's weekly profits if the market price is $6.00 per pair and the firm produces the profit-maximizing quantity of mittens? d. What are Smitten's weekly…
ok nces The table below shows the total cost (TC) and marginal cost (MC) for Baker Street, a perfectly competitive firm producing different quantities of apple pies. The market price of apple pies is $6.00 per pie. a. Fill in the marginal revenue (MR) and average revenue (AR) columns. Instructions: Round your answers to two decimal places. Baker Street's Costs and Revenues MR (dollars) $ Quantity (apple pies) 10 15 20 25 30 35 TC (dollars) MC (dollars) $55.00 $3.00 67.50 2.50 3.00 4.0 6.00 8.00 82.50 102.50 132.50 172.50 AR (dollars) $ Instructions: Enter your answers as a whole number. b. At the market price of $6.00 per apple pie, how many apple pies should Baker Street make?
Instructions: For profit/loss, round your answers to two decimal places. If you are entering any negative numbers be sure to include a negative sign () in front of those numbers. A loss should be entered as a negative number. Check my work b. Given a price of $8 per gift box, how many boxes of chocolate should Choco Lovers produce? gift boxes What will the profit or loss be per gift box? 24 per gift box C. Suppose that Choco Lovers raises the price to $10 per gift box. Now how many boxes should Choco Lovers produce? gift boxes What will the new profit or loss be per gift box?
Complete the following cost and revenue schedules for a perfectly competitive firm, Instructions: Enter your responses as a whole number. If you are entering any negative numbers be sure to include a negative sign () in front of those numbers. Quantity Total Revenue Total Cost Price Marginal Cost $50 $50 50 60 2 50 90 50 140 50 200 50 280 a. Graph marginal cost (MC) a. Graph marginal cost (MC). Instructions: Use the MC' tool to draw the marginal cost curve point by point (plot 5 points total). 100 Tools 90 E 80 * 70 MC 60 8 50 40 P=MR 30 20 10 2 3 4 Quantity (units per time period) b. What quantity maximizes profit? units c. What is MC at that quantity? $4 Price or Cost (dollars per unit)
Refer to the accompanying figure. If the market for doughnuts is perfectly competitive, then assuming this firm can earn enough revenue to cover its variable cost, it should produce: Price (S/doughnut) 0.35 p 0.30 0.25 0.20 0.15 0.10 0.05 0 0 10 20 30 40 50 60 Marginal Cost 70 80 90 Quantity (doughnuts/day) Average Total Cost 50 doughnuts per day. the quantity of doughnuts at which average total cost is minimized. the quantity of doughnuts at which average total cost equals the market price. the quantity of doughnuts at which marginal cost equals the market price.
A perfectly competitive firm has the following short-run total cost. Quantity Total cost (in Taka) Average total cost Variable cost Average variable cost Marginal cost 4.0 9.0 2 12.0 3 17.0 24.0 33.0 44.0 (a) Calculate this firm's marginal cost for output level 5. Give your answer in 2-decimal places. (b) Calculate this firm's marginal cost for output level 6. Give your answer in 2-decimal places. (C) What is the average total cost at which, this firm reaches its break even-point? Give your answer in 2-decimal places. (d) What is the average variable cost at which, this firm reaches its shut-down point? Give your answer in 2-decimal places.

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