Given the table below. This table displays the costs and total revenue (in $) of a perfectly...
Question:
Given the table below. This table displays the costs and total revenue (in $) of a perfectly competitive firm. Also, the market price is currently $500.
| q (output per hour) | VC (in $) | TC (in $) | MC (in $) | AVC (in $) | ATC (in $) | TR (in $) |
|---|---|---|---|---|---|---|
| 0 | 0 | 1,080 | ----- | ----- | ----- | |
| 1 | 400 | 1,480 | 400 | 400 | ||
| 2 | 450 | 965 | ||||
| 3 | 1,350 | 2,430 | ||||
| 4 | 1900 | 475 | ||||
| 5 | 2,500 | 3,580 | ||||
| 6 | 3,200 | 700 |
Give the values of MC for q = 3, q = 4, q = 5.
Marginal Cost:
The marginal cost can be derived using the total variable cost function. The upward sloping part of the marginal cost curve is referred to as the supply function of a firm. The area below the curve is used to show the total variable cost of the firm.
Answer and Explanation: 1
Become a Study.com member to unlock this answer! Create your account
View this answerAs the variable cost is zero at zero units, so the total cost is equal to the fixed cost, i.e. $1,080.
The formulas used to calculate the values in...
See full answer below.
Ask a question
Our experts can answer your tough homework and study questions.
Ask a question Ask a questionSearch Answers
Learn more about this topic:
Get access to this video and our entire Q&A library
Marginal Cost: Definition, Equation & Formula
from
Chapter 3 / Lesson 12
252K
What is marginal cost? Learn how to calculate marginal cost with the marginal cost formula. See the definition, behavior, and marginal cost examples.
Related to this Question
- Given the table below. This table displays the costs and total revenue (in $) of a perfectly competitive firm. Also, the market price is currently $500. Give the values of TC for q = 2, q = 4, q = 6.
- Given the table below. This table displays the costs and total revenue (in $) of a perfectly competitive firm. Also, the market price is currently $500. Give the values of TR all levels of q.
- Given the table below. This table displays the costs and total revenue (in $) of a perfectly competitive firm. Also, the market price is currently $500. Give the value of VC for q = 2.
- Given the table below. This table displays the costs and total revenue (in $) of a perfectly competitive firm. Also, the market price is currently $500. Give the values of AVC for q = 2, q = 3, q = 5, q = 6.
- Given the table below. This table displays the costs and total revenue (in $) of a perfectly competitive firm. Also, the market price is currently $500. Give the values of ATC for q = 1, q = 3, q = 4, q = 5, q = 6.
- Complete the table below. This table displays the costs and total revenue (in $) of a perfectly competitive firm. Also, the market price is currently $500. According to this table, what are fixed costs (in $) for this firm?
- The accompanying table represents the quantity produced, the total revenue, and the total cost of a firm operating in a perfectly competitive market. Refer to the table to answer the questions that fo
- Complete the table below. This table displays the costs and total revenue (in $) of a perfectly competitive firm. Also, the market price is currently $500. What is the current marginal revenue (in $) of this firm?
- The accompanying table represents the quantity produced, the total revenue, and the total cost of a firm operating in a perfectly competitive market. Refer to this table to answer the questions that follow. Assuming that all firms have the same cost struc
- The following table shows marginal and average total cost schedules for a perfectly competitive firm. Currently, the market price in this industry is $8. According to the table, a profit-maximizing firm will produce [{Blank}] units. (Enter your response a
- Complete the table below. This table displays the costs and total revenue (in $) of a perfectly competitive firm. Also, the market price is currently $500. Using the profit-maximizing rule and the table above, how much will this firm produce to maximize i
- You are operating a firm in a perfectly competitive market. In the short run, you have fixed costs of $30. Your variable costs are given in the following table: Q TVC 0 0 1 100 2 175 3 225 4 305 5 415 6 360 Complete the following table: Market Price Profi
- The table shows the revenues and costs of a (perfectly) competitive firm. According to the table above, what is the market price (P)?
- Again, consider this table, which deConsider this table, which depicts a perfectly competitive, profit-max firm: Quantity Produced Variable Cost Fixed Cost Total Cost 101
- This table shows the demand schedule, marginal cost, and average total cost for a monopolistically competitive firm. At the profit-maximizing level of output, what is the firm's total cost? a) $0 b) $
- This table shows the total costs for various levels of output for a firm operating in a perfectly competitive market. According to the table shown, when 5 units are produced, A. profits are maximized. B. profits are positive. C. the firm is producing less
- The table shows the revenues and costs of a (perfectly) competitive firm. According to the table above, what is the firm s marginal revenue (MR)?
- The table shows the revenues and costs of a (perfectly) competitive firm. According to the profit-maximizing rule, how much will this firm produce?
- The table below shows a split market with two demand curves D 1 = 8 - Q and D 2 = 14 - 1.5 Q . The firm has a consistent marginal cost of $2 and fixed costs of $10. At the profit-maximizing quantity, what are the profits?
- The table below shows a split market with two demand curves D 1 = 8 - Q and D 2 = 14 - 1.5 Q . The firm has a consistent marginal cost of $2 and fixed costs of $10. At the profit-maximizing quantity, what are the total costs?
- The following table shows the marginal and average total cost schedules for a perfectly competitive firm. Currently, the market price in this industry is $20.
- The following table shows the total cost schedule for a perfectly competitive firm. The current price in this industry is $20. Fill in the marginal revenue and marginal cost columns of the table. (Ent
- The following table shows the total cost schedule for a perfectly competitive firm. The current price in this industry is $20. Fill in the marginal revenue and marginal cost columns of the table. [TABLE]
- The following table shows demand and cost data for a pure monopolist. Complete the table by filling in the columns for total revenue, marginal revenue, and marginal cost.
- For the next four questions, consider this table, which depicts a perfectly competitive, profit-max firm: Quantity Produced Variable Cost Fixed Cost Total Cost 101 $15,150 A B 102 C $40,000 $55,300 1
- The following table contains demand and cost data for a pure monopolist. Complete the table by filling the total revenue, the marginal revenue and the marginal cost columns. Then answer questions a, b
- A profit maximizing firm in a competitive market is currently producing 90 units of output. It has average revenue of $6, average total cost of $6, and fixed cost of $270. Complete the following table
- The Table displays some information for a firm selling laptop carrying cases in a perfectly competitive market. Output Total Cost Marginal 1 Cost Fixed Cost Average Cost Total Revenue Average Revenue Marginal 1 Revenue 0 10 0 1 16 20 2 26 4
- The table shows the revenues and costs of a (perfectly) competitive firm. According to the table above, when the firm produces its profit-maximizing quantity, how much profit will it make? Show your complete solution.
- You are operating a firm in a perfectly competitive market. In the short run, you have fixed costs of $30. Your variable costs are given in the following table: [TABLE] Complete the following table: [TABLE]
- The following table shows marginal and average total cost schedules for a perfectly competitive firm. Currently, the market price in this industry is $20. Output units (Q) Marginal Cost (MC) Average Total Cost (ATC) 0 _____ _____ 1 5 20 2 10 15 3 15 10 4
- Suppose that a firm in a competitive market faces the following revenues and costs Refer to Table above. Quantity Total Revenue Total Cost 0 0 $10 1 $9 $14 2 $18 $19 3 $27 $25 4 $36 $32 The maximum pr
- Answer the next three questions referring to the following table showing Total Revenue (TR) and Total cost (TC), for a perfectly competitive firm operating in the short run. <table id="tg-iWjyS"><tr><
- A perfectly competitive firm produces output 'q' using only one input 'l.' The production function is q = 10 + (l - 1000)^(1/3) and the price of 'l' is w = 1. A) Solve for the firm's total cost functi
- The table above shows some of the costs for a perfectly competitive firm. The firm will produce 9 units of output if the price per unit is A. 200, as it will satisfy the equilibrium criteria. B. 200, because the firm will only make a profit at this price.
- Output (units)0 1 2 3 4 5 Total Revenue ($)0 9 16 21 27 31 Total Cost ($)10 12 15 19 26 35 At optimal output, the firm described in Table 8-1 sells its output at a price of $6.25. $7. $5.40. $8.
- Assume a single firm in a purely competitive industry has variable costs as indicated in the following table in column 2. Complete the table (2pts) and answer the questions. (1) (2) (3) (4) (5) (6) (7) Total product Total var. cost Total cost AFC AVC ATC
- The following table shows marginal and average total cost schedules for a perfectly competitive firm. Currently, the market price in this industry is $8. A. How many units will a profit-maximizing firm produce? B. What will be the firm's short-run profit
- The table shows cost data for a firm that is selling in a perfectly competitive market. If the price of the product is $6, what output level will the firm produce? a) 16 b) 0 c) 12 d) 14 |Output|Average variable cost|Average total cost|Marginal cost |
- 1. The table above shows the output, price, and total cost for a monopolistic competitor. At the profit-maximizing output, the monopolistically competitive firm is in A. short-run equilibrium and there is zero economic profit. B. long-run equilibrium and
- A perfectly competitive firm produces output q using only one input l. The production function is q=10+(l-1000)^(1/3) and the price of l is w = 1. (a) Solve the firm's total cost function. (b) What
- The table shows the revenue and cost schedules for a competitive firm. What is the average fixed cost at the profit-maximizing quantity? A. $54.30 B. $4.28 C. $50 D. $80 ||Quantity (Units)||Total Revenue ($)||Total Cost ($) |0|0|30 |1|80|50 |2|160|80 |3|2
- You are operating a firm in a perfectly competitive market. In the short run, you have fixed costs of $30. Your variable costs are given in the following table: Q TVC 0 0 1 100 2 150 3 180 4 220 5 300 6 390 Complete the following table: Market Price Pro
- You are operating a firm in a perfectly competitive market. In the short run, you have fixed costs of $30. Your variable costs are given in the following table: Q TVC 0 0 1 100 2 150 3 180 4 220 5 300 6 390 Complete the following table: Market Price Prof
- A profit-maximizing firm in a perfectly competitive market operates in the short run with total fixed costs of $15,000.00 and total variable costs (TVC) as shown below. The firm can only produce integer amounts of output (Q). A. How much output should the
- You are operating a firm in a perfectly competitive market. In the short run, you have fixed costs of $30. Your variable costs are given in the following table: |Q|TVC |0|0 |1|100 |2|175 |3 |225 |4 |305 |5|415 Complete the following table: | Market Pric
- The table shows the revenues and costs of a perfectly competitive firm. A. What is the market price (P)? B. What is the firm's marginal revenue (MR)? C. What is the marginal cost (MC) of producing the 4th unit? The 6th unit? D. According to the profit-max
- In a perfectly competitive market, market demand is given by P = 81 2 Q , and market supply is P = 6 Q + 1 . Each firm has short-run marginal cost M C = 120 Q + 1 , and short-run average total cost of A T C = 60 Q + 3.75 ; Q + 1. A T C for each firm
- A firm has the following total costs, where Q is output and TC is total cost: Say the market price rises to $80. At what output level (as a perfect competitor) will this produce at?
- Assume that a firm in the perfectly competitive industry has the following total cost schedule: Q TC 10 110 15 150 20 180 25 225 30 300 35 385 40 480 a) Calculate the marginal cost and average cost schedule for the firm. b) If the prevailing market price
- Use the following cost table to answer the question. |Output |Average Variable Cost |10| $5.00 |12 |4.00 |14 |4.75 |16 |5.75 |20 |9.00 The table shows cost data for a firm that is selling in a purely competitive market If the price of the product i
- Assume a single firm in a purely competitive industry has variable costs as indicated in the following table in column 2. Complete the table and answer the questions. (1) Total product (2) Total var.
- A perfectly competitive firm has a total cost function where Q is the amount of output produced (MC is 4 + 4Q). The firm maximizes its profit by selling 10 units. What is the profit of the firm?
- The table below shows a split market with two demand curves D_1=8-Q and D_2=14-1.5Q. The firm has a consistent marginal cost of $2 and fixed costs of $10. What is the profit-maximizing quantity? a. 0 b. 1 c. 2 d. 3 e. 4 f. 5 g. 6 h. 7 i. 8 j. None of the
- Given that the current wage is $100 and the price of output (Q) is equal to $3.00, complete the following table \begin{array}{|l|l|l|l|l|l|} \hline L & Q & MP_L & MRP & Marginal Profit & Total Pro
- Table below shows data of the unitary costs [average variable cost (AVC), average total cost (ATC) and marginal cost (SMC)] of a firm that faces a competitive market Using that data answer the following: a. Find the shutdown price. b. Find the optimal o
- A perfectly competitive firm produces 50 units of a product and sells it at the market price of $23 per product. The firm's average total cost is $20. What is the firm's total revenue? (a) $23 (b) $150 (c) $1,000 (d) $1,150 (e) $2,500
- Given the variable cost data in the following table and assuming fixed costs (FC) equal $487, create a table showing output (Q), fixed cost (FC), variable cost (VC), total cost (TC), average fixed cos
- The next four questions refer to the following table showing the total cost schedule for a perfectly competitive firm. Calculate the marginal costs (MC) at each output rate to answer.
- This table shows the demand schedule, marginal cost, and average total cost for a monopolistically competitive firm. How much profit will this firm earn when it chooses its output to maximize profit?
- Examine the table below, which gives information about the costs if a perfectly competitive firm. You are hired to determine the profit-maximizing quantity for the firm at different prices. For each price listed, you must find the output level, total reve
- Suppose that all firms in a perfectly competitive industry have the following long-run Total Cost: C(Q)=2Q3-12Q2+20Q a. Calculate the profit-maximizing quantity (Q*) for a perfectly competitive firm?
- In a perfectly competitive industry, each producer has a long-run total cost function given by LTC = q3 - 24q2 + 200q, where q denotes the output of the individual firm. The market demand for the product is Q = 1480 - 5P, where Q and P denote the market o
- This table shows a game played between two firms, Firm A and Firm B. In this game each firm must decide how much output (Q) to produce: 10 units or 12 units. The profit for each firm is given in the table as (Profit for Firm A, Profit for Firm B). The Nas
- Refer to the table above. With the demand schedule shown by columns (2) and (3), in a long-run equilibrium: A) The price will equal average total cost. B) The total cost will exceed total revenue. C
- A firm has the following total costs, where Q is output and TC is total cost: How much profit is the firm making at a price of $80? Based on this calculation, do you expect firms to enter or leave this market?
- |Quantity|0|1|2|3|4|5|6|7 |Total Cost ($)|8|9|10|11|13|19|27|37 |Total Revenue ($)|0|8|16|24|32|40|48|56 Consider total cost and total revenue given in the table. 1) What is the profit of the firm i
- Suppose that the market for Cashmere sweaters is a competitive market. The following graph shows the daily cost curves of a firm operating in this market. For each price in the table calculate the q
- Fill in the blanks in the following table showing the short-run costs for a firm. Q Total Cost Total Fixed Cost Total Variable Cost Average Fixed Cost Average Variable Cost Average Total Cost Marginal
- Wonder Juice Company sells its output in a perfectly competitive market. The firm's total cost function is given in the following table. Answer the questions.
- The table below shows cost data for a firm that is selling in a purely competitive market. Refer to the above cost chart. Which output level will the firm never produce? a. 12 b. 16 c. 10 d. 20
- A perfectly competitive firm faces a market-determined price of $25 for its product. (1) (2) Total Average Marginal (5) Marginal revenue (6) (7) Profit margin Quantity cost 0 1,000 100 2,000 200 3,300
- The following table shows the production costs for a perfectly competitive firm. If the price is $140 per unit, then the short run profit maximizing output is a. 0. b. 4. c. 5. d. 7. e. 8.
- Consider the table given below. At the profit maximizing quantity, what is Total Cost (TC)? How? Select one: a. $488 b. $152 c. $20 d. $320 __Revenue and Cost for a perfectly competitive firm __P Q TR MR TC MC Profit 50 0 20 50 1 50 32 50 2 50 48
- The table shows some revenue data for a firm in a perfectly competitive market. What is the price of the output?(hint: generate the Marginal Revenue column)
- A firm has the following total costs, where Q is output and TC is total cost: Say the firm is in a perfectly competitive market. If the current market (equilibrium) price is $60, at what output level will the firm as a profit maximizer produce at?
- The table shows output and cost data. Calculate the average total cost, average fixed cost, average variable cost, and marginal cost schedules. If the price were $500, should the firm shut down in the
- (a) Complete the table, which summarizes the weekly sales and cost situation confronting a monopolist. (b) At what rate of output is total revenue maximized within this range?
- Table: Total Cost Data Quantity of Output Variable Cost VC Total Cost TC 0 0 50 1 50 100 Look at the table Total Cost Data. What is the total fixed cost for this bicycle firm? a. $40 b. $70 c. $100 d.
- A perfectly competitive firm is selling 300 units of output at $4 each. At this output level, total fixed cost is $100 and total variable cost is $500. The firm: A. is earning a profit, but not necess
- Fill in the values in the Total Revenue, Marginal Revenue, Marginal Cost, and Average Total Cost columns in the following table and then answer the questions that follow.
- Consider a market for a homogeneous product with price given by p=80-Q where Q represents total industry output (i.e., Q=qA+qB). There are two firms (firms A and B), and firm A's cost function is give
- You are operating a firm in a perfectly competitive market. In the short run, you have fixed costs of $30. Your variable costs are given in the following table: |Q|TVC |0|0 |1|100 |2|175 |3|225 |4|3
- You are operating a firm in a perfectly competitive market. In the short run, you have fixed costs of $30. Your variable costs are given in the following table.
- A firm's cost curves are given in the following table. Suppose the market price is $70. What are the total profits?
- The following table provides demand and cost data for the product of a monopoly firm. A) Fill in the blank columns in the table above. B) What is the profit-maximizing (or loss-maximizing) output and
- A perfectly competitive firm has a cost function TC = 55 + 6 Q + 2 Q^2, where Q is quantity per day. Marginal revenue equals $56 per unit, and output Q = 7 units per day, for each day: a. What is the total revenue of the firm? b. What is the total variabl
- The following questions are based on the table below, which shows a firm's average variable cost and average total cost. |Output |Average Total Cost |Average Variable Cost | 1|$40|$160 |2|35| 95 |3| 40| 80 |4|45 |75 |5| 50 |74 |6| 55| 75 In the short
- The table shows the revenues and costs of a (perfectly) competitive firm. According to the table above, what is the marginal cost of producing the 4th unit?
- Assume a single firm in a purely competitive industry has variable costs as indicated in the following table. Complete the table and answer the questions.
- The following table shows the marginal cost and revenues for a firm. ||Unit Quantity (units)||Marginal Cost ($)||Marginal Revenue ($) |12|5|9 |13|6|9 |14|7|9 |15|8|9 |16|9|9 |17|10|9 This firm is curr
- The graph below shows the market demand curve for a good. Use the graph to find total revenue and marginal revenue at the given output levels. a. If the price is $8, then the total revenue is $[{Blank}] thousand. b. If the price is $7, then the total re
- The following table shows the daily cost data and demand schedule for a typical firm producing board games in a monopolistically competitive market in the short run. Fill in the values in the Marginal Cost, Total Revenue, and Marginal Revenue columns in
- A perfectly competitive firm has total revenue and total cost curves given by: TR = 100Q \\ TC = 5,000 + 2Q + 0.2 Q^2 a. The profit-maximizing output for this firm is [{Blank}] units, b. The firm makes profit of $ [{Blank}].
- Consider the following table for the demand and cost data of a pure monopolist. Complete the table by fill-in in the column for the total revenue. | Quantity | Price | Total Revenue | Total Cost | 0 | $40 | | $20 | 1 | 38 | | 38 | 2 | 36 | | 48 | 3 | 3
- N firms compete in a perfectly competitive industry. The market demand for a good is given by Q = 1998 - 2P, where P denotes the market price. For each firm, i, the long run total cost function, C(qi)
- Based on the following table: Output Price ($) Total Costs ($) 0 10 32 1 10 37 2 10 40 3 10 41 4 10 44 5 10 50 6 10 60 7 10 74 8 10 93 9 10 119 10 10 155 a. What is the profit-maximizing output? ___
- The following table is for a purely competitive market for resources. |Number of workers| Total product| Product price ($) |0| 0| 3 |1| 16| 3 |2| 26| 3 |3| 34| 3 |4| 40| 3 |5| 44| 3 a. What is the marginal product (MPN) for the second worker? b. What is t
Explore our homework questions and answers library
Browse
by subject