# Refer to the table below ||Rate of Output||Fixed Costs||Variable Costs||Total Costs||Average...

## Question:

Refer to the table below

Rate of Output | Fixed Costs | Variable Costs | Total Costs | Average Total Costs |
---|---|---|---|---|

0 | 120 | 0 | 120 | |

10 | 120 | 85 | 205 | 20.5 |

15 | 120 | 125 | 245 | 16.33 |

20 | 120 | 150 | 270 | 13.5 |

30 | 120 | 240 | 360 | 12.00 |

40 | 120 | 350 | 470 | 11.75 |

50 | 120 | 550 | 670 | 13.40 |

51 | 120 | 633 | 753 | 14.76 |

Compute total profits at a price of $35 per unit and an output of

a. 40 units

b. 50 units

## Profit Maximization

Profit maximization is the belief that firms control output and price levels to achieve a point where they maximize revenues. Profit is equal to total revenues minus total costs. Profit maximization is equal to marginal revenue minus marginal cost. The profit maximization point is where any changes in output or prices decreases the firms profits.

## Answer and Explanation:

Become a Study.com member to unlock this answer! Create your account

View this answerSee full answer below.

#### Ask a question

Our experts can answer your tough homework and study questions.

Ask a question Ask a question#### Search Answers

#### Learn more about this topic:

from

Chapter 24 / Lesson 6Learn the profit maximization definition, its importance, and explore the profit maximization theory. See how to calculate profit maximization with examples.

#### Related to this Question

- ||Output||Variable Cost||Total Cost||Marginal Cost |1| 100| | |2| 180| | |3| 240| | |4| 320| | In the table a) If fixed cost is $100, fill in the rest of the Table 1 b) how much is total cost whe
- Fill in the cost table |Quantity |TC |MC |TFC |TVC |ATC |AFC| AVC |0| -| |100| 0| -| -| - |1| | |20 | | | | |2 | | | |38 | | | |3| 151 | | | | | | |4| | 11 | | | | | |5| 175| | | | | | |6
- 1) Refer to the table above. The total cost of four units of output is. A) $77.50 B) $260 C) $215 D) $310
- ||Output||Fixed Costs||Variable Costs||Total Costs||Average Total Costs||Average Variable Costs||Marginal costs |0| |0 |100| | | |1| |30| | | | |2| |50| | | | |3| |60| | | | |4| |120| | | | |5| |200|
- The table shows a firm's total cost schedule. What is the firm's total cost if it shuts down temporarily?
- You are given the Cost Schedule below: a) Assume Fixed Cost is $500, and complete table. b) On separate graphs, graph TC, AFC, AVC, ATC, and MC Note: TC=Total Cost, AFC=Average Fixed Cost, AVC=Average
- A firm faces a demand and cost as given in table below: Complete table |QTY|Price|Total Cost| | | | |0|21|50 | | | | |1|20|66 | | | | |2|19|81 | | | | |3|18|95 | | | | |4|17|109 | | | | |5|16|125 |
- Refer to the accompanying table. A firm participating in a competitive market with these costs would always shut down if the price is: a. $6. b. $4. c. either $6 or $8. d. $2. e. $8.
- Fill in the blanks in the following table: |Output |Total cost |Total fixed cost |Total variable cost |Average fixed cost |Average variable cost |Average total cost |Marginal cost |100| _____| _____
- Refer to the table below, which shows marginal willingness to pay as a function of quantity for two marathon champions. At which price are exactly 5 units demanded in total? a. $22 b. $42 c. $52 d. $62 e. $72 |q |Jemima |Eunice |1| $100 |$60 |2| $85| $5
- You have collected the following data on output and total variable costs: |Q |TVC ($) |1| 60 |2 |110 |3 |150 |4 |180 |5 |200 |6 |230 |7 |280 |8 |350 |9 |440 |10| 550 a. Identify the range
- Fill in the table. What is the ATC for an output of 3? ||Output||Variable cost||Total Cost||AFC||AVC||ATC||Marginal cost |1|180| | | | | |2|260| | | | | |3|380| | | | | |4|490| | | | | |5|760| | | | |
- Notice the costs as given in the table below. What is the total fixed cost in the table below?
- Graph the following: |Quantity |Total Cost |0|6 |1|11 |2|15 |3|18 |4|20 |5|23 |6|27 |7|32 |8|38 |9|45 |10|53 |11|62 |12|72 |13|83 |14|95 |15|108
- Refer to the table. What is the total cost of producing eight barrels of oil? a. $50 b. $206 c. $178 d. $336
- Complete the following table, assuming that each unit of labor costs $ 75 per day: ||Quantity of labor per day||Output per day||Fixed cost ($)||Variable cost($)||Total cost($)||Marginal cost($) |0| |3
- A firm has fixed costs of $60 and variable costs as indicated in the table below. Complete the table.
- Fill in the blanks in the table below. The problem is a "puzzle so the blanks are not necessarily filled in sequentially. Hint: Determine the total fixed cost first. Instructions: Round your answers
- Fill in the blanks in the table below. The problem is a "puzzle" so the blanks are not necessarily filled in sequentially. Hint : Determine the total fixed cost first. Instructions: Round your answer to 2 decimal places. Fill in the parentheses.
- A firm has fixed costs of $60 and variable costs as indicated in the table below. Complete the table (Round your answers so that you enter no more than 2 decimal places)
- The table below shows the costs incurred at Preston's potato farm. Complete the table.
- The table below shows the costs incurred at Perry's potato farm. Complete the table.
- Refer to the above graph of cost curves. Total fixed cost at output level Q_2 is measured by: a. CD b. AC c. 0B d. DE
- Complete the following table of short run fixed costs. Output (q) Total Fixed Cost (TFC) Average Fixed Costs (AFC) 1 $2,000 2 2,000 3 2,000 4 2,000 5 2,000
- Based on the table below, what is the total fixed cost?
- You have the information shown in the accompanying table about a firm's costs. Complete the missing data.
- The table below shows the costs incurred at Peter's partridge farm. Complete the table.
- The table below shows the costs incurred at Preston's partridge farm Complete the table LTP TVC TC AFC AVC ATC MC 0 0 0 90 3 50
- The table below shows the total cost for a firm that manufactures bags. If the market price were $10 per bag, then this firm would produce {Blank}.
- The table below shows the costs incurred at Perry's peanut farm. Complete the table.
- Fill in the missing values in the table below. |Hours of studying|Total Cost of time spent studying|Marginal Cost of the last hour studying spent studying |0|$0|- |1|$10 |$10 |2|$21|$11 |3|$33|$ |4|$ |$13 | 5|$60|$ |6|$ |$15 Why might the marginal cost
- Refer to the table above. The table represents information on the costs for Ajax Corporation. Ajax operates in a perfectly competitive market and the price of the product is $9. What does total revenu
- Based on the table above, what is the total fixed cost for this firm? A) $30 B) $20 C) $50 D) $40
- The table below shows the costs incurred at Preston's partridge farm. Complete the table.
- Pat's Catering finds that when it caters 20 meals a week, its total cost is $6,000. If Pat has a total variable cost of $5,000, what is Pat's total fixed cost? A. $6,000 B. $50 C. $250 D. $1,000
- Complete the production cost table. Round cost numbers to the nearest dollar. |Q |TFC| TVC| TC |AFC |AVC |ATC |MC |0| | |$100 |-- |--| --| -- |1 | | |130| | | | | 2| | |150| | | | |3| | |160|
- The cost structure of a manufacturer of microchips is described in the table below (first two columns). The firm's fixed costs equal $10 per month. Calculate the total fixed costs (column 3), total va
- Refer to Table 5, which gives the total cost schedule for Chip's Pizza Palace, a perfectly competitive firm. a. If Chip shuts down in the short run, his total cost is A) $12 an hour. B) $40 an hour. C) $22 an hour. D) $10 an hour. E) $0. b. Refer to
- 4. Complete the following table (Hint: To start, find a cost you can work backwards with.)Q TFC TVC TC MC AFC AVC ATC 0 0 10 400 20 2700 100 30 3300 40 1500
- Using the table, determine the average fixed cost of producing 40 units. ||Q||FC||VC |0|500|0 |8|500|250 |17|500|500 |27|500|750 |40|500|1000 |54|500|1250 |66|500|1500 |76|500|1750 |84|500|2000 |91|500|2250 |96|500|2500 A. $12.00 B. $12.50 C. $18.52 D. $
- The table gives the cost of producing t-shirts. Find the total fixed cost. | Total output, t-shirts/hr |Total cost, dollars |Variable cost , dollars |8 |76| 56 | 10 |84 |64 |12 |100| 80
- Given the following information, state your suggestions: |Price |Quantity |Total Revenue| Total Cost | 78 |1| | 210 |76 |2 | |180 |72 |3 | |160 |68 |4 | |148 |66 |5 | |140 |64 |6 | |136 |60 |7 | |141 |58 |8 | |156 |56| 9| |188 |54 |10 | |224
- According to the table, which of the following occurs when price is $12? ||Price||Quantity Demanded||Quantity Supplied |$15|40|80 |$12|50|70 |$10|60|60 |$7|70|50 |$5|80|40 A. a shortage of 20 units B. market equilibrium C. a surplus of 20 units D. a s
- Table 4 presents the cost schedule for David's Figs. If David produces five figs, David's marginal costs are Table 4 Number of Figs TC ATC TVC AVC MC 0 $80 1 $90 $90 2 $135 3 $92 4 $5
- The firm described in the table below has a fixed cost of [{Blank}]. a. 2 b. 6 c. 10 d. 26 |Output (units)|0|1|2|3|4|5 |Total Revenue ($)|0|9|16|21|27|31 |Total Cost ($)|10|12|15|19|26|35
- <table id="tg-ebYba"><tr><td>(1)<br> Number of Bushel (per Day)</td><td>(2)<br> Price</td><td>(3)<br>Total Revenue</td><td>-</td><td>(4)<br>Total Cost</td><td>=</td><td>(5)<br>Total Profit</td><td>(6)
- Complete the following table with the value of Total Costs (TC). | Units (Q) | FC ($) | VC ($) | TC ($) | 0 | 300.00 | 30.00 | | 1 | 300.00 | 45.00 | | 2 | 300.00 | 52.50 | | 3 | 300.00 | 75.00 | | 4 | 300.00 | 120.00 |
- The table below shows some of the costs incurred at Betty's Brickworks Complete the boxes in the table. Answer to the same number of decimal places as other numbers in the same column.
- Complete the following table of short-run fixed costs.
- Refer to the table, which gives the total cost schedule for Chip's Pizza Palace, a perfectly competitive firm. If the price of a pizza is $7, what is Chip's profit-maximizing output per hour? A) zero pizzas B) 1 pizza C) 2 pizzas D) 3 pizzas E) 4 piz
- Using the supply data in the following schedule, complete the table by computing the six price elasticity of supply coefficients between each of the seven prices, and indicate whether supply is elasti
- Using the supply data in the schedule shown below, complete the table by computing the price elasticity of supply coefficients (using the midpoint formula) between each set of prices. Indicate whether
- Refer to figure 6.3. A binding price is shown in: a) Both panel (a) and panel (a) b) Panel (a) only c) Panel (b) only d) Neither panel (a) nor panel (b)
- Refer to the table above. If the market price is $1,000, the producer surplus in the market is: Show your solution: A $300. B. $1000. C. $700. D. $1,700.
- Consider the table below. Assume that one unit of variable input costs $5.00. Fill in the blanks in the last 6 columns of this table.
- Refer to the table above that shows the demand schedule for a firm that has a monopoly in the sale of personal computers in the country of Oz to answer the next 3 questions A If the marginal cost of p
- Consider the following table. In the long run, will the price rise or fall from the current level at $5? Explain. | Quantity|Total Cost |0 | $46 |2 |47 |4 | 48 |6 | 49 |8 | 51 |10 |57 |12|65 |14|75 |
- Refer to the figure below and answer the following questions. The total fixed costs for Cyndy's Floral Arrangement are $1,000. If Cyndy's Floral Arrangement produces 200 silk flower arrangements the a
- a. Complete the following cost schedule by computing average fixed cost and average variable cost. |Output|Total Cost|Average Fixed Cost|Average Variable Cost |0|$600| | |1|800| | |2|1,050| | |3|1,
- The following deal with cross-price elasticity of supply. Complete the table below. ||Scenario (''Assume a scenario involving a husband and a wife living together'')||Calculate the cross-price elasti
- The following table gives the price and total utility of three goods: A, B, and C. Total Utility Hello, Could you please help me with below question? The following table gives the price and total util
- Refer to the given table. Employment Total Product Product Price 0 0 $3 1 12 3 2 22 3 3 30 3 4 36 3 5 40 3 6 42 3. This firm is (a) selling its product in a purely competitive market. (b) selling its
- The table below shows Crystal s total cost of producing different quantities of tie dyed t shirts for a local a Complete the marginal cost column in the table b What is the total cost of producing 5 t
- Fill in the following table reflecting costs for a typical firm.
- Cook's Tall Ship Cruises is a single-price monopoly. The table shows the demand schedule for cruises and Cook's total cost schedule. Calculate Cook's total revenue and marginal revenue schedules and fill in the remaining columns in table.
- Assume that the cost data in the following table are for a purely competitive producer: |1 |$60.00 |$45.00 |$105.00 |$45 |2
- Refer to the table below. The average variable cost of producing four purses is: a. $35 b. $140 c. $47.50 d. $190 __Table: Cost Data__ |Quantity of output| Variable cost (VC)|Total cost (TC) |0|0|50 |1|50|100 |2|70|120 |3|100|150 |4|140|190 |5|190|240 |
- Sally's Salon is a single price monopoly. The table shows the demand schedule for Sally's haircuts (column 1 and 2) and the firm's total cost schedule (columns 2 and 3). Calculate Sally's total revenu
- Refer to Table. If the price of the product is $115, then the total consumer surplus is a. $25 b. $60 c. $15 d. $150 Bayer Willingness To pay Calvin $150.00 Sam $135.0 Andrew $120.00 Lori $100.00
- Refer to the data below and answer the following questions: 3) What is the total fixed cost? a) $6.25 b) $100.00 c) $150.00 d) $50.00 4) What is the average total cost of five units of output? a) $69
- 17. Question 17 Table 15-9 Consider the following demand and cost information for a monopoly. QuantityPriceTotal Cost 0$32$6 1$28$20 2$24$34 3$20$48 4$16$62 5$12$76 Refer to Table 15-9. At the profit-
- Develop a lot-for-lot solution and calculate total relevant costs for the gross requirements in the following table*. *Holding costs $1.50/unit/week; setup cost= $200; lead times 1 week, beginning inv
- The following incomplete table shows a rm's various costs of producing up to 6 units of output. Fill in as much of the table as possible. If you cannot determining the number in a box, explain why it
- Refer to the following table and determine what the opportunity cost of 1 pound of meat is for the farmer.
- Refer to the table below. This table shows the monthly economic profit of a drugstore. |Total (gross) revenues per month|$27,000 |Less explicit costs:| |Cost of merchandise sold|$17,000 |Wages to cash
- Base Year (2006) 2013 |Product |Quantity| Price| Price |Cokes |100| $0.50 |$0.75 |Hamburgers |200 |2.00 |2.50 |CDs |10 |20.00 |21.00 1) Refer to table above. Assume the market basket for the cons
- 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
- For equation TC = 20 + 4Q - 0.1Q^2 Prepare a table with quantities 0 through 10 and Calculate the following for each quantity 1. Total cost 2. Total fixed cost 3. Total variable cost 4. Average
- Show that the cost function of a linear technology, y=a_{1}x_{1}+a_{2}x_{2} is given by c(y)=min( \frac{w_{1{a_{1, \frac{w_{2{a_{2) when input prices are w_{1} and w_{2}.
- Fill in the table below. Assume fixed costs is equal to $100 and labor is the only variable cost, paid $80 per employee.
- The table below shows the costs incurred at Perry's potato farm. Complete the table. and show step by step how you came up with the figures.
- The following table shows an LED light bulb manufacturer's total cost of producing LED light bulbs. 1. What is this manufacturer's fixed cost? Explain why. 2. Assuming that you only know the total costs, explain how to calculate each of the following. A.
- Use the table below to answer the following questions. Table 8.1.2 Hours Spent Total Utility from Sailing 100 140 170 190 Total Utility from Skiing 70 110 140 150 2) Refer to Table 8.1.2. Consider Sam's utility from sailing and skiing. The price of sailin
- The table below describes the hourly cost Sam faces as he washes more cars. Complete the missing values in the table. ||Cars washed per hour||Total cost ($)||Marginal cost ($) |1|$2|$2 |2| |4 |3|12| |
- The following table shows the private value, private cost, and external cost for various quantities of output in a market. |Quantity|Private value|Private cost|External cost |1|$14|$10|$2 |2|13|11|2 |3|12|12|2 |4|11|13|2 |5|10|14|2 |6|9|15|2 |7|8|16|2 a)
- 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
- Complete each of the cells in the table below. The answer must be rounded to the nearest whole number. &{Rate of Output}&{Total Cost}&{MarginalCost}&{Average Cost} &0&$130& &1&$140& &2&$160& &3&$200&
- Refer to the data in the table above. What is the variable cost in producing 5 units? A. $61 B. $48 C. $37 D. $24.
- Consider the following chart regarding medical school. Total Cost $90 million Cost if the school provided only patient care $40 million Cost if school produced only education $60 million The "pure cost" of patient care is _____, the "pure cost" of educati
- Refer to the accompanying table to answer the questions that follow: Assume that strawberries cost $1 and apples cost $2. If a consumer has $8, the bundle of goods that would maximize her utility per
- Help me fill in the chart. And do 1-2. Thank you. There is no need for explanation, only answers. A. A firm faces a demand and cost structure as given in table below: Quantity Price Total Cost 0 21
- Use the information in the graph to find the total fixed costs at an output level of 500.
- Compute the Costs. Consider a firm that has a fixed cost of? $60. Complete the fixed cost (FC) column. (Enter your responses rounded to the nearest dollar.) FC VC TC MC AFC AVC ATC
- Illustrate graphically the derivation of the long-run total cost curve by using the L-K coordinate plane.
- Refer to the table below. The table shows the monthly economic profit of a drugstore. | Total (gross) revenues per month | $27,000 | less explicit costs: | | Cost of merchandise sold | $17,000 | Wages