ECON-1010-D1/D2-Introduction to Microeconomics
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.
2) At this level of output the firm earns a profit of $.
3) At the profit maximizing level of output the last unit produced and sold adds $ to revenue and $to cost.
4) One more unit of output beyond the profit-maximizing level would add $ to revenue and $ to cost, thereby profit by $ ..
2) If the firm earns profits of $205 000 by producing 900 units of output, the firm has Total Costs of $ .A firm with market power is producing a level of output at which price
is
$12, marginal revenue is $8, average variable cost is $9,
and marginal cost is
$16.In order to maximize profit, the firm should
price.Use the figure to answer the following 4 questions.
The figure shows the demand and cost curves facing a firm with market power in the short run.
The profit-maximizing (or loss-minimizing) level of output is units.
The firm will sell its output at a price of $ .
The firm earns profits of $ .
When in short-run equilibrium, if the firm sells another unit of output total revenue will by $ .
MATCHING DEFINITION
A good that can be used in
place of another good.
MATCHING DEFINITION
Any surplus—consumer
surplus, producer surplus or economic profit.
Use the figure to answer the following six questions about a firm in monopolistic competition.
To maximize economic profit, this firm produces units per week.
To maximize economic profit, this firm will charge a price of $ per unit.
At the profit-maximizing output level, the firm makes an economic profit of $ .
At the profit-maximizing output level, the firm's markup is $ per unit.
If the firm produced the efficient quantity, it would produce units per week.
At the profit-maximizing output level, the firm has excess capacity of units per week.
Use the figure to answer the following six questions about Smart Dagi Inc., a firm in monopolistic competition that produces calculators.
To maximize economic profit, this firm produces calculators per day.
To maximize economic profit, this firm will charge a price of $ per calculator.
At the profit-maximizing output level, the firm makes an economic profit of $ .
At the profit-maximizing output level, the firm's markup is $ per calculator.
If the firm produced the efficient quantity, it would produce calculators per day.
At the profit-maximizing output level, the firm has excess capacity of calculators per day.
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