--%>
Assignment Help - homework help

Question 7

Question 7: You are given the following data about two firms: FIRM A Quantity 0 1 2 3 4 5 6 Total revenue ($) 0 10 20 30 40 50 60 Average revenue ($) ___ ___ ___ ___ ___ ___ ___ Marginal revenue ($) ___ ___ ___ ___ ___ ___ Total cost ($) 30 42 50 60 76 100 140 Marginal cost ($) ___ ___ ___ ___ ___ ___ Average cost ($) ? ___ ___ ___ ___ ___ ___ FIRM B Quantity 0 1 2 3 4 5 6 Total cost ($) 100 134 154 177 216 266 366 Average cost ($) ? ___ ___ ___ ___ ___ ___ Marginal cost ($) ___ ___ ___ ___ ___ ___ Price ($) 140 130 120 110 100 90 80 Marginal revenue ($) ___ ___ ___ ___ ___ ___ Total revenue ($) ___ ___ ___ ___ ___ ___ ___ (a) Complete the two tables above. (4 marks) (b) Are these firms operating in the short or the long run? (1 mark) Firm A: short run / long run Firm B: short run / long run (c) Are these firms operating under perfect or imperfect competition? Firm A: perfect / imperfect (1 mark) Firm B: perfect / imperfect (c) What level of output will these firms produce in the short run? Firm A: (2 marks) Firm B: (d) How would you describe their profit positions? (2 marks) Firm A: Firm B:

   Related Questions in Business Economics

  • Q : Larger amount is actually purchased at

    Critically evaluate:  “In comparing the two equilibrium positions, it note that a larger amount is actually purchased at a higher price. This disprove the law of demand.”

    		•
  • Q : Illustrate the advantage and

    Illustrate the advantage and disadvantage of Partnership?

    		•
  • Q : Illustrate and clarify the economizing

    Illustrate and clarify the economizing problem?

    		•
  • Q : Introduction of the term combined

    Give a brief introduction of the term combined leverage? And in what manner it is calculated?

    		•
  • Q : Circular flow model to confirm this

    Use the circular flow model to confirm this assertion for the construction of a new high school in Blackhawk county?

    		•
  • Q : Regulate prices to ensure against

    Not between exact activities for government to undertake, according to Adam Smith, would be for the government to: (1) maintain public institutions and public works. (2) protect society by invasion. (3) serves as a medium for law and justice. (4) regu

    		•
  • Q : Exchange is the necessary consequence

    Explain: “Exchange is the necessary consequence of specialization.”

    		•
  • Q : Demand supply with the aim of diagrams

    with the aim of diagrams show the difference between A change in demand and A change in quantity demand

    		•
  • Q : Problem on Legislature budget XY School

    XY School District has a large number of students in need of remedial instruction. The superintendent of XY School System can allocated her budget between purchasing X units of remedial instruction at a price of $2,000/unit and spending an amount ($Y) on all other sch

    		•
  • Q : Reason of Economic problem Why an

    Why an economic problem does arise? Answer: It arises due to following reasons: A) Shortage of resources. B) Alternative utilizations of resources. C) Limitless wants and limited resources.

    		•