refer table firm producing units advise owners

Refer to Table 14 5 if the firm is currently producing 14 units, what would you advise the owners

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9.Refer to Table 14-1. If the firm is currently producing 14 units, what would youadvise the owners?a.decrease quantity to 13 unitsb.increase quantity to 15 unitsc.continue to operate at 14 unitsd.increase quantity to 16 units

10.Refer to Table 14-7. If the firm is maximizing profit, how much profit is it earning?

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Principles of Economics

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Table 14-2:Suppose that a firm in a competitive market faces the following revenues and costs:QuantityTotal RevenueTotal Cost0$01$62$123$18$124$24$175$30$236$36$307$42$3811.Refer to Table 14-2. The firm should not produce an output level beyond$3$5$8

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12.Refer to Table 14-2. The firm will produce a quantity greater than 3 because at 3units of output, marginal cost

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13.Refer to Table 14-2. In order to maximize profits, the firm will producea.1 unit of output because marginal cost is minimized.b.4 units of output because marginal revenue exceeds marginal cost.c.5 units of output because marginal revenue equals marginal cost.d.7 units of output because total revenue is maximized.

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1246Chapter 14/Firms in Competitive Markets43.Refer to Table 14-8. In order to maximize profits, how many units should Soper’s Port Vineyard’sproduce?57DIF:2REF: 14-2NAT: AnalyticLOC: Perfect competitionTOP: Economic profit

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MSC: ApplicativeScenario 14-1Assume a certain firm is producing Q = 1,000 units of output. At Q = 1,000, the firm's marginal costequals $15 and its average total cost equals $11. The firm sells its output for $12 per unit.44.Refer to Scenario 14-1. At Q = 1,000, the firm's profits equalDIF:2REF: 14-2NAT: Analytic

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LOC: Perfect competitionTOP: ProfitMSC: Applicative45.Refer to Scenario 14-1. At Q = 999, the firm's total cost amounts toDIF:3REF: 14-2NAT: AnalyticLOC: Perfect competitionTOP: Total costMSC: Applicative

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46.Refer to Scenario 14-1. At Q = 999, the firm's profits equala.$993.b. $997.c.$1,003.d. $1,007.ANS: CDIF:3REF: 14-2NAT: Analytic

LOC: Perfect competitionTOP: ProfitMSC: Applicative47.Refer to Scenario 14-1. To maximize its profit, the firm shouldDIF:2REF: 14-2NAT: AnalyticLOC: Perfect competitionTOP: Profit maximization

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What happens if a competitive firm is currently producing a level of output at which marginal cost exceeds marginal revenue?

Therefore, a firm can increase profit by reducing production when the marginal cost is higher than the marginal revenue.

When the firm produces 150 units of output Its total cost is?

When the firm produces and sells 150 units of output, its average total cost is $24.50. When the firm produces and sells 151 units of output, its average total cost is $24.55.

At which level of production will the firm maximize profit?

Profit is maxmized at the level of output where the cost of producing an additional unit of output (MC) equals the revenue that would be received from that additional unit of output (MR).

How many units should this firm produce to maximize profits?

To maximize profits, the firm should set marginal revenue equal to marginal cost. Given the fact that this firm is operating in a competitive market, the market price it faces is equal to marginal revenue. Thus, the firm should set the market price equal to marginal cost to maximize its profits: 9 = 3 + 2q, or q = 3.

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