Firms produce in the short run

Reference no: EM13106992

Question :

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.

(b) Are these firms operating in the short or the long run? Firm A: short run / long run

Firm B: short run / long run

Firm B: perfect / imperfect

Firm B:.............................

(d) How would you describe their profit positions?

Firm A:.....................................................................................................................................

Firm B:.....................................................................................................................................

Reference no: EM13106992

Questions Cloud

Discuss the ethical issues goggle was grappling : Discuss the ethical issues Goggle was grappling with in making its decision? If you were the CEO of Google, would you have made a different decision?

How far is the mirror from the man face : A concave shaving mirror has a radius of curvature of 40.1 cm. It is positioned so that the (upright) image of a man's face is 2.7 times the size of his face. How far is the mirror from the man's face?

Effective communication techniques for different personality : You are the civil engineering foreman in charge of a 24-person group whose charter is to erect 3,000 tents for refugees who lost their homes in an earthquake.

How long a time was required for him to cover : A mouse is running away from a cat at 0.75 m/s and, at 1.25 m from his mouse hole, he accelerates at a constant rate of 0.25 m/s2 until he reaches his hole safely. How long a time was required for him to cover the last 1.25 m?

Firms produce in the short run : What level of output will these firms produce in the short run and are these firms operating under perfect or imperfect competition?

Illustrate what are the most significant differences : Illustrate what are the most significant differences (please identify more than 1) between Chinese American and Japanese American cultural experiences?

What must be the potential difference between a and b : The work done by an external force to move a -8.90charge from point a to point b is 1.80×10?3 . If the charge was started from rest and had 4.87×10^4 of kinetic energy when it reached point b, what must be the potential difference between a and b?

Compute the relative dispersion of each group : For a large group of overseas passengers, the mean is 78 pounds and the standard deviation is 15. Compute the relative dispersion of each group using the coefficient of variation. Comment on the difference in relative dispersion.

What is objective or rationale of law : What reliable resources are available to learn about implications of this law? What is purpose or rationale of law? How will law affect day-to-day operations in human service organizations?

User Account

All Pages