Consider the following data: equilibrium price = $21, quantity of output produced = 1,000 units, average...

Consider the following data: equilibrium price = $21, quantity of output produced = 1,000 units, average total cost = $13, and average variable cost $9. Given this information, total revenue is ___________, total cost is _____________, and total fixed cost is ______________.

Expert Solution

AFC = ATC - AVC = 13-9= 4

Fixed cost = 4*1000= 4000

--------------------------------------

Total revenue = PQ = 21*1000= 21000

Total cost = ATC*Q= 13*1000= 13000

Total fixed cost = 4000

Rahul Sunny answered 2 years ago

Consider the following data: equilibrium price = $15, quantity of output produced = 800 units, average...

Consider the following data: equilibrium price = $15, quantity of output produced = 800 units, average total cost = $13, and average variable cost $9. Given this information, total revenue is ___________, total cost is _____________, and total fixed cost is ______________. $9,000; $8,000; $6,000 $12,000; $10,400; $3,200 $1,200; $1,040; $320 $12,000; $10,400; $7,200

Consider the following hypothetical market. The equilibrium price is $10 and the equilibrium quantity is 20...

Consider the following hypothetical market. The equilibrium price is $10 and the equilibrium quantity is 20 units. The own-price elasticity of demand is -0.5 and the own-price elasticity of supply is 0.75. If price increases from $10 to $12, what will be the new level of quantity demanded? If necessary, round to the nearest two decimal points.

Consider the following data that gives the quantity produced and unit price for three different goods across two different years.

Consider the following data that gives the quantity produced and unit price for three different goods across two different years. Assume that the base year is 2019. Good 2019 Price 2019 Quantity 2020 Price 2020 Quantity A $2.00 500 $2.50 600 B $4.00 1,000 $5.50 950 C $2.00 220 $1.30 350 (a) Calculate the market value of good C in 2019. (b) Calculate the nominal GDP in 2020 and real GDP in 2020. (c) Suppose from 2020 to 2021, nominal...

Deluxe, Inc. produced 1,000 units of the company's product in 2018. The standard quantity of direct...

Deluxe, Inc. produced 1,000 units of the company's product in 2018. The standard quantity of direct materials was three yards of cloth per unit at a standard cost of $1.00 per yard. The accounting records showed that 2,800 yards of cloth were used and the company paid$1.05 per yard. Standard time was two direct labor hours per unit at a standard rate of $9.75 per direct labor hour. Employees worked1,800 hours and were paid $9.25per hour. . 1. What are...

Explain Market equilibrium, equilibrium price, and equilibrium quantity

Eyad & Ndidi Company reported the following monthly data: Units produced 2,000 units Sales price $...

Eyad & Ndidi Company reported the following monthly data: Units produced 2,000 units Sales price $ 25 per unit Direct materials $ 1 per unit Direct labor $ 2 per unit Variable overhead $ 3 per unit Fixed overhead $ 8,000 in total What is Eyad and Ndidi's net income under variable costing if 980 units are sold and operating expenses are $12,000? Question 10 options: $10,620 ($1,380) ($2,000) $2,700 $6,620

(Table 7.1) Which of the following is correct at 4 units of output? Output Quantity Q...

(Table 7.1) Which of the following is correct at 4 units of output? Output Quantity Q Fixed Costs FC Variable Costs VC Total Cost TC Average Fixed Cost AFC Average Variable Cost AVC Average Total Cost ATC 0 70 0 1 70 40 2 70 70 3 70 120 4 70 210 5 70 330 AFC = 0.06; AVC = 0.02; ATC = 0.08 AFC = 70; AVC = 21; ATC = 91 AFC = 17.50; AVC = 52.50; ATC...

Consider a project with the following data: accounting break-even quantity = 24,240 units; cash break-even quantity...

Consider a project with the following data: accounting break-even quantity = 24,240 units; cash break-even quantity = 16,000 units; life = three years; fixed costs = $160,000; variable costs = $60 per unit; required return = 15 percent. Ignoring the effect of taxes, find the financial break-even quantity.

Consider a project with the following data: accounting break-even quantity = 11,175 units; cash break-even quantity...

Consider a project with the following data: accounting break-even quantity = 11,175 units; cash break-even quantity = 10,000 units; life = four years; fixed costs = $160,000; variable costs = $24 per unit; required return = 8 percent. Ignoring the effect of taxes, find the financial break-even quantity. (Do not round intermediate calculations and round your final answer to 2 decimal places, e.g., 32.16.) Break-even quantity * Please post formula used*

1. Assume the following: sales price is $9, output is 5,000 units, average total cost is...

1. Assume the following: sales price is $9, output is 5,000 units, average total cost is $12, marginal cost is $9, and average variable cost is $9.50. What should the firm do and why? D. Continue to produce because price can be increased A. Continue to operate and reduce costs to earn a profit C. Shut down because the price is less than the average variable cost B. Shut down because the firm’s earning a loss of $15.00 2. For...

Question