AutoSave OFF 9. G G ... w- Module_07_Production_and_Costs_Problems (1) - Saved to my Mac Home Insert Draw Design Layout References Mailings Review View ? Tell me Comments Editing Share Cover Page v SmartArt v Get Add-ins W Blank Page chart Table Pictures Shapes Icons Media Links Comment Footer Page Break 3D My Add-ins v Wikipedia Page Text Box WordArt Drop Equation Advanced Models Screenshot v Number Cap Symbol Production and Costs Problem Set1 Suppose that the price of Apples is $4. In addition, suppose that the firm's total costs are $42 and that the firm currently sells 150 Apples 1. Given this information, what is this firm's total revenue? 2. What is the firm's profit? The table below shows data for the production of Avocados for an individual firm operating in a perfectly competitive market. Quantity of Avocados Total Revenue Total Costs 0 0 30 10 40 50 20 80 62 3. Given this d 30 120 71 price of Avocados sold? 40 160 BO 50 200 89 60 240 100 70 280 130 80 320 200 4. From looking at the Table above, which Quantity of Avocados (whole number to the 10's) makes the most sense to produce and sell? 5. Why? Page 1 of 3 401 words s X English (United States) Accessibility: Investigate Focus E + 106%AutoSave OFF 9. G G ... w- Module_07_Production_and_Costs_Problems (1) - Saved to my Mac Home Insert Draw Design Layout References Mailings Review View ? Tell me Comments Editing Share Cover Page v SmartArt v Get Add-ins W Lav Blank Page Chart Table Pictures Shapes Icons 3D Media Links Comment Header Footer Page Text Box WordArt Drop Equation Advanced Page Break My Add-ins v Wikipedia Models Screenshot v Number Cap Symbol Use the following information to answer questions 6 through 8: The graph below shows data for an individual firm. 6. Curve 1 shows: a. variable costs Curve 3 b. total costs 200 c. fixed costs 7. Curve 2 shows: Price of Oranges ($) / Cost Curve 2 100 d. variable costs e. total costs f. fixed costs Curve 1 0 - 8. Curve 3 shows: 0 1 2 3 4 5 6 7 8 g. variable costs Quantity of Oranges / Output h. total cost i. fixed costs The table below shows data for Apples for an individual firm. Fill in the blanks to answer questions 8 through 16: Quantity of Apples Fixed Costs (FC) Variable Costs (VC) Total Costs (TC) 0 #8 #9 80 80 117 197 80 252 332 3 #10 #11 485 4 80 #12 656 80 765 845 6 80 #13 1052 80 1197 1277 8 #14 #15 #16 Page 2 of 3 401 words X English (United States) x Accessibility: Investigate Focus IE E + 106%AutoSave OFF 9. G G ... w- Module_07_Production_and_Costs_Problems (1) - Saved to my Mac Home Insert Draw Design Layout References Mailings Review View ? Tell me Comments Editing Share Cover Page v SmartArt v Get Add-ins W A . A. A =. Blank Page chart Table Pictures Shapes Icons 3D My Add-ins v Wikipedia Media Links Comment Header Footer Page Text Box WordArt Drop Equation Advanced Page Break Models Screenshot v Number Cap Symbol 17. The table below shows data for Apples for an individual firm. Quantity of Apples (bushels) Fixed Costs Variable Costs 90 143 2 90 308 3 195 4 704 90 935 6 1188 90 1463 90 1760 Given this data, what are total costs when quantity is 6? The graph below shows cost curves for a firm operating in a perfectly competitive market. 18. Curve One (1) shows a. Average Variable Costs (AVC) b. Average Fixed Costs (AFC) Curve 3 c. Average Total Costs (ATC) d. Marginal Costs (MC) 19. Curve Three (2) shows Price of Avocados ($) / Cost Curve 2 a. Average Variable Costs (AVC) b. Average Fixed Costs (AFC) Curve 1 c. Average Total Costs (ATC) d. Marginal Costs (MC) 20. Curve Three (3) shows a. Average Variable Costs (AVC) b. Average Fixed Costs (AFC) Quantity of Avocados / Output c. Average Total Costs (ATC) d. Marginal Costs (MC) Page 3 of 3 401 words X English (United States) Ex Accessibility: Investigate Focus E + 106%