The information below applies to a competitive firm that sells its output for $40 per unit.

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.

46.Refer to the given data. When the firm produces 150 units of output, its total cost is: [Write the dollar amount rounded to one cent and if negative, use the minus sign or brackets to indicate its sign.]

Answer:

47.Refer to the given data.Let Q represent the quantity of output. Which of the following magnitudes has the same value at Q = 150 and at Q = 151?

a.average fixed cost

b.average revenue

c.total cost

d.total revenue

e.marginal cost

48.Refer to the given data. When the firm produces 150 units of output, its profit is: [Write the dollar amount rounded to one cent and if negative, use the minus sign or brackets to indicate its sign.]

Answer:

49.Refer to the given data. Suppose the firm is producing 150 units of output and its fixed cost is $975. Then its variable cost amounts to: [Write the dollar amount rounded to one cent and if negative, use the minus sign or brackets to indicate its sign.]

Answer:

50.Refer to the given data. Suppose the firm is producing 150 units of output and its fixed cost is $975. Then its average variable cost amounts to: [Write the dollar amount rounded to one cent and if negative, use the minus sign or brackets to indicate its sign.]

Answer:

51.Refer to the given data. When the firm increases its output from 150 units to 151 units, its profit: [Write the dollar amount rounded to one cent and if a decrease, use the minus sign or brackets to indicate its sign.]

Answer :

52.Refer to the given data. When the firm increases its output from 150 units to 151 units, its marginal cost is: [Write the dollar amount rounded to one cent and if negative, use the minus sign or brackets to indicate its sign.]

Answer:

53.Refer to the given data.How does the firm's marginal revenue (MR) compare to its marginal cost (MC) when it increases its output from 150 units to 151 units?

a.MR exceeds MC by $7.95.

b.MR exceeds MC by $11.05.

c.MC exceeds MR by $7.95.

d.MC exceeds MR by $11.05.

e.MC exceeds MR by $13.50.

54.Refer to the given data. Suppose the firm is currently producing and selling 150 units of output. Should the firm increase its output to 151 units?

a.Yes, because the marginal revenue equals the marginal cost.

b.Yes, because the marginal revenue exceeds the marginal cost.

c.No, because the marginal cost exceeds the marginal revenue.

d.No, because the marginal cost exceeds the marginal revenue.

e.No, because the average total cost exceeds the marginal revenue.