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  • Lab7 - 203 - 2023 Exercise

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    hongsik kim
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    The document is a lab assignment for an economics course that provides data about a chocolate producing company called Calories-For-You (CFY). It includes: 1) A table to complete showing output, price, total cost, total revenue, profit, and marginal cost at different output levels assuming perfect competition. 2) A question asking if CFY will continue producing or shut down if price falls to $50. 3) A question asking for the minimum price CFY will produce. 4) A question asking for CFY's output if price is $115.

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    lab7_203_2023 Exercise IN UVIC

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    lab7_203_2023 Exercise

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    The document is a lab assignment for an economics course that provides data about a chocolate producing company called Calories-For-You (CFY). It includes: 1) A table to complete showing output, price, total cost, total revenue, profit, and marginal cost at different output levels assuming perfect competition. 2) A question asking if CFY will continue producing or shut down if price falls to $50. 3) A question asking for the minimum price CFY will produce. 4) A question asking for CFY's output if price is $115.

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    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
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    3 views1 page

    Lab7 - 203 - 2023 Exercise

    Uploaded by

    hongsik kim
    The document is a lab assignment for an economics course that provides data about a chocolate producing company called Calories-For-You (CFY). It includes: 1) A table to complete showing output, price, total cost, total revenue, profit, and marginal cost at different output levels assuming perfect competition. 2) A question asking if CFY will continue producing or shut down if price falls to $50. 3) A question asking for the minimum price CFY will produce. 4) A question asking for CFY's output if price is $115.

    Copyright:

    © All Rights Reserved
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    Econ 203 lab 7 Page 1

    Name:_______________

    Lab Section:___________
    Economics 203: Intermediate Microeconomics I
    Lab #7

    Data are provided below concerned the Calories-For-You (CFY) Company, a firm
    producing holiday chocolate.

    A) Supposing that this firm is a member of a perfectly competitive industry,


    complete the table below:

    Output per Price Total Cost Total revenue Profit Marginal


    day (Output*price) cost
    (Q*P)
    0 100 75 0 -75
    25
    1 100 100 100 0

    2 100 125

    3 100 175

    4 100 290

    5 100 450

    B) Assume that the output rate must equal an integer number per day. If price of
    chocolate falls to $50, will CFY continue producing, or will it shut down?

    C) What is the minimum price at which CFY will continue production?

    D) If price is $115, what output rate will CFY choose?

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