Use the Excel Spreadsheet data below to determine the Optimal Q value for the fo
ID: 1165257 • Letter: U
Question
Use the Excel Spreadsheet data below to determine the Optimal Q value for the following scenario:
Market report: The market for crab meat is showing healthy demand this month, with a market price of $565 per 20lb container.
First Mate’s report: Things are running smoothly. The cost of keeping and maintaining the boats remains fixed at $750 per month. Employees are happy with their hourly wage, and there are no changes to our variable costs.
FC 7500 VC 100 Base 5 Increasing Q FC VC TC MC 0 7,500.00 0 7,500.00 0 1 7,500.00 105.00 7,605.00 105.00 2 7,500.00 220.00 7,720.00 115.00 3 7,500.00 345.00 7,845.00 125.00 4 7,500.00 480.00 7,980.00 135.00 5 7,500.00 625.00 8,125.00 145.00 6 7,500.00 780.00 8,280.00 155.00 7 7,500.00 945.00 8,445.00 165.00 8 7,500.00 1,120.00 8,620.00 175.00 9 7,500.00 1,305.00 8,805.00 185.00 10 7,500.00 1,500.00 9,000.00 195.00 11 7,500.00 1,705.00 9,205.00 205.00 12 7,500.00 1,920.00 9,420.00 215.00 13 7,500.00 2,145.00 9,645.00 225.00 14 7,500.00 2,380.00 9,880.00 235.00 15 7,500.00 2,625.00 10,125.00 245.00 16 7,500.00 2,880.00 10,380.00 255.00 17 7,500.00 3,145.00 10,645.00 265.00 18 7,500.00 3,420.00 10,920.00 275.00 19 7,500.00 3,705.00 11,205.00 285.00 20 7,500.00 4,000.00 11,500.00 295.00 21 7,500.00 4,305.00 11,805.00 305.00 22 7,500.00 4,620.00 12,120.00 315.00 23 7,500.00 4,945.00 12,445.00 325.00 24 7,500.00 5,280.00 12,780.00 335.00 25 7,500.00 5,625.00 13,125.00 345.00 26 7,500.00 5,980.00 13,480.00 355.00 27 7,500.00 6,345.00 13,845.00 365.00 28 7,500.00 6,720.00 14,220.00 375.00 29 7,500.00 7,105.00 14,605.00 385.00 30 7,500.00 7,500.00 15,000.00 395.00 31 7,500.00 7,905.00 15,405.00 405.00 32 7,500.00 8,320.00 15,820.00 415.00 33 7,500.00 8,745.00 16,245.00 425.00 34 7,500.00 9,180.00 16,680.00 435.00 35 7,500.00 9,625.00 17,125.00 445.00 36 7,500.00 10,080.00 17,580.00 455.00 37 7,500.00 10,545.00 18,045.00 465.00 38 7,500.00 11,020.00 18,520.00 475.00 39 7,500.00 11,505.00 19,005.00 485.00 40 7,500.00 12,000.00 19,500.00 495.00 41 7,500.00 12,505.00 20,005.00 505.00 42 7,500.00 13,020.00 20,520.00 515.00 43 7,500.00 13,545.00 21,045.00 525.00 44 7,500.00 14,080.00 21,580.00 535.00 45 7,500.00 14,625.00 22,125.00 545.00 46 7,500.00 15,180.00 22,680.00 555.00 47 7,500.00 15,745.00 23,245.00 565.00 48 7,500.00 16,320.00 23,820.00 575.00 49 7,500.00 16,905.00 24,405.00 585.00 50 7,500.00 17,500.00 25,000.00 595.00 51 7,500.00 18,105.00 25,605.00 605.00 52 7,500.00 18,720.00 26,220.00 615.00 53 7,500.00 19,345.00 26,845.00 625.00 54 7,500.00 19,980.00 27,480.00 635.00 55 7,500.00 20,625.00 28,125.00 645.00 56 7,500.00 21,280.00 28,780.00 655.00 57 7,500.00 21,945.00 29,445.00 665.00 58 7,500.00 22,620.00 30,120.00 675.00 59 7,500.00 23,305.00 30,805.00 685.00 60 7,500.00 24,000.00 31,500.00 695.00 61 7,500.00 24,705.00 32,205.00 705.00 62 7,500.00 25,420.00 32,920.00 715.00 63 7,500.00 26,145.00 33,645.00 725.00 64 7,500.00 26,880.00 34,380.00 735.00 65 7,500.00 27,625.00 35,125.00 745.00 66 7,500.00 28,380.00 35,880.00 755.00 67 7,500.00 29,145.00 36,645.00 765.00 68 7,500.00 29,920.00 37,420.00 775.00 69 7,500.00 30,705.00 38,205.00 785.00 70 7,500.00 31,500.00 39,000.00 795.00 71 7,500.00 32,305.00 39,805.00 805.00 72 7,500.00 33,120.00 40,620.00 815.00 73 7,500.00 33,945.00 41,445.00 825.00 74 7,500.00 34,780.00 42,280.00 835.00 75 7,500.00 35,625.00 43,125.00 845.00 76 7,500.00 36,480.00 43,980.00 855.00 77 7,500.00 37,345.00 44,845.00 865.00 78 7,500.00 38,220.00 45,720.00 875.00 79 7,500.00 39,105.00 46,605.00 885.00 80 7,500.00 40,000.00 47,500.00 895.00 81 7,500.00 40,905.00 48,405.00 905.00 82 7,500.00 41,820.00 49,320.00 915.00 83 7,500.00 42,745.00 50,245.00 925.00 84 7,500.00 43,680.00 51,180.00 935.00 85 7,500.00 44,625.00 52,125.00 945.00 86 7,500.00 45,580.00 53,080.00 955.00 87 7,500.00 46,545.00 54,045.00 965.00 88 7,500.00 47,520.00 55,020.00 975.00 89 7,500.00 48,505.00 56,005.00 985.00 90 7,500.00 49,500.00 57,000.00 995.00 91 7,500.00 50,505.00 58,005.00 1,005.00 92 7,500.00 51,520.00 59,020.00 1,015.00 93 7,500.00 52,545.00 60,045.00 1,025.00 94 7,500.00 53,580.00 61,080.00 1,035.00 95 7,500.00 54,625.00 62,125.00 1,045.00 96 7,500.00 55,680.00 63,180.00 1,055.00 97 7,500.00 56,745.00 64,245.00 1,065.00 98 7,500.00 57,820.00 65,320.00 1,075.00 99 7,500.00 58,905.00 66,405.00 1,085.00Explanation / Answer
Equilibrium occurs at point where marginal cost is equal to Price. So equilibrium output is equal to 47 units . At q= 47 ( P= MC = 45)
Related Questions
Navigate
Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.