Homework Answers
Q14.
A. Will realise economic profit if price exceeds ATC at the profit maximising /loss minimising output.
Explanation:
Monopoly firm can realise economic profit if the price is more than ATC at the point of profit maximization quantity that is where MR=MC.
If the ATC exceeds MR then firm will realise loss.
Q 15.
B. Loss
Explanation :
Here in above graph ATC is above the demand curve where we decides the price. That means firm revenue is less than cost. So firm wil make losses.
Q 16.
D. shutdown in short run
Explanation :
Firm should shutdown when P<AVC. Here in above graph we can see clearly that avc is higher than the price that means firm is not able to earn upto its avc. So to save that cost firm should shutdown in short run.
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Help with 14-16 please.
14. A Monopoly: A. Will realize an economic profit if price exceeds...
Normal 6) All of the following are possible characteristics of a monopoly except A) thene is...
Normal 6) All of the following are possible characteristics of a monopoly except A) thene is a single firm. B) the firm is a price taker C) the firm produces a unique product D) the existence of some advertising 7) Which of the following conditions holds for a monopolist, but not for a perfect competitor, at the profit-maximizing level of output? A) Price average revenue. B) Marginal revenue -marginal cost C) Price > marginal cost. D) Profit (AR-ATC) xQ Use...
Normal 6) All of the following are possible characteristics of a monopoly except A) thene is...
Normal 6) All of the following are possible characteristics of a monopoly except A) thene is a single firm. B) the firm is a price taker C) the firm produces a unique product D) the existence of some advertising 7) Which of the following conditions holds for a monopolist, but not for a perfect competitor, at the profit-maximizing level of output? A) Price average revenue. B) Marginal revenue -marginal cost C) Price > marginal cost. D) Profit (AR-ATC) xQ Use...
Consider the graph above. If this company produces at the profit maximizing/loss minimizing level of output,...
Consider the graph above. If this company produces at the profit
maximizing/loss minimizing level of output, it will experience
_____ and should _____.
economic profit, continue doing business
economic profit, shut down
zero economic profit, continue doing business
zero economic profit, shut down
economic loss, continue doing business
economic loss, shut down
$70 $65 $60 $55 $50 $45 $40 $35 $30 $25 $20 $15 $10 $5 ATC MiC AVC MR 0 1 2 3 4 5 6 7 8 9...
Answer A-H Please Answer the following Questions for a Monopoly Firm. Price Quantity TR MR MC...
Answer A-H Please Answer the following Questions for a Monopoly Firm. Price Quantity TR MR MC TC Profit $15,000 0 ---- ---- $50,000 14,000 1 $52,000 13,000 2 $53,000 12,000 3 54,000 11,000 4 $2,000 10,000 5 59,000 9,000 6 4,000 8,000 7 $69,000 7,000 8 $8,000 6,000 9 5,000 10 4,000 11 $18,000 3,000 12 $143,000 a) Fill in the missing information above for this Monopoly Firm for its monthly production. Note there are no numbers for MC and...
I need help with parts H, I, and J only please Part II Monopoly P ATC...
I need help with parts H, I, and J only please
Part II Monopoly P ATC 20 MC 17 15 13 9 6 D 0 40 50 55 90 Q MR A) What is the profit maximizing output level for this monopolist? B) What is the profit maximizing price this monopolist will charge? C) The total revenue of this monopolist is equal to? D) What is the ATC of this monopolist when it maximizes its profit? E) What is the...
A firm's ATC, AVC, MR, and MC curves are shown in the graph below. Profit-Maximizing Point...
A firm's ATC, AVC, MR, and MC curves are shown in the graph below. Profit-Maximizing Point Profit-Maximizing Point Economic Profit (shaded region) 54+ 48 IMR Cost and revenues AVC HHHHHHHHHHHHHHHHHHHHO 044 Reset 8 12 16 20 24 28 32 36 40 44 48 Output a) Draw the short-run profit-maximizing point and the economic profit region. Select which item you want to draw from the drop-down menu at the top of the graph to draw that item. b) What is the...
A profit-maximizing monopolist will continue expanding output as long as: o marginal revenue exceeds marginal cost....
A profit-maximizing monopolist will continue expanding output as long as: o marginal revenue exceeds marginal cost. o marginal revenue is positive. o the cost of producing an additional unit exceeds the marginal revenue derived from the unit. o economic profit is more than zero.
At the profit-maximizing output, total fixed cost MC MR ATC b AVC hkn Output Multiple Choice...
At the profit-maximizing output, total fixed cost MC MR ATC b AVC hkn Output Multiple Choice is fgab. is Ogan. is ba Dollars Saved If a perfectly competitive firm is producing at the P MC output and realizing an economic profit, at that output Multiple Choice marginal revenue is less than price. marginal revenue exceeds ATC. ATC is being minimized. total revenue equals total cost. The average total cost curve for a perfectly competitive firm. Suppose the marginal cost curve...
Tables Charts Review Normal BUAD 632 Reading Comprehension #2 1) Perfectly competitive firms are said to...
Tables Charts Review Normal BUAD 632 Reading Comprehension #2 1) Perfectly competitive firms are said to be "small." Which of the following best describes this smallness? A) The individual firm must have fewer than 10 employees. B) The individual firm faces a downward-sloping demand curve. C) The individual firm has assets of less than $2 million. D) The individual firm is unable to affect market price through its output decisions. 2) Assume a perfectly competitive firm is producing a level...
Refer to the graph below: Untitled.png a. What is the profit-maximizing quantity and what price will...
Refer to the graph below: Untitled.png a. What is the profit-maximizing quantity and what price will the monopolist charge? a. What is the total revenue at the profit-maximizing output level? b. What is the total cost at the profit-maximizing output level? c. What is the profit? d. What is the profit per unit (average profit) at the profit-maximizing output level? e. If this industry was organized as a perfectly competitive industry, what would be the profit- maximizing price and quantity?...
Normal 6) All of the following are possible characteristics of a monopoly except A) thene is a single firm. B) the firm is a price taker C) the firm produces a unique product D) the existence of some advertising 7) Which of the following conditions holds for a monopolist, but not for a perfect competitor, at the profit-maximizing level of output? A) Price average revenue. B) Marginal revenue -marginal cost C) Price > marginal cost. D) Profit (AR-ATC) xQ Use...
Normal 6) All of the following are possible characteristics of a monopoly except A) thene is a single firm. B) the firm is a price taker C) the firm produces a unique product D) the existence of some advertising 7) Which of the following conditions holds for a monopolist, but not for a perfect competitor, at the profit-maximizing level of output? A) Price average revenue. B) Marginal revenue -marginal cost C) Price > marginal cost. D) Profit (AR-ATC) xQ Use...
Consider the graph above. If this company produces at the profit
maximizing/loss minimizing level of output, it will experience
_____ and should _____.
economic profit, continue doing business
economic profit, shut down
zero economic profit, continue doing business
zero economic profit, shut down
economic loss, continue doing business
economic loss, shut down
$70 $65 $60 $55 $50 $45 $40 $35 $30 $25 $20 $15 $10 $5 ATC MiC AVC MR 0 1 2 3 4 5 6 7 8 9...
I need help with parts H, I, and J only please
Part II Monopoly P ATC 20 MC 17 15 13 9 6 D 0 40 50 55 90 Q MR A) What is the profit maximizing output level for this monopolist? B) What is the profit maximizing price this monopolist will charge? C) The total revenue of this monopolist is equal to? D) What is the ATC of this monopolist when it maximizes its profit? E) What is the...
A firm's ATC, AVC, MR, and MC curves are shown in the graph below. Profit-Maximizing Point Profit-Maximizing Point Economic Profit (shaded region) 54+ 48 IMR Cost and revenues AVC HHHHHHHHHHHHHHHHHHHHO 044 Reset 8 12 16 20 24 28 32 36 40 44 48 Output a) Draw the short-run profit-maximizing point and the economic profit region. Select which item you want to draw from the drop-down menu at the top of the graph to draw that item. b) What is the...
A profit-maximizing monopolist will continue expanding output as long as: o marginal revenue exceeds marginal cost. o marginal revenue is positive. o the cost of producing an additional unit exceeds the marginal revenue derived from the unit. o economic profit is more than zero.
At the profit-maximizing output, total fixed cost MC MR ATC b AVC hkn Output Multiple Choice is fgab. is Ogan. is ba Dollars Saved If a perfectly competitive firm is producing at the P MC output and realizing an economic profit, at that output Multiple Choice marginal revenue is less than price. marginal revenue exceeds ATC. ATC is being minimized. total revenue equals total cost. The average total cost curve for a perfectly competitive firm. Suppose the marginal cost curve...
Tables Charts Review Normal BUAD 632 Reading Comprehension #2 1) Perfectly competitive firms are said to be "small." Which of the following best describes this smallness? A) The individual firm must have fewer than 10 employees. B) The individual firm faces a downward-sloping demand curve. C) The individual firm has assets of less than $2 million. D) The individual firm is unable to affect market price through its output decisions. 2) Assume a perfectly competitive firm is producing a level...
Refer to the graph below: Untitled.png a. What is the profit-maximizing quantity and what price will the monopolist charge? a. What is the total revenue at the profit-maximizing output level? b. What is the total cost at the profit-maximizing output level? c. What is the profit? d. What is the profit per unit (average profit) at the profit-maximizing output level? e. If this industry was organized as a perfectly competitive industry, what would be the profit- maximizing price and quantity?...
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