Homework Answers
A competitive market is in long run equilibrium when P=MC=AC.
Thus, equilibrium price=1.9
Quantity=250
P=AC,so economic profit is 0.
Answer-$0
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Unsaved change Question 9 10 points Save Answer Figure: The Perfectly Competitive Firm Price (per unit)...
Assume that a perfectly competitive firm faces the market equilibrium price P*=$6. When the firm maximizes...
Assume that a perfectly competitive firm faces the market equilibrium price P*=$6. When the firm maximizes its positive profit in the short-run, its average total cost (ATC) and marginal cost (MC) are most likely as ATC=6 and MC=4 ATC=6 and MC=6 ATC=4 and MC=4 ATC=4 and MC=6
Suppose that a perfectly competitive firm faces a market price of $ 12 12 per unit,...
Suppose that a perfectly competitive firm faces a market price of $ 12 12 per unit, and at this price the upward-sloping portion of the firm's marginal cost curve crosses its marginal revenue curve at an output level of 1 comma 800 1,800 units. If the firm produces 1 comma 800 1,800 units, its average variable costs equal $ 7.00 7.00 per unit, and its average fixed costs equal $ 1.00 1.00 per unit. What is the firm's profit-maximizing (or...
1) A perfectly competitive firm faces the following Total revenue, Total cost and Marginal cost functions:...
1) A perfectly competitive firm faces the following Total revenue, Total cost and Marginal cost functions: TR = 10Q TC = 2 + 2Q + Q2 MC = 2 + 2Q At the level of output maximizing profit , the above firm's level of economic profit is A) $0 B) $4 C) $6 D) $8 *Additional information after I did the math: The price this firm charges for its product is $10, the level of output maximizing profit is 4...
Figure: A Profit-Maximizing Monopoly Firm Reference: Ref 13-2 Figure: A Profit-Maximizing Monopoly Firm (Figure: A Profit-Maximizing...
Figure: A Profit-Maximizing Monopoly Firm
Reference: Ref 13-2 Figure: A Profit-Maximizing Monopoly
Firm
(Figure: A Profit-Maximizing Monopoly Firm) Use Figure: A
Profit-Maximizing Monopoly Firm. This firm's cost per unit at its
profit-maximizing quantity is:
Select one:
a. $8.
b. $20.
c. $15.
d. $18.
We were unable to transcribe this imageP, MR MC, ATC $50 MC ATC 100 150 200 250 300 400 Quantity of output (per week) Reference: Ref 13-2 Figure: A Profit-Maximizing Monopoly Firm (Figure: A Profit-Maximizing Monopoly...
1 Price The figure below captures a firm in a perfectly competitive industry. MC ATC AVC...
1 Price The figure below captures a firm in a perfectly competitive industry. MC ATC AVC ا أ ا 1 2 3 4 5 6 7 8 Quantity Suppose the current price is $6. What will happen in the long run? O Nothing will happen in the long run. The firm is earning zero economic profit. O Since the firm is earning a positive economic profit, there is an incentive for new firms to enter the industry in the long...
sh for a perfectly competitive firm to answer questions through 10. 'se the graph for a...
sh for a perfectly competitive firm to answer questions through 10. 'se the graph for a Price (P) 10.00 MC 8.75 8.00 7.75 7.50 ATC 6.25 AVC 5.50 5.25 250 300 440 500 Quantity If price = $10, the profit-maximizing/loss-minimizing level of output is 1) total revenue is equal to 2) $_ total cost is equal to 3) $_ and the firm earns economic profit equal to 4) $__ If price = $7.50, the profit-maximizing/loss-minimizing level of output is 5)_...
MC ATC Cost ($ per unit) ONWA0BB 9 10 Quantity The figure above gives the marginal...
MC ATC Cost ($ per unit) ONWA0BB 9 10 Quantity The figure above gives the marginal cost (MC) and average total cost (ATC) curves for a firm operating in a perfectly competitive market with a market price of $7. Use this figure to answer the questions below. a. What is the profit maximizing quantity of output? b. When profit is maximized, what is the economic profit?
please explain! Price MC ATC AVC Quantity (per period) 2. (Figure: A Perfectly Competitive Firm in...
please explain!
Price MC ATC AVC Quantity (per period) 2. (Figure: A Perfectly Competitive Firm in the Short Run) Use Figure: A Perfectly Competitive Firm in the Short Run. The firm will produce in the short run if the price is greater than or equal to: A) F B) E C) N D) P.
the firm faces a constant price (P) of $60 A firm in a perfectly competitive market...
the
firm faces a constant price (P) of $60
A firm in a perfectly competitive market sells all its product (Q) at a constant price (P) of $60. Suppose the total cost function (TC) for this firm is described by the following equation: 2 3 TC(Q) = 128 + 69Q - 140 + Q (a)Form the profit function and determine the output that maximizes the firm's profit. Evaluate the second order condition to assure that profit is maximized at this...
Price, ATC, AVC, and MCE (per unit) P3 Pt 41 92 93 44 s Quantity (per...
Price, ATC, AVC, and MCE (per unit) P3 Pt 41 92 93 44 s Quantity (per period) a. The figure shows cost curves for a firm operating in a perfectly competitive market O is the AC_curve. N is the TC curve. M is the curve. Curve M must cross Curves N and O at their points. AFC is represented in this figure by the vertical distance between Curve-and Curve b. The figure shows cost curves for a firm operating in...
Figure: A Profit-Maximizing Monopoly Firm
Reference: Ref 13-2 Figure: A Profit-Maximizing Monopoly
Firm
(Figure: A Profit-Maximizing Monopoly Firm) Use Figure: A
Profit-Maximizing Monopoly Firm. This firm's cost per unit at its
profit-maximizing quantity is:
Select one:
a. $8.
b. $20.
c. $15.
d. $18.
We were unable to transcribe this imageP, MR MC, ATC $50 MC ATC 100 150 200 250 300 400 Quantity of output (per week) Reference: Ref 13-2 Figure: A Profit-Maximizing Monopoly Firm (Figure: A Profit-Maximizing Monopoly...
1 Price The figure below captures a firm in a perfectly competitive industry. MC ATC AVC ا أ ا 1 2 3 4 5 6 7 8 Quantity Suppose the current price is $6. What will happen in the long run? O Nothing will happen in the long run. The firm is earning zero economic profit. O Since the firm is earning a positive economic profit, there is an incentive for new firms to enter the industry in the long...
sh for a perfectly competitive firm to answer questions through 10. 'se the graph for a Price (P) 10.00 MC 8.75 8.00 7.75 7.50 ATC 6.25 AVC 5.50 5.25 250 300 440 500 Quantity If price = $10, the profit-maximizing/loss-minimizing level of output is 1) total revenue is equal to 2) $_ total cost is equal to 3) $_ and the firm earns economic profit equal to 4) $__ If price = $7.50, the profit-maximizing/loss-minimizing level of output is 5)_...
MC ATC Cost ($ per unit) ONWA0BB 9 10 Quantity The figure above gives the marginal cost (MC) and average total cost (ATC) curves for a firm operating in a perfectly competitive market with a market price of $7. Use this figure to answer the questions below. a. What is the profit maximizing quantity of output? b. When profit is maximized, what is the economic profit?
please explain!
Price MC ATC AVC Quantity (per period) 2. (Figure: A Perfectly Competitive Firm in the Short Run) Use Figure: A Perfectly Competitive Firm in the Short Run. The firm will produce in the short run if the price is greater than or equal to: A) F B) E C) N D) P.
the
firm faces a constant price (P) of $60
A firm in a perfectly competitive market sells all its product (Q) at a constant price (P) of $60. Suppose the total cost function (TC) for this firm is described by the following equation: 2 3 TC(Q) = 128 + 69Q - 140 + Q (a)Form the profit function and determine the output that maximizes the firm's profit. Evaluate the second order condition to assure that profit is maximized at this...
Price, ATC, AVC, and MCE (per unit) P3 Pt 41 92 93 44 s Quantity (per period) a. The figure shows cost curves for a firm operating in a perfectly competitive market O is the AC_curve. N is the TC curve. M is the curve. Curve M must cross Curves N and O at their points. AFC is represented in this figure by the vertical distance between Curve-and Curve b. The figure shows cost curves for a firm operating in...
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