Homework Answers
Profit=Pink area
Profit is represented as the difference between price($15) and average cost($11)
Profit=(15-11)*17
Profit=$68.
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MC ATC 0, MR Question 4. Assume this firm is trying to maximize Profit under Perfect...
MC ATC Question 5. Assume this firm is trying to maximize Profit under Perfect Competition. How...
MC ATC Question 5. Assume this firm is trying to maximize Profit under Perfect Competition. How much is its Profit or Loss? Show your solution. I Price and Cost (dollars) -dz, MR AVC Quantity (c) Case 3
MC ATC S d., MA, Question 4. Assume this form is trying to maximize Profit under...
MC ATC S d., MA, Question 4. Assume this form is trying to maximize Profit under Perfect Competition. How much is its Profit or Loss? Show your solution Price and Cost(dollars) TE 15x17 255 TC-11717= 187 TR>TC Tuc=119 TFC 68 255-189 I Profit = 68 Te-TUC+ TF C l Quantity (a) Case 1 MC ATC Question 5. Assume this firm is trying to maximize Profit under Perfect Competition. How much is its Profit or Loss? Show your solution. LOS Price...
Question 49 1 pts Dollars per unit MC $40 36 ATC 32 28 24 20 16...
Question 49 1 pts Dollars per unit MC $40 36 ATC 32 28 24 20 16 D MR = AR ン/AVC 12 4 100 150 200 250 Quantity This diagram most likely represents what market structure? could represent all excent a perfect.competition AA itEN i 28 D MR = A 24 AVC 20 16 12 150 100 200 250 Quantity This diagram most likely represents what market structure? could represent all except a. perfect competition oligopoly monopolistic competition perfect competition...
QUESTION 5 A monopolistically competitive firm will: maximize profits by producing where MR = MC. not...
QUESTION 5 A monopolistically competitive firm will: maximize profits by producing where MR = MC. not likely earn an economic profit in the long run. shut down in the short run if price is less than average variable cost. all of the above. QUESTION 6 A monopolistic competitive firm is inefficient because the firm: earns positive economic profit in the long run. is producing at an output corresponding to the condition that marginal cost equals price. is not maximizing its...
Question 8 (Mandatory) (5 points) MC ATC AVC 13 MR Price 00 6 4 0 10...
Question 8 (Mandatory) (5 points) MC ATC AVC 13 MR Price 00 6 4 0 10 15 28 31 20 Quantity Reference: Ref 24-3 In the figure above, to maximize profits or minimize losses the firm should produce units. OA) 15 B) 20 C) 28 OD 10 Question 11 (Mandatory) (5 points) MC ATC AVC 13- MR Price 9 8 A 0 4 10 15 28 20 Quantity Reference: Ref 24-3 In the figure above, the firm A) could make...
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...
The long-run equilibrium condition for perfect competition is: a. Q = ATC = MR = MC....
The long-run equilibrium condition for perfect competition is: a. Q = ATC = MR = MC. b. Q = AVC = MR = MC. c. P = ATC = MR = MC. d. P = AVC = MR = MC. Why do negative externalities like pollution result in inefficiency? a. Because producers will receive an unequal distribution of profits. b. Because producers artificially restrict their supply. c. Because producers manufacture more goods than people can afford to buy. d. Because...
Price ATC MC MR Quantity This monopolistically competitive firm is currently experiencing if it is operating...
Price ATC MC MR Quantity This monopolistically competitive firm is currently experiencing if it is operating at the profit-maximizing output. a profit zero economic profits a loss
Graph Worksheet MC DI MR P4 ATC P3 P2 AVC PI 02 1. What is the...
Graph Worksheet MC DI MR P4 ATC P3 P2 AVC PI 02 1. What is the price and quantity at the optimum level of production? Is this an economic profit, loss, or break-even? Should the firm produce? 2. If the industry model is monopolistic competition, what will happen to the industry? What will happen to the demand and marginal revenue curves for the individual firm? In the long run where will the demand curve be? Will the firm achieve productive...
MC ATC MC ATC -D MR MR 0 0 (b) MC ATC D MR (c) 65....
MC ATC MC ATC -D MR MR 0 0 (b) MC ATC D MR (c) 65. Refer to the above diagrams, which pertain to monopolistically competitive firms. Short-run equilibrium entailing economic loss is shown by: A) diagram a only. B) diagram b only. C) diagram conly. D) both diagrams a and c. 66. Refer to the above diagrams, which pertain to monopolistically competitive firms. A short-run equilibrium entailing economic profits is shown by: A) diagram a only. B) diagram b...
MC ATC Question 5. Assume this firm is trying to maximize Profit under Perfect Competition. How much is its Profit or Loss? Show your solution. I Price and Cost (dollars) -dz, MR AVC Quantity (c) Case 3
MC ATC S d., MA, Question 4. Assume this form is trying to maximize Profit under Perfect Competition. How much is its Profit or Loss? Show your solution Price and Cost(dollars) TE 15x17 255 TC-11717= 187 TR>TC Tuc=119 TFC 68 255-189 I Profit = 68 Te-TUC+ TF C l Quantity (a) Case 1 MC ATC Question 5. Assume this firm is trying to maximize Profit under Perfect Competition. How much is its Profit or Loss? Show your solution. LOS Price...
Question 49 1 pts Dollars per unit MC $40 36 ATC 32 28 24 20 16 D MR = AR ン/AVC 12 4 100 150 200 250 Quantity This diagram most likely represents what market structure? could represent all excent a perfect.competition AA itEN i 28 D MR = A 24 AVC 20 16 12 150 100 200 250 Quantity This diagram most likely represents what market structure? could represent all except a. perfect competition oligopoly monopolistic competition perfect competition...
Question 8 (Mandatory) (5 points) MC ATC AVC 13 MR Price 00 6 4 0 10 15 28 31 20 Quantity Reference: Ref 24-3 In the figure above, to maximize profits or minimize losses the firm should produce units. OA) 15 B) 20 C) 28 OD 10 Question 11 (Mandatory) (5 points) MC ATC AVC 13- MR Price 9 8 A 0 4 10 15 28 20 Quantity Reference: Ref 24-3 In the figure above, the firm A) could make...
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...
The long-run equilibrium condition for perfect competition is: a. Q = ATC = MR = MC. b. Q = AVC = MR = MC. c. P = ATC = MR = MC. d. P = AVC = MR = MC. Why do negative externalities like pollution result in inefficiency? a. Because producers will receive an unequal distribution of profits. b. Because producers artificially restrict their supply. c. Because producers manufacture more goods than people can afford to buy. d. Because...
Price ATC MC MR Quantity This monopolistically competitive firm is currently experiencing if it is operating at the profit-maximizing output. a profit zero economic profits a loss
Graph Worksheet MC DI MR P4 ATC P3 P2 AVC PI 02 1. What is the price and quantity at the optimum level of production? Is this an economic profit, loss, or break-even? Should the firm produce? 2. If the industry model is monopolistic competition, what will happen to the industry? What will happen to the demand and marginal revenue curves for the individual firm? In the long run where will the demand curve be? Will the firm achieve productive...
MC ATC MC ATC -D MR MR 0 0 (b) MC ATC D MR (c) 65. Refer to the above diagrams, which pertain to monopolistically competitive firms. Short-run equilibrium entailing economic loss is shown by: A) diagram a only. B) diagram b only. C) diagram conly. D) both diagrams a and c. 66. Refer to the above diagrams, which pertain to monopolistically competitive firms. A short-run equilibrium entailing economic profits is shown by: A) diagram a only. B) diagram b...
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