Homework Answers
1. Option B
Explanation: A firm should shutdown if the price is lower than the average variable cost.
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The shutdown point is the point at which price equals minimum average_ at its _cost and...
Shutdown Price We have the following information for a competitive fim: Quantity Vaiable Cost Fixed Cost...
Shutdown Price We have the following information for a competitive fim: Quantity Vaiable Cost Fixed Cost 14 18 21 25 10 10 10 10 Part A: What is the marginal cost at each quantity supplied? (The variable cost in the table above is the total variable cost. The marginal cost is the difference in total variable cost between N and N-1 units. Note that the marginal cost curve is U-shaped: It is high at Q 1 andQ 8, and it...
number 17? idk it pls help o the change in total revenue. the market price price...
number 17? idk it pls help
o the change in total revenue. the market price price divided by quantity QUESTION 17 A firm in a perfectly competitive market maximizes profits when it finds the price at which total revenue minus total cost is the greatest the quantity at which total revenue minus total cost is the greatest. the quantity at which total revenue equals total cost. the quantity at which total revenue is maximized. QUESTION 18 When a firm is...
which of the following statements is (are) correct? (x) Average variable cost equals variable costs divided...
which of the following statements is (are) correct? (x) Average variable cost equals variable costs divided by quantity produced. (y) Marginal cost equals the change in variable costs divided by the change in quantity produced. (z) If you find the difference between average total cost and average variable cost and then multiply that value by the specified quantity then the resulting value is the amount of fixed costs. A. (x), (y) and (z) B. (x) and (y) only C. (x)...
The shutdown point occurs where price is below the minimum of Multiple Choice ATC. O AFC...
The shutdown point occurs where price is below the minimum of Multiple Choice ATC. O AFC O AVC MR. The long run is Multiple Choice The period required to produce a unit of the firm's output. Approximately one year. A period longer than one year. A period long enough for all inputs to be variable.
A perfectly competitive firm will be ________________ if it operates at the minimum point on its...
A perfectly competitive firm will be ________________ if it operates at the minimum point on its average variable cost curve. Group of answer choices a) minimizing profits b) breaking even c) operating at its shutdown point. d) maximizing losses
D. the minimum point on its Mc Cu (3] The Ajax Manufacturing Company is selling in...
D. the minimum point on its Mc Cu (3] The Ajax Manufacturing Company is selling in a purely competitive market. Its output is 100 units which sell at $4 each. At this level of output total cost is $600, total fixed cost is $100, and marginal cost is $4. The firm should: B. C. D. reduce output to about 80 units. expand its production. continue to produce 100 units. shutdown production.
The point at which a company cost equals its revenue is its break even point. C...
The point at which a company cost equals its revenue is its break even point. C represents the cost, in dollars of of x units of a product abd R represents the revenue in dollars from the sale of x units. Find the number of units that must be produced and sold in order to break even. That is find the value of x for which C=R. C=13x+42,000 and R = 16x. How many units must be produced and sold...
A perfectly competitive firm will be ________________ if it operates at the minimum point on its average variable cost c...
A perfectly competitive firm will be ________________ if it operates at the minimum point on its average variable cost curve. Group of answer choices a) minimizing profits b) breaking even c) operating at its shutdown point. d) maximizing losses
rige of 5. total revenge equals: 29. Refer to Figure 7-1. With reference to Graph B....
rige of 5. total revenge equals: 29. Refer to Figure 7-1. With reference to Graph B. a A) S150. B) $250. C) $300. D) $200. 30. A monopolist is able to maximize its profits by A) setting the price at the level that will maximize its per-unit profit B) producing output where MRMC and charging price along the demand curve. C) setting output at MR-MC and setting price at the demand curve's highest point D) producing maximum output where price...
c) a Nash equilibrium: Sears keeps its prices high and Walmart lowers its prices. d) no...
c) a Nash equilibrium: Sears keeps its prices high and Walmart lowers its prices. d) no Nash equilibrium Price ond Cost ATC LOSS MRO, O, O Quantity 40. Refer to the graph above. If regulators want to achieve economic efficiency, how will they set the monopoly price (P) and quantity (Q)? a) At P1, Q1 b) At P2, Q2 c) At P3, Q3 d) None of the above 41. Refer to the graph above. If regulators want to ensure that...
Shutdown Price We have the following information for a competitive fim: Quantity Vaiable Cost Fixed Cost 14 18 21 25 10 10 10 10 Part A: What is the marginal cost at each quantity supplied? (The variable cost in the table above is the total variable cost. The marginal cost is the difference in total variable cost between N and N-1 units. Note that the marginal cost curve is U-shaped: It is high at Q 1 andQ 8, and it...
number 17? idk it pls help
o the change in total revenue. the market price price divided by quantity QUESTION 17 A firm in a perfectly competitive market maximizes profits when it finds the price at which total revenue minus total cost is the greatest the quantity at which total revenue minus total cost is the greatest. the quantity at which total revenue equals total cost. the quantity at which total revenue is maximized. QUESTION 18 When a firm is...
The shutdown point occurs where price is below the minimum of Multiple Choice ATC. O AFC O AVC MR. The long run is Multiple Choice The period required to produce a unit of the firm's output. Approximately one year. A period longer than one year. A period long enough for all inputs to be variable.
D. the minimum point on its Mc Cu (3] The Ajax Manufacturing Company is selling in a purely competitive market. Its output is 100 units which sell at $4 each. At this level of output total cost is $600, total fixed cost is $100, and marginal cost is $4. The firm should: B. C. D. reduce output to about 80 units. expand its production. continue to produce 100 units. shutdown production.
rige of 5. total revenge equals: 29. Refer to Figure 7-1. With reference to Graph B. a A) S150. B) $250. C) $300. D) $200. 30. A monopolist is able to maximize its profits by A) setting the price at the level that will maximize its per-unit profit B) producing output where MRMC and charging price along the demand curve. C) setting output at MR-MC and setting price at the demand curve's highest point D) producing maximum output where price...
c) a Nash equilibrium: Sears keeps its prices high and Walmart lowers its prices. d) no Nash equilibrium Price ond Cost ATC LOSS MRO, O, O Quantity 40. Refer to the graph above. If regulators want to achieve economic efficiency, how will they set the monopoly price (P) and quantity (Q)? a) At P1, Q1 b) At P2, Q2 c) At P3, Q3 d) None of the above 41. Refer to the graph above. If regulators want to ensure that...
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