Homework Answers
A perfectly competitive market produces the level of output at which P=MC.The producer will this produce 24 units at P=20
Answer-$20,24
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Seclusion Bay has two oil wells, one owned by Dick and the other owned by Harry....
Distant Shores has two natural gas wells, one owned by Dick and the other owned by...
Distant Shores has two natural gas wells, one owned by Dick and the other owned by Harry. Each well has a valve that controls the rate of flow of gas. Quantity demanded (units per day) (dollars per unit) The marginal cost of producing gas is $10 a unit. The table gives the demand schedule for gas on this island. and the quantity produced If Dick and Harry form a cartel and maximize their joint profit, the price of a unit...
Seclusion Bay has three wind turbines producing electricity.Pat, Mike, and Sam each own one. The table...
Seclusion Bay has three wind turbines producing electricity.Pat, Mike, and Sam each own one. The table gives the market demand schedule for electricity in this area. Quantity demanded (units per day) 0 The marginal cost of producing electricity is $0 a unit. If Pat, Mike, and Sam are forced to sell at the perfectly competitive price, what is the price of a unit of electricity and how much is produced? Price (dollars per unit) 60 50 40 30 20 10...
Answer and label the answer, also provide an explanation or your work Seclusion Bay has two...
Answer and label the answer, also provide an explanation or your
work
Seclusion Bay has two car wash companies, one owned by Cheri and the other owned by Joel. Cheri's strategies (red squares) Suppose that Cheri and Joel have two strategies: to collude, fix the monopoly price, and limit the number of car washes, or to break the colusion, cut the price, and produce more car washes. Colude Don't colude 45.50 72.80 The table gives the payoff matrix of economcprot...
There are two kinds of oil wells in most oil-producing parts of California. One kind is...
There are two kinds of oil wells in most oil-producing parts of California. One kind is located on top of reservoirs of oil that are near the surface. They are owned by large oil companies. There is a second kind of well, called “wildcats.” Wildcat wells are deeper and it costs more per barrel to bring the oil to the surface than from the first kind of well. The wildcat wells are owned by smaller, independent companies. Last year, the...
U.S. crude oil and natural gas production increased in 2018, with 10% fewer wells 2/3/2020 WASHINGTON...
U.S. crude oil and natural gas production increased in 2018, with 10% fewer wells 2/3/2020 WASHINGTON - In 2018, while production was increasing, the total number of wells producing crude oil and natural gas in the United States fell to 982,000, down from a peak of 1,035,000 wells in 2014. This increase in production, despite the decline in the number of wells, reflects advances in technology and drilling techniques. The U.S. Energy Information Administration (EIA)’s updated U.S. Oil and Natural...
Suppose that oil is perfectly divisible (you can buy non-integer quantities). The marginal cost curve is...
Suppose that oil is perfectly divisible (you can buy non-integer quantities). The marginal cost curve is given by MC=1.5Q + 2. The demand curve is given by P =32 - 1.8Q, which gives MR=32-3.6Q In the most efficient outcome (which perfectly competitive markets achieve), P=MC. Solve the equilibrium price and quantity in that case. The most efficient equilibrium quantity is Blank 1. Calculate the answer by read surrounding text. . The most efficient equilibrium price is Blank 2. Calculate the...
Homework (Ch 10) Assume that a firm in a perfectly competitive industry has the following total cost schedule: Calc...
Homework (Ch 10) Assume that a firm in a perfectly competitive industry has the following total cost schedule: Calculate a marginal cost and an average cost schedule for the firm to complete the following table. Marginal Cost Average Cost ($) (S) Output Total Cost (units) ($) 220 300 600 770 960 If the prevailing market price is $34 per unit, units will be produced. Profits per unit will be and total profits will be Is the industry in long-run equilibrium...
Assume that the following marginal costs exist in catfish production: Instructions: Complete the table below. If...
Assume that the following marginal costs exist in catfish production: Instructions: Complete the table below. If you are entering any negative numbers be sure to include a negative sign (-) in front of those numbers. Quantity produced (units per day) 10 11 12 13 14 15 16 Marginal cost (per unit) $4 6 8 10 12 14 16 Price (per unit) - $25 24 23 22 - 21 - 20 19 - 18 Quantity demanded (units per day) 10 11...
A monopoly firm faces the following demand curve: P = 25-2.5 QD. 1)Create the demand schedule...
A monopoly firm faces the following demand curve: P = 25-2.5 QD. 1)Create the demand schedule for the firm by increasing quantity demanded in increments of one unit. 2)Produce a table with the total revenue and marginal revenue for the output levels in increments of one unit. 3)If the firm’s marginal cost is constant at $12.50 per unit, what is the profit maximizing output and price? 4)What is the efficient quantity and price? 5)What is the value of the deadweight...
32) Refer to table below. How much output will be produced by this perfectly competitive firm?...
32) Refer to table below. How much output will be produced by this perfectly competitive firm? COSTS REVENUES Quantity Total Marginal Quantity Marginal Produced cost Cost Demanded Price Revenue Revenue $100 - 10 $120 $150 li $120 $202 12 $120 $257 $120 $317 14 $120 $385 15 $120 |$ 4656 $120 $ 562 7 $120 196828 $120 a) 0 units b) 1 unit C) 2 units d) 3 units e) 4 units f) 5 units g) 6 units h) 7...
Distant Shores has two natural gas wells, one owned by Dick and the other owned by Harry. Each well has a valve that controls the rate of flow of gas. Quantity demanded (units per day) (dollars per unit) The marginal cost of producing gas is $10 a unit. The table gives the demand schedule for gas on this island. and the quantity produced If Dick and Harry form a cartel and maximize their joint profit, the price of a unit...
Seclusion Bay has three wind turbines producing electricity.Pat, Mike, and Sam each own one. The table gives the market demand schedule for electricity in this area. Quantity demanded (units per day) 0 The marginal cost of producing electricity is $0 a unit. If Pat, Mike, and Sam are forced to sell at the perfectly competitive price, what is the price of a unit of electricity and how much is produced? Price (dollars per unit) 60 50 40 30 20 10...
Answer and label the answer, also provide an explanation or your
work
Seclusion Bay has two car wash companies, one owned by Cheri and the other owned by Joel. Cheri's strategies (red squares) Suppose that Cheri and Joel have two strategies: to collude, fix the monopoly price, and limit the number of car washes, or to break the colusion, cut the price, and produce more car washes. Colude Don't colude 45.50 72.80 The table gives the payoff matrix of economcprot...
Homework (Ch 10) Assume that a firm in a perfectly competitive industry has the following total cost schedule: Calculate a marginal cost and an average cost schedule for the firm to complete the following table. Marginal Cost Average Cost ($) (S) Output Total Cost (units) ($) 220 300 600 770 960 If the prevailing market price is $34 per unit, units will be produced. Profits per unit will be and total profits will be Is the industry in long-run equilibrium...
Assume that the following marginal costs exist in catfish production: Instructions: Complete the table below. If you are entering any negative numbers be sure to include a negative sign (-) in front of those numbers. Quantity produced (units per day) 10 11 12 13 14 15 16 Marginal cost (per unit) $4 6 8 10 12 14 16 Price (per unit) - $25 24 23 22 - 21 - 20 19 - 18 Quantity demanded (units per day) 10 11...
32) Refer to table below. How much output will be produced by this perfectly competitive firm? COSTS REVENUES Quantity Total Marginal Quantity Marginal Produced cost Cost Demanded Price Revenue Revenue $100 - 10 $120 $150 li $120 $202 12 $120 $257 $120 $317 14 $120 $385 15 $120 |$ 4656 $120 $ 562 7 $120 196828 $120 a) 0 units b) 1 unit C) 2 units d) 3 units e) 4 units f) 5 units g) 6 units h) 7...
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