Homework Answers
False, the supply schedule is the firms offer price to the market at which they will be selling particular amount of goods in the market, its not the production schedule but the sales.
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A supply schedule is the production chart of a firm where a particular amount of a...
9. The production function of the firm is its supply curve. Technological progress results in a...
9. The production function of the firm is its supply curve. Technological progress results in a downward shift of the marginal cost curve. O True False
(Courtnot competition) Suppose there are two local firms (firm 1 and firm 2) that supply doormats...
(Courtnot competition) Suppose there are two local firms (firm 1 and firm 2) that supply doormats to a particular area. The demand for mats as a function of its price is given by M = 1200 - 20P, where M is the amount demanded when the price is P per mat. The cost of production for firm 1 is C1(m1) = 10m1 and that for firm 2 is C2(h2) = 20m2 respectively. Does a Nash equilibrium exists? State what are...
A firm attempting to expand output in the short-run faces the total product of labor schedule:...
A firm attempting to expand output in the short-run faces the total product of labor schedule: TPL = 24 L^2 - L^3 The firm's total product is maximum at L= . The firm's total product curve is a concave up function at the interval [ ). (Note: Please write the largest interval where the total product curve is a concave up function. Please use a comma to separate two numbers, but please do not use any space. ) The firm's marginal...
Draw a diagram showing a competitive firm operating with zero economic profit where P = LAC....
Draw a diagram showing a competitive firm operating with zero economic profit where P = LAC. If the price fell slightly, would the firm immediately go out of business? Why or why not? If only one firm is producing a particular product, we know that price will be above marginal cost. True or false? Explain.
3. Suppose XYZ Company is a dominant firm in a particular industry. The demand curve for...
3. Suppose XYZ Company is a dominant firm in a particular industry. The demand curve for this industry’s product is ? = 200 − 10?, where Q is the quantity demanded and P is the price. The supply curve for the small firms in the industry is ?? = 20 + 2?, where ?? is the total amount supplied by all the small firms combined. XYZ Company’s marginal cost is ?? = 2??, where ?? is XYZ Company’s output. Question:...
1. Let the following be a production function for a firm where I is investment in...
1. Let the following be a production function for a firm where I is investment in this period and Yis output in the next period. Assume there are no other inputs and investment only contributes to output in the following period. Both investment and output are measured in "real goods." 1 Y 1 5 2 8 3 10 4 11.7 5 13.2 6 14.6 7 15.9 8 17.1 9 18.25 10 19.35 11 10.4 a. Write this firm's demand schedule...
Suppose a firm has a production function given by Q=2K+L, where L is labor, K is...
Suppose a firm has a production function given by Q=2K+L, where L is labor, K is capital and Q is the quantity of output. Which of the following statements is WRONG? A. The firm is exhibiting constant returns to scale B. The firm’s marginal product of capital is constant C. The firm’s marginal product of labor is constant D. The firm’s marginal rate of technical substitution depends on the amount of inputs
1. Assume there is a decrease in the supply of a product produced in a perfectly...
1. Assume there is a decrease in the supply of a product produced in a perfectly competitive market. All else constant, in the short run this will cause the profits of firms that produce substitutes for the good in question to increase. True False 2. Because it is a machine, a personal computer should be treated as a fixed input in the typical firm's short-run production function. True False 3. For a monopolist to earn a positive economic profit, price...
A perfectly competitive firm cannot affect the market price by raising or reducing its supply of...
A perfectly competitive firm cannot affect the market price by raising or reducing its supply of a product. True False
The amount of overhead applied to a particular job equals the actual amount of overhead caused...
The amount of overhead applied to a particular job equals the actual amount of overhead caused by the job. True or False True False
9. The production function of the firm is its supply curve. Technological progress results in a downward shift of the marginal cost curve. O True False
Draw a diagram showing a competitive firm operating with zero economic profit where P = LAC. If the price fell slightly, would the firm immediately go out of business? Why or why not? If only one firm is producing a particular product, we know that price will be above marginal cost. True or false? Explain.
1. Let the following be a production function for a firm where I is investment in this period and Yis output in the next period. Assume there are no other inputs and investment only contributes to output in the following period. Both investment and output are measured in "real goods." 1 Y 1 5 2 8 3 10 4 11.7 5 13.2 6 14.6 7 15.9 8 17.1 9 18.25 10 19.35 11 10.4 a. Write this firm's demand schedule...
The amount of overhead applied to a particular job equals the actual amount of overhead caused by the job. True or False True False
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