Homework Answers
Profit = (P-ATC)* Q
= (5-5.15)*2500
= -0.15 * 2500
= -375
So firm is suffereing a loss of 375.
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2. The PPS Company sells lead pencils in a perfectly competitive market for $5 per box...
Leadbelly Co. Sells pencils in a perfectly competitive product market and hires in a perfectly competitive...
Leadbelly Co. Sells pencils in a perfectly competitive product
market and hires in a perfectly competitive labor market. assume
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A.
What rule should Leadbelly follow to hire the profit-maximizing
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B.
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C.
Draw a diagram of the...
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Willa is an asparagus farmer, and the world asparagus market is
perfectly competitive.
The market price is $18 a box.
Willa sells 500 boxes a week, and her marginal cost is $21 a
box.
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Willa’s total revenue is $___.
Is Willa maximizing profit? Yes or no.
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1. The S.S.K Allen Fabric Company sells cotton fabric in a perfectly competitive market at a...
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market and hires in a perfectly competitive labor market. assume
that the market wage rate for workers is $150 per day.
A.
What rule should Leadbelly follow to hire the profit-maximizing
amount of labor?
B.
At the profit-maximizing level of output, the marginal product of
the last work or hired is 30 boxes of pencils per day. Calculate
the Price of a box of pencils.
C.
Draw a diagram of the...
Willa is an asparagus farmer, and the world asparagus market is
perfectly competitive.
The market price is $18 a box.
Willa sells 500 boxes a week, and her marginal cost is $21 a
box.
Willa’s marginal revenue is $__ a box.
Willa’s total revenue is $___.
Is Willa maximizing profit? Yes or no.
This Question: 6 pts Willa is an aspaiagus farmer, and the world asparagus market is perfectly The market price is $18 a box. Willa sells 500 boxes...
1. The S.S.K Allen Fabric Company sells cotton fabric in a perfectly competitive market at a price of $4 per yard. Its marginal cost, average variable cost, and average total cost curves can be seen below: МС price ATC Yylo,o00 40,000 d-MR AVC 10,000 Find the profit-maximizing level of output and mark it 10,000 yards. Shade the area of profit earned by the firm. Is it positive or negative? reGatve ed here
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